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The Official Vehicle Financing Thread

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DJ Q
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Re: The Official Vehicle Financing Thread

Postby DJ Q » August 25th, 2014, 9:55 am

Their prices seem almost too good to be true.
Not questioning their legitimacy, but $72,500 for an Axio is ridiculously good.
$66,000 for a Y12 Wingroad is unheard of.

What can I say... go brave... let us know.

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The_Honourable
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Re: The Official Vehicle Financing Thread

Postby The_Honourable » June 20th, 2015, 4:07 pm

Learning a lot from this thread... take a bump!

Can anybody recommend good places to go to for vehicle financing?

Sharing experiences would be great.

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Nicholaz
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Re: The Official Vehicle Financing Thread

Postby Nicholaz » June 25th, 2015, 2:21 pm

The_Honourable wrote:Learning a lot from this thread... take a bump!

Can anybody recommend good places to go to for vehicle financing?

Sharing experiences would be great.

X2 :D

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Turbo
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Re: The Official Vehicle Financing Thread

Postby Turbo » July 28th, 2015, 3:21 pm

BUMP! Any updates?

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JF.K
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Re: The Official Vehicle Financing Thread

Postby JF.K » September 9th, 2018, 9:43 pm

DJ Q wrote:
boxy wrote:How does that car cycle thing work I always thought that the bank holds the title to the vehicle till it is paid off for. Very Informative i didnt know alot on stuff on Page 1


When you sell the car, the cheque will be made to the institution that holds the vehicle hostage.
They will then write you a cheque with anything that is over what is owed on the loan.
Bumping thread with a dumb question here...
If I'm buying a vehicle through my financial institution, how will I or the institution know if the vehicle is on a loan somewhere else?

In other words, how will we know if the seller is owing on the vehicle and will it matter?

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*KRONIK*
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Re: The Official Vehicle Financing Thread

Postby *KRONIK* » September 9th, 2018, 10:27 pm

JF.K wrote:
DJ Q wrote:
boxy wrote:How does that car cycle thing work I always thought that the bank holds the title to the vehicle till it is paid off for. Very Informative i didnt know alot on stuff on Page 1


When you sell the car, the cheque will be made to the institution that holds the vehicle hostage.
They will then write you a cheque with anything that is over what is owed on the loan.
Bumping thread with a dumb question here...
If I'm buying a vehicle through my financial institution, how will I or the institution know if the vehicle is on a loan somewhere else?

In other words, how will we know if the seller is owing on the vehicle and will it matter?
They do a search on the vehicle
You can do one too to costs 500 and you get the results in 1 week.
They also do accident claim searches to make sure there are no other liens on the vehicle.

If its on a loan, the seller can get a settlement letter from the loan institutiion and you can take that letter to yours and they arrange for your loan to pay the seller's loan instituiton off instead.

There are terms and conditions for those kinds of purchases, so talk to your loan adviser about it 1st.

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GMAN
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Re: The Official Vehicle Financing Thread

Postby GMAN » September 13th, 2018, 8:53 am

Love this thread guys, knowledge is power and nothing better than sharing actual experiences to learn from so we can all make better financial decisions

Another thing that is a fact of life is that is a vehicle price , the MVT, Duty etc & VAT is all rolled up in there. When to take a loan for a vehicle you also borrowing money to pay for the MVT, Duty etc & VAT which goes back to the GOTT in one shot. So when you take a loan you basically taking a loan and paying interest on "dead money" also. Just a point of view

randolphinshan
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Re: The Official Vehicle Financing Thread

Postby randolphinshan » September 14th, 2018, 6:05 am

GMAN wrote:Love this thread guys, knowledge is power and nothing better than sharing actual experiences to learn from so we can all make better financial decisions

Another thing that is a fact of life is that is a vehicle price , the MVT, Duty etc & VAT is all rolled up in there. When to take a loan for a vehicle you also borrowing money to pay for the MVT, Duty etc & VAT which goes back to the GOTT in one shot. So when you take a loan you basically taking a loan and paying interest on "dead money" also. Just a point of view


Tell us something we do not already know. Same applies to any loan, we buy things and pay Vat which hopefully goes to the state

adnj
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Re: The Official Vehicle Financing Thread

Postby adnj » September 14th, 2018, 8:24 am

JF.K wrote:
DJ Q wrote:
boxy wrote:How does that car cycle thing work I always thought that the bank holds the title to the vehicle till it is paid off for. Very Informative i didnt know alot on stuff on Page 1


When you sell the car, the cheque will be made to the institution that holds the vehicle hostage.
They will then write you a cheque with anything that is over what is owed on the loan.
Bumping thread with a dumb question here...
If I'm buying a vehicle through my financial institution, how will I or the institution know if the vehicle is on a loan somewhere else?

In other words, how will we know if the seller is owing on the vehicle and will it matter?
In addition, a lien is placed on the vehicle title. That lien appears on the registered copy that is used to transfer title.

You cannot get a vehicle loan without the registered copy being amended to include the lien holder.

You cannot transfer a vehicle without the title owners and lien holders issuing a letter of release or a signature on the transfer.

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