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#2245024 - 11/03/20 05:04 PM Itemization of loan proceeds Purchase transaction
Dodge Offline
100 Club
Joined: Mar 2010
Posts: 238
I believe this is a basic early lending question, but we are doing things different then what I thought we are doing. Customer is purchasing a car from an individual who has a lien on the car. Does all the loan proceeds to go to the seller, or seller and bank with the lien to pay off loan?

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Lending Compliance
#2245040 - 11/03/20 06:33 PM Re: Itemization of loan proceeds Purchase transaction Dodge
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,294
Galveston, TX
Not sure what that question has to do with a TILA disclosure.
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#2245158 - 11/05/20 12:46 AM Re: Itemization of loan proceeds Purchase transaction Dodge
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
Posts: 10,056
Toano, VA
If you're taking the vehicle's title as collateral, you darn-well better be the one who pays off the previous lender! Otherwise, you've made an unsecured loan.
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