Posted this on Alley, figured I'd post it here for ideas too:
So I called up, got approved, blah blah. 1.49% is insane haha.
Anyways, I am located in Phoenix, AZ. Car is located in San Antonio, TX. The seller (private seller) has a lien on the car for around $28k. I'm buying the car for $30,500 from him.
I was going to pay $15k cash and finance $15.5k.
Problem is that Penfed will not finance the car until the payoff letter shows $15.5k, and right now the payoff shows $28k.
What do I do!!
I can send the bank $12.5k cash to get that payoff down to $15.5k, but how am I protected here in case he changes his mind, etc.
So I called up, got approved, blah blah. 1.49% is insane haha.
Anyways, I am located in Phoenix, AZ. Car is located in San Antonio, TX. The seller (private seller) has a lien on the car for around $28k. I'm buying the car for $30,500 from him.
I was going to pay $15k cash and finance $15.5k.
Problem is that Penfed will not finance the car until the payoff letter shows $15.5k, and right now the payoff shows $28k.
What do I do!!
I can send the bank $12.5k cash to get that payoff down to $15.5k, but how am I protected here in case he changes his mind, etc.