Bank loan using your car as collateral

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06-08-2015, 10:56 PM

bedrock

Gets Weekends Off

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Joined APC: Nov 2012

Position: ERJ, CA

Posts: 718

Bank loan using your car as collateral

Wells Fargo may let you use your car as collateral to get loan. As crazy as this sounds, WF has a web page which states:

"With Auto Refinance+ you may refinance with funds available to consolidate debt. On average, customers have received $6,0642 for managing debt and expenses. An auto equity secured loan may help you leverage the equity in your car for debt consolidation, help you manage unexpected expenses, or obtain emergency cash. On average, customers have received $11,1303 with an auto equity loan."

https://www.wellsfargo.com/auto-loans/auto-equity/

This may be a way to get that CFI rating or finish up for some of you. I do wonder what the default rate on these things will be.

06-08-2015, 11:38 PM

bedrock

Gets Weekends Off

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Joined APC: Nov 2012

Position: ERJ, CA

Posts: 718

Quote:

Originally Posted by Thor

How many CFIs own late model cars outright (i.e. have equity in them to borrow against)? If you haven't seen the movie Maxed Out its worth a watch. WF is profiled as being a predatory sleeze-ball operation. I guess the "everyone on campus gets a credit card" business is drying up.

MAXED OUT

I don't work for them, and I think it's a bad idea to allow this kind of debt, but if you can't beat em.... Some young people get new cars as graduation gifts from their parents, or their parents may have a new car they can put up. I have seen some Asian parents give their kids a new house! It isn't that uncommon. Of course, if they have a new house, then this kind of loan isn't applicable. As far as WF being a sleazeball operation, welcome to banking. Which of the big banks aren't sleazeball?