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Loan question

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Im currently looking for cpo tesla and I had a 14' gmc sierra, which I sold to a relative, which does not have credit whatsoever.

So he makes the payments through the website (California Rep. Bank) and the money comes out of his bank account.

So my question is.... Will the bank consider giving me a loan, If I show proof, that I am not paying for the truck no more?

Is this possible?
 
Im currently looking for cpo tesla and I had a 14' gmc sierra, which I sold to a relative, which does not have credit whatsoever.

So he makes the payments through the website (California Rep. Bank) and the money comes out of his bank account.

So my question is.... Will the bank consider giving me a loan, If I show proof, that I am not paying for the truck no more?

Is this possible?

My guess: It depends on the bank and your financial situation. What happens if your relative stops making payments? For all I know, your relative is extremely trustworthy, but the bank will want to know if you have the money to pay off both loans in the event that the relative doesn't pay. If you have a strong relationship with the bank and they feel your financial situation is secure, they might give you the loan. Otherwise you'd have to convince them that you're capable of paying off both loans if it comes to it.

The above is just my uneducated opinion. The only real way to find out is to talk to the bank.
 
You may get a loan, however you'd have to qualify for a loan with the existing one still on your credit report as an outstanding debt as it still is your debt. The bank doesn't care who is making the payments. You're the one ultimately responsible for the loan until it is paid off.

As an aside, this is a bad practice and is how you end up making payments on a vehicle you no longer own if relative ends up in a bind and can't make payments.
 
You may get a loan, however you'd have to qualify for a loan with the existing one still on your credit report as an outstanding debt as it still is your debt. The bank doesn't care who is making the payments. You're the one ultimately responsible for the loan until it is paid off.

As an aside, this is a bad practice and is how you end up making payments on a vehicle you no longer own if relative ends up in a bind and can't make payments.



Good point