topic Re: Cap 1 Auto Question in Bankruptcy

Cap 1 Auto Question

cliccmade — Tue, 20 May 2014 04:03:16 GMT

Has anyone got a auto refi on a car exceeding 100,000 miles?

Re: Cap 1 Auto Question

TRC_WA — Tue, 20 May 2014 04:32:47 GMT

Since the vehicle is the collateral for the loan, it must be of sufficient value to secure the loan. Lenders aren't going to loan you $10,000 for a vehicle that's worth $5,000. If you default and they have to repossess it, they won't be able to sell it for enough to cover their loss.

If your signature is accurate you aren't even discharged yet... and a Cap One Auto loan is a whole different ballgame than a $300 starter card.

Re: Cap 1 Auto Question

cliccmade — Tue, 20 May 2014 18:06:56 GMT

I don't mean to sound doubtful but I have a question. If that's the case how do people finance cars off the lot for more than what they are worth? Do the finance companies finance 125% or 150%? I'm just seeking understanding thats all

Re: Cap 1 Auto Question

TRC_WA — Tue, 20 May 2014 18:17:12 GMT

Depends on the finance company.

My credit union would do up to 120%... If my car was worth $10k they'd do up to $12k. If I owed more than that I'd have to pay down the difference or the refi would be denied.

Re: Cap 1 Auto Question

cliccmade — Tue, 20 May 2014 18:51:31 GMT

Ahh I see. Thank you!