Friday, July 24, 2009

Wells Fargo (WFC) Offers Car ATM Option

A busy week of earnings, and one more next week. After we get through that earnings season lightens up somewhat and we can get back to our day to day assessments of all the amazing things being done in America to get people to spend money they don't have. But since you are perhaps going through withdrawal may I suggest you place your hand under your jaw while I wave my hand in the general direction of something I've never seen before... Wells Fargo offers a cash out refinance loan...

... on your car.

Upside down on your house? I know how it feels. Never fear - we still have 1 more area to tap. Our cars - the car ATM is here! Hat tip to Clusterstock for this find. We've seen 7 and 8 year car loans as Americans strive for things they deserve (ahem) [Sep 17, 2007: Is a 10 Year Car Mortgage Far Off?]Feb 13, 2008: Car Loans Being Stretched to 7 Years] But now the next iteration of "how to live the life without really ever saving a dime!"

Perhaps this "financial innovation" has been around a long time - I don't know, it is new to me. But really, why not... in fact, aside from major urban areas, its a lot harder to walk away from the car than the house. Even better, they will refinance the loan for MORE than the car is worth! What a hoot! Its like an option ARM loan but for your Chevy!

Here is the direct link from Wells Fargo so you don't think that (as CNBC puts it) "moronic bloggers" are making this stuff up.


Obtaining a cash out refinance loan means applying for a new loan to pay off an existing loan and receiving cash after it is repaid. Cash out refinance loans apply to home loans and auto loans.

You may seek an auto cash out refinance loan to:

  • Change your auto loan terms
  • Access cash
  • Restructure (consolidate) other credit accounts

Cash Out Refinance Loan Benefits

With an auto cash out refinance, you could:

Access Cash

You may be able to borrow more than it takes to pay off your existing auto loan with a cash out refinance loan.

In fact, Wells Fargo Financial is one of the few lenders that will refinance a vehicle for more than its current value. That means access to cash over and above the value of the new cash out refinance auto loan.

Use the available cash however you choose. For example:

  • holiday expenses
  • summer landscaping
  • back-to-school expenses
  • unplanned medical bills
  • vehicle expenses
  • home maintenance

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