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    • Join Date: Feb 2008
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    #1

    take over a loan.....

    Can you please clarify me with this?

    how can a bank take over the loans of a dealer and drop him????




    "Mercedes Benz dealer sent a letter to all his former purchasers saying that because his bank was taking over all the loans and paperwork and was dropping him, he had to switch to a newvendor and clear everything off the lot. He sold $101.5 million worth of Mercedes in one day."

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    #2

    Re: take over a loan.....

    "Mercedes Benz dealer sent a letter to all his former purchasers saying that because his bank was taking over all the loans and paperwork and was dropping him, he had to switch to a newvendor and clear everything off the lot. He sold $101.5 million worth of Mercedes in one day."

    This MAY have been an advertising campaign. Buyers get a sense that he might be desperate to get rid of his stock and want to take advantage of the "deals." So he sold many cars.


    • Join Date: Feb 2008
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    #3

    Re: take over a loan.....

    Quote Originally Posted by susiedqq View Post
    "Mercedes Benz dealer sent a letter to all his former purchasers saying that because his bank was taking over all the loans and paperwork and was dropping him, he had to switch to a newvendor and clear everything off the lot. He sold $101.5 million worth of Mercedes in one day."

    This MAY have been an advertising campaign. Buyers get a sense that he might be desperate to get rid of his stock and want to take advantage of the "deals." So he sold many cars.

    ok but wich loans, and why the bank dropped him?

    i can't see the phenomenon inhere!

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    #4

    Re: take over a loan.....

    I can't either, in fact it doesn't make sense. The bank handles the loan AFTER the sale, so the dealer is out of the picture anyway. The bank collects from the buyer.

    As I said before, this may have been a publicity stunt so this dealer could announce a sale and get rid of stock (the automobiles.)

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