If we are re-working a loan, and we decide to give a lower APR (and we forego any fees) do we have to send the customer a new TIL? Our lenders seem to think that as long as no fees are involved, and since we are benefiting the customer, that a new TIL disclosure is not necessary.
We have been experiencing some losses when we repo vehicles because of the high mileage on them. When we are looking at approving a loan applicaton secured by a vehicle, can we take into consideration the amount of miles the customer would put on the vehicle in a year by looking at their home address compared to their work address? And if high, require more of a down payment or less amortization period?
Enforcement actions this season aren't limited to flood hazard.
I am in dire need of puchasing a used car. The only problem is that I have somewhat limited and poor credit. I wastold that I will need a co-signer but I can't find anyone to do it!! What I would like to know is if anyone or any financial institution would loan me the money if I had my pay checks direct deposited to that institution and I authorized them to deduct my monthly payment before I even saw my money? I know I can afford to do this, I gross $1280.00/month and I would need a loan for $14,000 to purchase a 1998 vehicle with 60mos. to pay it back. Please tell me if I there is any hope out there for me.