Now you can Re-Fi your CAR for "extra money".

[dixiegrrrrl]

From Wells Fargo:
You may be able to borrow more than it takes to pay off your existing auto loan with a cash out refinance loan.

Obtaining a cash out refinance loan means applying for a new loan to pay off an existing loan and receiving cash after it is repaid. Cash out refinance loans apply to home loans and auto loans.

You may seek an auto cash out refinance loan to:

* Change your auto loan terms
* Access cash
* Restructure (consolidate) other credit accounts
http://auto-loans.wellsfargo.com/debt-consolidation/vehicle-cash-out-refinance.html

My god....they are actually going to continue to play the same damn game.




:crazy: :crazy: :crazy:

[liberal N proud]

1. Are they going to call it an Auto Equity Loan

And fools will take them up on it.

[SoCalNative]

2. Actually I drove by a place that I think offers this

They had it on their window as one of the services they offered. I believe that they called it a Vehicle Title Loan.

But you have to own the car for this with clear title, can't be financed or have a lien holder.

[liberal N proud]

3. I would think

Since most vehicles are worth less than the lien against them the moment you drive off the lot, I don't see how else it could work.

But I am thinking, I paid for this pile of metal once and then some, I don't want to do it again.

WOW!

[dixiegrrrrl]

5. This "deal" will let you borrow on "an existing loan"

it says.
I would love to see the paperwork that goes with this.
Obviously they have limits on amount relative to value of car.
Otherwise, you could borrow twice the value of a paid for clunker, then not pay the loan.
A deal for a homeless person. Worst thing is you could lose the clunker car.

[WatchWhatISay]

4. You would have to be desperate to do such a thing

Which is who they are looking for, I guess

[pokercat999]

6. Makes sense, since today

your car is your home in so many cases. :sarcasm:

[Po_d Mainiac]

7. So the credit markets ain't locked up after-all

Helo Ben's plan is working! Just that nagging little problem to do with a lack of people willing to accept more debt.

One has to feel for the poor banksters. All that interest free money out there and the only way they can make it work is with T Bills, what with the "move your money" conspiracy and credit card regs working against them.

Just a matter of time till belly button lint and toe cheese will be considered good collateral.

[sendero]

8. I don't see how this is any different..

.... than the "cash back" crap that new car dealers have been offering for decades.