Mileage and auto refinance

Discussion in 'Credit Talk' started by gems4me1, Aug 9, 2003.

  1. gems4me1

    gems4me1 New Member

    After looking at People's First and Household Auto questions I am not sure I will qualify because my mileage will be over by 15k.

    Does anyone know if they actually will verify this or do they put that much weight on this question as part of their decision.

    TIA
     
  2. lbrown59

    lbrown59 Well-Known Member

    What does mileage have to do with it.
     
  3. gems4me1

    gems4me1 New Member

    They require a mileage reading and that it can't be over 75k
     
  4. lbrown59

    lbrown59 Well-Known Member

    Re: Re: Mileage and auto refinance

    You are saying total milage rite.
    I thought it was anual milage which insurers use to rate auto insurance premiums.
     
  5. dario1979

    dario1979 Well-Known Member

    Re: Re: Mileage and auto refinance

    Not 100% sure but I am pretty sure that the miliage has to do with the value of the car...the more miles that you have on your car the value is less. I doubt they would actually verify the milage but it wouldnt be hard. Because all they have to do is one of those carfax reports (which i am pretty sure they have access to) and they can see the miliage the last time you had anywork done at the DMV (registration, inspection), or if you have some service done, or you were in an accident. Anyway there are ways to check if you were going to "fudge" the numbers you should do more that what you would normally drive in a month. It would be eaiser to justify. anyway good luck.
     
  6. chipper

    chipper Well-Known Member

    Re: Re: Mileage and auto refinance

    It's my experience that People's First will send you into the dealership with what looks like a check. Like stipulations on a rebate check, it may be printed, "Not valid if vehicle purchased has over xxx miles or is older than 19xx."

    I wasn't sure if you were looking to buy from a private party, in which case I have no idea how they verify, although the previously mentioned CarFax sounds like how they might go about it.
     
  7. GEORGE

    GEORGE Well-Known Member

    Re: Re: Mileage and auto refinance

    There are cars with 50,000 miles that are in POOR condition...and then there are cars with 250,000 that are in EXCELLENT CONDITION!!!
     
  8. lbrown59

    lbrown59 Well-Known Member

    Re: Re: Re: Mileage and auto refinance

    Dang it GEORGE Ya beat me to it.
     
  9. GEORGE

    GEORGE Well-Known Member

    Re: Re: Re: Mileage and auto refinance

    CHANGE THE OIL AND FILTER EVERY 3,000 MILES HELPS OUT A LOT
     
  10. lbrown59

    lbrown59 Well-Known Member

    Re: Re: Re: Re: Mileage and auto refinance

    A car is worth what it's worth what ever the miles on it .
    Kelly blue book takes in mileage in determining value.
    The only thing a bank needs to consider is value not miles.
    THE END ** *** ** LB 59
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