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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.
Bumping thread with a dumb question here...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.
They do a search on the vehicleJF.K wrote:Bumping thread with a dumb question here...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.
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?
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
In addition, a lien is placed on the vehicle title. That lien appears on the registered copy that is used to transfer title.JF.K wrote:Bumping thread with a dumb question here...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.
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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