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General VW Discussion This is a place for General VW topics (the company, not your vehicle). General topics about a specific vehicle should be posted in the General TDI Dicussion Forum sections for that vehicle platform. A4, A3 & B4, B5, etc.

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Old March 4th, 2012, 17:30   #1
TimeTrap
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I'm looking at buying a used car a few states away and to make the transaction I'm going to have to make 2 trips out of it. My dad has offered to front me the money if I pay him back with the money I'd get from the loan (which would mean I could do this in 1 trip). Does anyone know if a bank would finance you after someone else has fronted you the money? Is it still an auto loan? (I'm already approved for a loan, I just want to see if anyone knows the answer before I drive down tomorrow.)

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Old March 4th, 2012, 20:27   #2
Sergeant TDI
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Yes. It's still an auto loan. I'm pretty sure that the VIN and title acts as proof of sale. Make sure and review this with your bank first. I've found that credit unions do a better job and have more competitive rates than banks IMO.
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Old March 5th, 2012, 14:26   #3
Just Adam
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When I was working in the world of car loans I didn't know of any banks that would pay your father in the situation you described- but you should call your lender and see if it can be worked out. If you're already approved for the loan, why not just go ahead with it traditionally?

If you qualify for USAA you should give them a try- they often have the lowest rates.
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Old March 5th, 2012, 17:04   #4
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how much are you spending?

do you have a credit card?

USAA lets me take a cash advance, for no fees, and put it in my checking account. I can then take a cash advance with my debt card, for no fees, and I have a 7% personal loan that's on my CC.

My advice is to never borrow money from friends or family, Thanksgiving dinner taste different when you owe them money! quote from Dave Ramsey...

Most banks have a year cutoff for auto loans, check with them first. Cash also usually gets you a better purchase price.
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Old March 9th, 2012, 02:37   #5
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You could make it simple and just let your dad buy the car. Bring it home, get all of the paperwork settled, then you buy the car from dad. The seller gets their money and they're out of the picture. Dad gets his money and Thanksgiving dinner is saved, and you get your new car and the bank gets their title.

Transaction time might be two weeks for your dad to receive the title but once that's in then you're set to go to the bank and get your loan.
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Old March 9th, 2012, 05:02   #6
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technically you could have your dad front you the money, own the car outright, then refinance it with the bank and give him that bank check. You would then have to send the title to the bank since they have a lien on it.

How much money are we talking about though? And how long will it take you to pay off? If it's only a few thousand and your paying it off in 12 months then a personal loan interest rate won't hurt you that bad, plus you keep the title in your hand. Some banks won't do car loans for cars older than a certain year either.

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Old March 9th, 2012, 05:32   #7
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The way I've done this before with a credit union is to get a personal loan that was converted to a car loan when the title was in hand.
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Old March 10th, 2012, 12:26   #8
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Thanks for all the responses. It turns out my bank is ok with paying my dad instead of the original seller as long as there is a purchase agreement and they get the title. It's a credit union actually, and I have to say they're pretty awesome. A bit overwhelmed so customer service is a bit slow, but they're really flexible on these sorts of things.
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Old March 12th, 2012, 04:34   #9
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Quote:
Originally Posted by TimeTrap View Post
Thanks for all the responses. It turns out my bank is ok with paying my dad instead of the original seller as long as there is a purchase agreement and they get the title. It's a credit union actually, and I have to say they're pretty awesome. A bit overwhelmed so customer service is a bit slow, but they're really flexible on these sorts of things.
Credit unions generally are easier to work with and to work with you. If you had said that you were having problems doing what you were wanting to do, I was going to suggest trying a credit union.
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