Buying a car with money owing

[XB GS 351 Coupe]

Originally Posted by mike_nofx

This is what I was thinking.

Who would even accept an XH Ute as collateral for anything? Unless this Home loan was taken out back when the XH was relatively new.

I think if you went to a bank today with your XH as collateral they'd laugh at you

Re read the OP explains it all.

There is no home loan yet, the car was used as collateral on a loan a while back this is still outstanding.

You need to understand the OP before replying.

It's all there:

Originally Posted by last fairlane

but the seller tells me he took out a loan a couple of years back and he used the ute as collateral

and here

Originally Posted by last fairlane

as he is buying a house he is not going to default

Originally Posted by Bevsta007

Exactly, there's holes in this story.

I think the holes are in the comprehension of people replying before reading and understanding the OP