This sounds like a spoof but it’s actually called Securitization.

Why else would they refinance a vehicle for more than its current value?

Responsible Lending, HA!

Cash Out Refinance & Vehicle Refinancing

Auto Loan
Or Call

Understanding Cash Out Refinance Loans

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 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
  • unplanned medical bills
  • vehicle expenses
  • home maintenance

Cash Out Refinance Fact:

Customers who refinanced their auto loans with Wells Fargo received up to $3,410 cash out or more.

Continue reading here…

Use the available cash to go on vacation? Really?