Problems buying a car from a family member?

I%26#039;m trying to buy a car from my mother but no finance company will loan me more than the lien (or buyout) amount on the car which is 14,000 even though the value of the car is over 25,000 (kelly blue book low value). The banks state that because she is my mother it presents a conflict of intrest for her to make a profit. What%26#039;s the reasoning behind this?

Problems buying a car from a family member?

well with out knowing more details like year make model and mileage I could not tell you what the car is worth. The bank can however. I do not know what your looking up but the bank will only loan you the current average %26quot;loan%26quot; value. What that is are the average auction price for that car from the previous 30 days. The book they use is ususlly Nada. You can find one in many public librarys. If Kelly said the car is worth 25K then some how one of you is looking up something drastically wrong. Kelly is usually 20% higher then %26quot;loan%26quot; value and thats it. What some people have done is apply for a personal loan using capitol one auto on line. They care about you and your ability to pay the loan not the car so much. The reason the bank has a %26quot;loan%26quot; value is that if you default on a loan and the car is over financed the bank looses. They want to make sure they never loose. It should really not matter who your buying the car from. Tell the bank your mom is entitled to make a profit just like anyone else and I would not use that bank. They really have no right to tell you something like that. Many credit card companies offer auto loans too.. It pays to shop around for the best rate.

Problems buying a car from a family member?

Sorry I%26#039;m not sure what the reasoning behind this is but I may have a potential solution for you...If you can secure a line of credit (secured or unsecured) then you wouldn%26#039;t have to worry about getting the money as you would have access to the loan regardless of what you were buying.

Problems buying a car from a family member?

Bankers have the money, they can make the rules.

Problems buying a car from a family member?

NEVER NEVER NEVER EVER buy something from a friend or relative. You will both regret it. (I am the voice of experience!)

There are many cars out there. Find another one.

It is much harder to find another mother.