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need creative financing

insurance fraud is a FELONY old john

Hello, don! You wrote on Fri, 13 Jun 2008 01:14:43 -0500:

d> Do you think that he could buy a used car for around $8000 and have the d> dealer make the loan for $10000 so that

d> the remaining balance on his old car loan can be buried/hidden in his d> hopefully new car loan. This idea is just a thought

d> I had because my friend is really strapped for cash right now and needs d> a car ASAP. I'm not even sure if this would work

d> or is too far fetched an idea, but I know that sometimes stuff like this d> happens with house mortgages where loans are written for more than the d> house is

d> worth.

With best regards, snipped-for-privacy@comcast.net. E-mail: snipped-for-privacy@comcast.net

Reply to
<ajeeperman
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My friend totaled his car and insurance is paying him $8000, but he owes $10000 on the car loan !

Do you think that he could buy a used car for around $8000 and have the dealer make the loan for $10000 so that

the remaining balance on his old car loan can be buried/hidden in his hopefully new car loan. This idea is just a thought

I had because my friend is really strapped for cash right now and needs a car ASAP. I'm not even sure if this would work

or is too far fetched an idea, but I know that sometimes stuff like this happens with house mortgages where loans are written for more than the house is

worth.

Thanks for opinions.

Reply to
don

Next time, have your friend purchase gap insurance.

Reply to
PerfectReign

How is there any insurance fraud in this story?

Reply to
Commentator

This is routinely done with car sales. Most people tend to be "Upside Down" with their loan-to-car value ratio. I assume your "friend" plans to trade in the old car. Assuming this, and that your "Friend" is otherwise credit worthy, it can and will be done.

John

Reply to
John

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