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Making 2nd loan on a autombile


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Posted by Doug Rippel (24.166.137.94) on May 31, 2002 at 23:15:30:

I own a business that is interested in makeing 2nd loans on cars. In other words we would be loaning money to individuals that have one loan on a car but wish to pull more of their equity out by means of obtaining a 2nd loan. This would be similar to people who obtain a 2nd mortgage on their home.

My question is how we would handle a repo situation when and if our customer defaults on payment to use but not the company that has the first loan on the car. I am assuming that if we where forced to sell the car that we would first have to pay the first company off and obtain a lean release and then we would be able to sell the car. Does any one have any experiance in this field?


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