Getting financed for a private party.

[NYorkFeinix]

Thanks guys i will look elsewhere. Whats up with roadloans? I just thought it was another we finance to anyone scam.

[duster1979]

Originally Posted by NYorkFeinix

Getting financed for a private party.

Must be one hell of a party if you need to finance it.

[City Guy997S]

Originally Posted by Bummer

Another ridiculous hurdle, NYorkFeinis . . .

The Financial Institution is financing YOU and THE VEHICLE . . . they should have absolutely no interest or concerns as to where the vehicle is being purchased. I fully understand the need for precautions, however, this is ridiculous especially considering how easy vehicle history "tracking" is nowadays.

Personally, I would search for another financial institution.

Or they are trying to avoid scams.....Two buddies look to scam the bank, one buddy "sells" his car to the second guy for an inflated amount. But in reality he takes much less, the buyer gets the car financed for much more and pockets the difference.

My buddy did this with a Range Rover a few years ago through a dealer he worked at. Loan was like $8500, he only paid $5000 for the SUV and immediately put $3500 in his pocket essentially making the first 15-18 payments with the bank's money! He ended up trading it for the payoff so he essentially drove the truck for free for a year and a half!

[MckinneyOwnr]

Originally Posted by City Guy997S

Or they are trying to avoid scams.....Two buddies look to scam the bank, one buddy "sells" his car to the second guy for an inflated amount. But in reality he takes much less, the buyer gets the car financed for much more and pockets the difference.

My buddy did this with a Range Rover a few years ago through a dealer he worked at. Loan was like $8500, he only paid $5000 for the SUV and immediately put $3500 in his pocket essentially making the first 15-18 payments with the bank's money! He ended up trading it for the payoff so he essentially drove the truck for free for a year and a half!

That's not a scam. The bank doesn't really care how much the vehicle costs, only that there is enough collateral there to pay off the loan in case it's totaled with insurance. Your friend was still paying interest on the full $8500 loan, and that's what matters to the bank.

If anything, your friend was pretty stupid for paying interest on an extra $3500 that he didn't have to for the car.