Is it legal for a dealer to use their existing car loan as financing for a customer? EX. The customer buys the dealer's personal car, just continuing to make the dealer's payment. Can the dealer call this financing???? Is this legal? The dealer owes more on the car, than the customer owes the dealer. Legal issue? Shouldn't some type of paperwork be involved other than the customer applying to the dealer for financing? The financing is through a credit union.
loan, in their name, (the owner/operator) to finance a car for a customer?
2007-12-11 14:54:04 · 3 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
Obviously, the person DID NOT know that their was an unsatisfied lien on the car. LOL. The person was under the impression that the driver was financing the car.
2007-12-11 15:09:15 · update #1
YES AND WHAT YOU SHOULD DO IS FIRST CONTACT YOUR LOCAL (DMV) DEPARTMENT OF MOTOR VEHICLES OFFICE, THEY WILL BE ABLE TO ANSWER ANY AND ALL OF YOUR QUESTIONS AND AT THE SAME TIME YOU WILL BE GETTING THE CORRECT ANSWER TO YOUR QUESTION.
2007-12-12 00:49:23 · answer #1 · answered by Anonymous · 5⤊ 1⤋
Hard inquiries have a minor impact on your score - it is not really "damage". Anytime you apply for credit, loans, mortgages, or any debt instrument, your profile takes this minor hit. Soft inquiries have no effect on your score. Soft inquiries are those that do not involve taking on debt. These include credit checks for employment, rent, utilties, cell phone accounts, etc. They are really not debts as far as credit reporting goes. They become debts if you default. When you do an inquiry on your own credit profile, that is also a soft inquiry - has no effect. They never tell us how many points a hard inquiry costs you. But it appears that each hard inquiry is about 10 points. Multiple hard inquiries for a secured loan (car loans or mortgages) are treated as a single inquiry by the scoring model if these are done in about a 30-45 day period. The scoring model treats these as "rate shopping" for the best interest rate, so they are considered a single inquiry. But multiple applications for credit cards are all treated as separate, individual hard inquiries with each application (whether approved or not) costing you about 10 points, maybe as much as 20 points. Any points that are deducted are eventually returned over a 6-12 month period. The inquiry doesn't disappear, it just has no effect. History can't be changed if it is truthful and accurate.
2016-05-23 04:03:53 · answer #2 · answered by janell 3 · 0⤊ 0⤋
In that instance the dealer's name is on the title so the dealer owns the car. Anyone who would take a deal like that has rocks for brains.
2007-12-11 15:03:42 · answer #3 · answered by mustanger 7 · 1⤊ 1⤋