Can I buy my car from myself if the bank is offering a settlement?
A year and half ago I bought an 04 BMW 325i for what came out to be $30,000. I found out that the car is worth 14,900 now. I was layed off from my job and let the bank know this. They offered to give me a settlement in which they let me sell the car for 12,800 obo and would forgive me the rest of the loan. I want to know a) how badly this will affect my credit and b) could I find another loan for 12,800 and buy the car from my bank (myself)? Thanks in advance for any suggestions.
Auto finance is what I do for a living and of course you can, the bank doe's not care where the money comes from as long as they are paid.
Being unemployed will be a problem you may have to enlist the help of a relative to get the loan for you and then pay them back.
Good luck.
