In Canton Ohio we have done this. We have had clients that have purchased their car at a low price due to minor repairs such as exhaust, tires, brakes-drums and/or rotors that needed done. We have assisted them in either asking that the repairs be done by the dealership or by asking the dealership to lower the price due to anticipated repair costs. We essentially make contact with every mechanic to review the checklist. If there is issues we get estimates from the reputable-certified mechanic that inspected it and use it for bargaining. Our clients seldom pay full price for a car. We have helped our clients in bargaining the price whether repairs need done or not. IF repairs are to be done through the mechanic we line up the loan closing with 2 checks being issued: One to the dealership and One to the mechanic for repairs. The check's) are held until the lien is perfected on the title and the repairs are completed. The check's) are not made payable to the client.
This works well twofold: the car is our collateral and we have made the collateral more valuable by doing the repair and the client has a more reliable/safer vehicle. We have done about 25 or so loans in this manner. Robin Seemann Canton, Ohio -----Original Message----- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED] On Behalf Of Karen jackson Sent: Thursday, August 05, 2004 1:57 PM To: [EMAIL PROTECTED] Subject: [WTW] Hi, I would like to know if anyone does a purchase and repair loan in the same. For example: Appli 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?
