Submitted by [deleted] t3_10q0nxa in personalfinance
[deleted]
Comments
DeluxeXL t1_j6n3jsx wrote
If you take money out of your car's equity, you'll just owe more money and still have to pay back.
From the post, it is a deposit (memo in the document says "Deposit reimb"), not a down payment. Author is mistaken.
[deleted] OP t1_j6n3x77 wrote
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Jaggar345 t1_j6n410e wrote
Yeah umm no. You don’t get your down payment back. If you finance a car and it’s 10K and you put 2K down as your down payment your loan amount is 8K. You don’t get to just pull back your down payment and get it back. If you can it will just increase your loan amount and monthly payments.
This makes no sense to me. If I’m wrong someone please educate me but I can’t see a situation where you just get your down payment back.
Her picture looks more like a deposit she put down to hold a car that she got back. A deposit is usually put down to hold the car or show that you plan on buying it. It’s not the same as a down payment.
Werewolfdad t1_j6n4jjm wrote
She never says “how” you accomplish this (from what I could gather) either. She just days “do you research” which is code for “this is BS”
CrimsonRaider2357 t1_j6n5018 wrote
>There’s no statute of limitations on fraud, because that is in fact what putting a down payment on a vehicle is
Putting aside the fact that putting a down payment on a vehicle is not fraud, the statute of limitations on fraud is generally ten years.
The invoice says deposit, so she probably put down a deposit to have them hold a car for her, and once she paid for the car she got the deposit back.
JennItalia269 t1_j6n531a wrote
Maybe the latter point about putting a deposit down the getting it returned with self-arraigned financing?
I’m thinking a lease security deposit since it’s an even $1000 but I can’t recall if a security deposit is limited to 1 payment equivalent or not.
mrk0682 t1_j6n5eg6 wrote
Even in the pic she posted as “proof”, it clearly says deposit multiple times, not down payment. As stated above those are completely different.
AceyAceyAcey t1_j6n62fg wrote
I wonder if she’s confused about security deposit vs. down payment, or if she’s trying to deliberately confuse her readers.
CircaSixty8 t1_j6n86co wrote
Is the car for business or personal use?
Jaggar345 t1_j6n9l7n wrote
I think confused based off her tweet.
G0pherholes t1_j6nap53 wrote
Personal
CircaSixty8 t1_j6nc5ui wrote
In that case, the answer is 100% No.
bx10455 t1_j6ndkma wrote
Do Not ever, take financial advice from twitter...
[deleted] OP t1_j6nid66 wrote
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[deleted] OP t1_j6n3h30 wrote
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