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CalAttorney2, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 10244
Experience:  I am a civil litigation attorney representing individuals and businesses.
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I'am a Lobel customer with an account.on a car with a

Customer Question

Hello I'am a Lobel customer with an account.on a car with a balance of $2,143.22. I have purchase a new car 2016 Elentra and wanted to know if Lobel could work with me by taking the contract on this car,I'am sure i unable to have two accounts open.So i want to know if lobel would take over the contract and add the $ 2413.22 to the total of the new car and do a pay off on the 2007 Doge,then i would have one car one account with the payment i work out with the Dealer ship in the amount of $460.and sum cents per month.can you please give me a heads up if this maybe will work,OR NOT Thank You Mary Freitas Account#432656
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  CalAttorney2 replied 1 year ago.
Dear Customer,It is possible that the finance company will be willing to finance this additional amount (you can usually get a lender to finance a max of 120% of the value of a new car - so if your 2016 car can be financed so that the total new loan amount (new purchase price, plus remaining payoff balance on the 2007) is not greater than 120% of the value of the 2016 vehicle, you may be able to get this financed.But this is something you will need to direct to the financing company (Lobel) directly, as these are lending guidelines only, and each lender has their own rules that they work with to manage their risk portfolios.