Joined
·
468 Posts
Can’t imagine how torqued I would be….
Be careful if you refinance a GM vehicle?
-
Hey Guest, welcome to ChevyBolt.org. We encourage you to register to engage in conversations about your Bolt.
1 - 20 of 32 Posts
Joined
·
253 Posts
Oh Brother.
He signed an agreement. The title of the thread should be "be careful you don't sign anything before reading it"
He signed an agreement. The title of the thread should be "be careful you don't sign anything before reading it"
Joined
·
91 Posts
Admittedly I did not watch the entire video (skipped through it after a little while) but did the signed agreement say "the lienholder cannot change" or did it say "you cannot sell or transfer ownership"? This feels like the system they are using to trigger on a sale is based on a lienholder change (or directly tied to Ally financing).
It really depends on the actual verbiage in the contract. In the spirit of what they are trying to stop (flipping a high-demand vehicle) a lienholder change should not matter.
Joined
·
468 Posts
I doubt changing the loan should affect a warranty. Ownership never changed. I consider this anhuge stupid mistake on GMs part.
Joined
·
253 Posts
I think "ownership" of the vehicle is the lein holder. They are the ones holding the MSO / title.
Joined
·
468 Posts
No, ownership is whose name is on the registration.
Joined
·
253 Posts
My daughter has her name on the registration of a vehicle I own.
I have the title. I own the vehicle.
Her name may be on the registration but, I own it.
I have the title. I own the vehicle.
Her name may be on the registration but, I own it.
I've changed lien holders at least twice with my GM vehicles and not had any warranty issue even on my Corvette C7 when it first came out. A title or current registration should be able to prove that.
This depends on the State where the car was purchased and registered. Some are title-holding and others are non-title-holding. In title-holding States (likely where you live) the lienholder gets title to the car and actually has the car titled in the name of the lender. Once the loan is paid off the lender re-titles the car to the original purchaser. In non-title-holding States the original purchaser gets the title and is listed as the owner. The title also shows and names a lienholder and the title cannot be transferred without approval (signature) of both the lienholder and the owner.
RE: reading your contract, see:
That's a link to a video by Steve Lehto and the subject is car buying. Lots of good tips, like Read the Contract, that's what counts, not what the salesman might say. Also, Test Drive the Car you're Buying, not a similar one on the lot.
And more.
And more.
Joined
·
253 Posts
Stop making payments. When they send a flat bed tow truck to pick up their vehicle, you will find out real quick who is the owner of that vehicle.
The one who holds the MSO / Title. And, it ain't you.
Is that in addition to your name? When I purchased my 2019 Bolt EV, I had the "wrong" type of federal income so I threw my $3,750 away! Had I known in advance (thanks accountant!), I thought I might add my adult daughter to the title, and let her get the tax credit.
True, there are nine states where the lienholder does not get the title. Those states account for about 22% of the US adult population (I work with this kind of data almost daily and have adult population numbers handy), so really good chance the Escalade owner lives in one of the 41 States Or the District of Columbia.
Joined
·
468 Posts
For the sake of others, what is the "wrong" type of federal income?
I thought no one would ask!
It is the wrong type of federal tax, to be more accurate:
That year my deductions brought my gross income down to zero, so I had no federal income tax; but I had "self employment" taxes that I had to pay (FICA).
I had hoped that the credit could be applicable to my self-employment taxes, but alas not so much!
My lease was ending in early January 2020 anyway, and I had projected to hit my mileage cap (45,000) in mid-September 2019. I did not want to throw money away on mileage overages (I was driving Uber full time back then, primarily starting in 2018 when I realized I had 19,000 miles remaining on my lease and rather than throw these miles away, I converted them to dollars).
So I went shopping in July and found my best deal* at a dealer 50 miles down south in Orange County who's offer ended on July 31st, so I went down there that day and bought my 2019. Five days later, I took the train and picked it up, and it sat in my driveway until, indeed, I hit 44,650 miles on September 10th and returned the lease to my local dealer early (to remove its cost from my insurance policy).
I never was upset that I missed out on the $3,750 tax credit; just disappointed.
Had I known in 2018 - April 2019, I would have planned my taxes better, or as I mentioned earlier, put my daughter on the registration with me, and let her take the deduction (we share cars and have common auto insurance anyway).
*I paid $36,500 out the door for a fully loaded 2019 Bolt EV Premiere, stickered at $44K.
Joined
·
468 Posts
Why was your credit not applicable to self-employment taxes?I had hoped that the credit could be applicable to my self-employment taxes, but alas not so much!
1 - 20 of 32 Posts
