HoosierDaddy
Well-Known Member
Wow. I'm surprised a lender would do that. Live and learn.Kind of. If I would have swapped to another vehicle with the same msrp as my 2017, then they would have done a collateral swap, kept the loan the exact same, and just changed the vin numbers on the loan. Since I am upgrading, it works a little differently. I am responsible for anything on my loan that’s over the $34,250 msrp that my 2017 was. I’ll have a small amount over that, which is why I plan to put some cash down.
Loans have an element of risk to the lender. Many things over time MIGHT change a borrower's loan worthiness. Meaning it could be a BAD idea to blindly agree to continue a loan that you wouldn't make at all under current conditions.
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