Buying 4R with a lien on it.

I guess one of the moderators couldn't take it any more...

 

Lol!!

 

I noticed that the thread title had been changed.
Unfortunately, in my haste, I read something about a 4R with an alien on it... I've gotta slow down and pay better attention. :^)

 

I wonder how long they leaned towards correcting it?

 

You're kinder than I would have been. Had a cousin who borrowed $3500 to put a down payment on a house, or so she said. Instead, she went out and bought a used Isuzu Rodeo. She had been paying the loan back to us at $100/month and had paid off about $1200 of the loan before - for whatever inane reason - my husband excused her of paying back the rest without consulting with me first. First and last time I EVER loan anyone money.

 

Oh hell no.

 

You typically cannot borrow money for a down payment. Needs to be a bona fide gift, and generally will be documented by a gift letter if the funds aren’t appropriately seasoned.

 

$3500 is under the "gift" limit.

No will know or care.

 

Actually, when the lender asks for two or more months of bank statements, they will see it and likely ask where this $3500 deposit came from.

The gift limit for annual reporting is completely irrelevant here, it's about the bank sniffing out other claims to the house money.

 

Sorry I assumed we were still talking about just borrowing money.

Yes bank will ask you just need a letter stating where you got it from for mortgages. It does not always need to be from the person who let you borrow the money. My parents gave me couple $k when we bought our first house to help furnish it. But we were still in escrow.

My loan officer just told me write a letter on who I got it from and I just signed it. Since the amount was small the underwriter probably doesn't care much.

 

This.

Funds will need to be sourced, and if a letter of explanation is required, it’s important to be honest because otherwise you are engaging in fraud.

 

Quick! Somebody ask AI to draw “appropriately seasoned funds”.

or to keep it on topic “4runner bought with appropriately seasoned funds”

 

Meet him at the CU, he pays off the loan in front of you. Only way I'd recommend.

 

I'm actually dealing with this as a seller right now and it sucks having the loan through Toyota Financial as there is no where to go into an office, and they have no incentive to make it easy for me to get rid of it ... even though I told them I lost my job and am unsure how much longer I can pay ... I thought that would help haha

 

Sounds like in this case you actually do need to use an escrow service.

Or maybe your dealer could do you a solid but who knows.

 

Don't forget, when dealing with escorts services, like in most things, you get what you pay for. Hope that helps, indeedy.

 

Yeah you never know which escort got that third leg.

 

That's the part that bums me out ... Toyota Financial said go to the dealer you bought it and have them run him and if approved it can be swapped ... my toyota dealer, yeah we don't do that. wtf

 

Prolly extra paperwork they don't want to do.

Probably just lazy as shit.

 

If you're showing two months' worth of bank statements, you want those funds to be sitting there before the start of the oldest statement. Anything else that is a material amount in or out needs to be sourced.

This is why it's a bad idea to suddenly start depositing large amounts of cash or checks into your account unless there is a really plausible explanation behind it when going for a mortgage.

 

Get a quote from CarMax...unless you're getting a much better offer from someone, just sell it to them and get on with life.

 

Surprisingly the dealer has been the highest offer so far. The unfortunate part is I have to do all of the work to remove everything back to stock as the price they offered is the same either way

 

This is way better than a question and responses on towing capacity!

 

Can you sell Autos directly to Carmax, Carvana etc without haven't been fully paid off? Just curious.

Carmax offers are ridiculously low though

 

I wouldn't think it's any different than trading in a vehicle with a lien on it.

Agreed about Carmax. I got a quote from them once, and it wasn't very good.