car is worth $12,000 and seller is asking $9,000. I'd like to get a little back for taxes, title, registration, etc. can the bank cut a check to the seller, and a check to me? I know they can put a lien for the whole value of the car (100% loan to value), but can the money go elsewhere as well?
2007-09-12 04:28:07 · 4 answers · asked by ACE 1 in Cars & Transportation ➔ Buying & Selling
also, can there be a little extra in my pocket at the end?
2007-09-12 04:55:24 · update #1
The easiest way would be if you know and TRUST the seller, you can get the bank to give you a loan for 12k made out to the seller, and get the seller to give you 3k back. If you don't trust the seller, you can always ask the bank, for a full loan amount and that give you the balance. You are in a sense taking out a equity loan on the value of the car. However banks are pretty sticky about these things so you would need to have an excellent credit score for them to even consider this.
2007-09-12 04:41:55 · answer #1 · answered by smf_hi 4 · 0⤊ 1⤋
You could but this a bad decision financially. Car loans often have higher interest than others. Also, you are borrowing against an asset which loses value. You chances of going negative on equity are fairly high.
2007-09-12 12:01:09 · answer #2 · answered by Jay P 7 · 0⤊ 0⤋
Yes, the bank should be able to determine the tax amount owed and cut you a check for that amount seperately.
2007-09-12 11:43:32 · answer #3 · answered by Oblivious 3 · 0⤊ 0⤋
Ask the bank. Each has a different policy.
2007-09-12 11:38:34 · answer #4 · answered by Otto 7 · 0⤊ 0⤋