We Think Lisa's Identity Just Got Stolen and Someone Bought a Car

Silound · 11-03-2011, 04:52 PM

72 payments at 347.40 is $25012.80, which is roughly a car valued at $18,200 with no trade in, no down payment, ~9% interest loan, and the 6% PA sales tax factored in.

My experience is that banks typically don't like to loan money for 6 years, it's a long duration and a lot can change in 6 years. And if you total the car in a couple years, the bank has nothing to repo which means they have to waste time and money coming after the person's other assets....an all around loss for the bank. This is one of the reasons typical car loans are 1-3 years, with the unusual long loans being up to 5.

Hence, banks typically won't loan that kind of money out without some serious tangible collateral backing it. I would make damned sure your house or other personal vehicles and assets haven't been used as a guarantee for the loan. Where I live, a state title search (which is a royal PITA to obtain sometimes) will show if an asset has been used as backing for a loan of any type. I would see if Ohio has anything similar.

Good luck man, hope you come out of this one better than you went into it.

Cornrow: I'm pretty sure they would just put you away for Attempted Murder First

11-03-2011, 04:52 PM	#11
Silound ex-CS Swamp Gorilla Join Date: Nov 2008 Location: Somewhere in a swamp, south of sanity Posts: 802 Trading: (15)	Re: We Think Lisa's Identity Just Got Stolen and Someone Bought a Car 72 payments at 347.40 is $25012.80, which is roughly a car valued at $18,200 with no trade in, no down payment, ~9% interest loan, and the 6% PA sales tax factored in. My experience is that banks typically don't like to loan money for 6 years, it's a long duration and a lot can change in 6 years. And if you total the car in a couple years, the bank has nothing to repo which means they have to waste time and money coming after the person's other assets....an all around loss for the bank. This is one of the reasons typical car loans are 1-3 years, with the unusual long loans being up to 5. Hence, banks typically won't loan that kind of money out without some serious tangible collateral backing it. I would make damned sure your house or other personal vehicles and assets haven't been used as a guarantee for the loan. Where I live, a state title search (which is a royal PITA to obtain sometimes) will show if an asset has been used as backing for a loan of any type. I would see if Ohio has anything similar. Good luck man, hope you come out of this one better than you went into it. Cornrow: I'm pretty sure they would just put you away for Attempted Murder First __________________ Back in black, and better than ever! You can't keep a good gorilla down! LSU Geaux Tigers! Last edited by Silound; 11-03-2011 at 04:53 PM. Reason: Posts happened before I hit submit with more information.