As the clock struck 7:00 pm here in the rust belt of the east coast last night, sales agents, and loan originators began to come out of the woodwork. Wells Fargo had approved my loan. Everyone gave each other firm, welt-raising pats on the back. You could practically hear the champagne corks popping in the background at the condo sales office. Then the email came.
The loan originator emailed the terms of the loan approval with a list of contingencies as long as my arm – one of them being a requirement to sell my car and relieve myself of those payments prior to closing. Not only that, but Wells Fargo has also required that I not “add to funds” for this transaction, which means that I cannot sell the car for less than the loan payoff, and write a check for the difference.
Now, truth be told, I don’t need the car. The condo sits in the middle of snow country for which Paul’s SUV is already well equipped to transport us. Not only that, but the condo only has a 1-car garage and happens to sit within a few hundred steps of Denver’s light rail system. Transportation options abound.
The problem is that I am supposed to close on this loan by August 22. Wells Fargo requires proof of the car loan payoff and title transfer to the new owner before it will come to closing with a check. So this means that I really have to complete the sale by August 15. So between today, July 22, and August 15, I am supposed to magically produce a car buyer from my nether regions, without assisting them in any way by lowering the price below the payoff value.
Does this still sound like a loan approval to you? Anyone want to buy a car?
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