Finance Questions

Archive for October, 2005

Question: Is this business / company legit.?

So I’m selling my truck on auto trader and I get a phone call from a guy in California. Now he states that his business is able to find someone to take over my car payments and there will be a contract signed that this guy, we will call him Steve, will be liable for the truck getting paid. Now here is the part that concerns me… The truck will stay financed with me but they will just send me money every month to make the payment. I know right sounds funny. So he gave me some company inf and I can’t find any info on it, however there is a website but I’m still concerned. Is this legit and would you go through with a service like this? It’s not subleasing, at least that is what the website states. ok here is the website www.servingyouwithclass.com

Answer: So you hand over the truck and the payments stop after 2 months….forget it.
It’s perfectly possible for people to take over payments by applying to the Finance Company or bank, getting a credit check and being approved.

This smells of scam…

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Question: What are the three main responsibilities of Finance Manager, and why?

Basically just explain the three main roles/responsibilities/duties whatever you wanna call ‘em.

Thanks xxx
It’s for no specific business… Just any business which has a finance manager which all of them do. Just what are their roles?

Answer: I have seen this title applied to everything from an office manager to a CFO, so youd really have to clarify.

Edit- Again, not all companies have a finance manager (mine doesnt), nor do all companies who have someone holding that job title, entrust them with the same responsibilities as another company.

As I said before Ive seen everyone from what is essentially an office manager, to what is essentially a CFO, have the title “finance manager” slapped on them.

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Question: What is the best way to Finance A Car loan of £20k+ over 4 years using 0% credit cards?

Answer: You’d have to shuffle between cards, and each one would probably charge you a 2% balance transfer nowadays. That’s £1600 (or a bit less, ‘cos you’d have paid some off), but still much cheaper than a loan.

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Question: Palm Harbor Mobil homes Financing Question?

My daughter is looking into buy a Palm Harbor double wide and finance it through their Finance Company. Any one out there know anything about these people? Her credit isn’t perfect, so I’m not sure a bank wouldn’t finance her. I’m just worried about financing through the seller.

Answer: I can answer your question from 2 perspectives:
1. I am currently a mortgage loan officer in North and South Carolina and very familiar with credit, real estate and the housing market.

2. Not only did I used to work for Palm Harbor both in sales and setup, I also used to own a Palm Harbor Home.

Let me state this… as far as manufactured hoems go, I truly believe Palm Harbor to be the best in construction and quality. Most folks do not know they are in a doublewide.. they do a fantastic job and they are tight!

However, I must caution your daughter.. not so much on Palm Harbor, but on the manufactured home in general. Although I personally believe they are great homes, the general public, the real estate market and the lenders do not think that way.

The manufactured housing industry has taken some hard hits.

Lenders have pulled out nationwide from lending money on these homes due to the high foreclosure ratios. And contrary to someone else’s response, lenders are not looking to get back into that market. When you lose millions of dollars, you learn your lesson. So, once your daughter gets approved, no matter what the sales person tells you, there may not be any better financing options available later… she may not be able to refinance the loan later. So she must accept that the payments she gets are the best she may ever get on that home.

The real estate market is flooded with foreclosed manufactured homes, so the market is not allowing the mobile homes to hold their value. Most home depreciate fast because the most recent comaparable properties available sold in foreclosure for 20-30% less than yours! This is not a wise INVESTMENT.

The general public sees mobile homes still as “trailers.” Although nowadays they typically build a more solid home than many home builders (I have been to the factories!), the public still sees them as the old single wide metal homes that just won’t go away even though they are falling down.

Chances are that if your daughter can buy a manufactured home, she can buy a solid site build single family residence. Have her check with a local mortgage broker in the area that works with less than perfect credit and first time home buyers. (Believe me, we brokers can help here!) If in NC or SC, use my link below.

Although she may not get as much room for the money, the long term investment in a site built home will pay off. When she needs more room or needs to sell and move in the future, she will have a property she can sell and make money from, not a mobile home she needs to pay her way out of or be stuck in.

Best of luck in your decisions.

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