TMC is an independent, primarily volunteer organization that relies on ad revenue to cover its operating costs. Please consider whitelisting TMC on your ad blocker and becoming a Supporting Member. For more info: Support TMC
Start a Discussionhttps://teslamotorsclub.com/tmc/tags/

Loan question

Discussion in 'Model S: Ordering, Production, Delivery' started by El_jr91, Sep 11, 2017.

  1. El_jr91

    El_jr91 New Member

    Joined:
    Feb 25, 2017
    Messages:
    3
    Location:
    Cypress
    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?
     
  2. idleuser

    idleuser Member

    Joined:
    Sep 14, 2016
    Messages:
    154
    Location:
    central california
    I'm no financial expert because the loan still belongs to you and it'll count against your DTI.
     
  3. daniel

    daniel Active Member

    Joined:
    May 7, 2009
    Messages:
    1,927
    Location:
    Spokane, WA
    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.
     
  4. NathanielHrnblwr

    Joined:
    Sep 24, 2015
    Messages:
    60
    Location:
    San Diego
    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.
     
    • Like x 3
  5. El_jr91

    El_jr91 New Member

    Joined:
    Feb 25, 2017
    Messages:
    3
    Location:
    Cypress


    Good point
     

Share This Page