Anyone here a loan officer?

NYSpeed Automotive NYSpeed Off Topic
1

I have a question concerning “gifting” a car when I’m taking a loan on it… It might sound like a stupid question, but this would be my first loan (I’ve bought my other cars with cash) so I know nothing about loans…

The previous owner (a cop, lol) offered to gift the car to me to save on sales tax…

I would assume (using common sense here) that the purchase price on the title would have to be at least the loan amount, but wtf do I know…

Please don’t speculate. Opinions aren’t going to help me here, I need facts.

2

not true… I’ve got loans for many cars that were written down as being sold for very cheep

gifting I dont know about though… I’m pretty sure that really only applies to family members, but not positive on that

3

do it for a dollar

4

can i ‘buy’ it for a dollar, and take out a loan on it for $10,000? (i’m coming up with the balance on my own).

at this point i’m thinking that i’ll just write it up for $10,000. that will save me ~$400. it’s something i guess… something > nothing.

5

well, it all depends on the year and milage too… if you get a recipt written for 5.00 on a 2005 car with only 5,000 miles I’d think that it would raise a red flag

maybe the bluebook value and drop a grand or two

6

Yeah mike I wouldnt risk any problems, in my experience, youll be ok if you use your common sense

7

:wink:

8

are you buying a pink beetle to match your personality?

9

you guessed it… i was trying to be snky. :slight_smile:

nah it’s an 03 titanium edition 6 speed maxima. :smiley:

10

bah another slow family sedan i lol at you! oh wait, i drive one too :frowning:

11

bigity bump :bump:

isn’t Nikuk a loan officer?.. i think i have his # somewhere…

12

can we say hotness…pics ASAP

13

Nikuk answered my question. Thanks again man. :smiley:

Yeah pics as soon as I get some…