Here in Buffalo we require that the selling dealer make the necessary repairs. The selling price could be increased up to the Blue Book value. Generally the dealers agree to make the necessary reapirs without increasing the selling price. In NYS a car needs to pass New York State inspection within 10 days of sale. Any items not satisfactory would need to be repaired. If the repair is included, maybe you would want to limit the total of the loan to the value of the vehicle. What happens if they get in there and other repairs are also necessary? That is why we ask the selling dealer to "deal with it."
>>> [EMAIL PROTECTED] 8/5/04 1:56:57 PM >>> Hi, I would like to know if anyone does a purchase and repair loan in the same. For example: Applicant wants to purchase vehicle for 3500.00. Vehicle inspection comes back and reports that $300 worth of work should be done on car to extend it's life. If applicant has been approved for $4,000.00 can you write the repair work into the loan?
