How to buy a Lambo with NO MONEY DOWN!

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[CableGuyRyv]

What Ed described was the same as rolling the existing loan into the new car. $100k lambo, $50k bmw, $25k owed on the bmw, add that to the lambo price, you trade in and get the lambo for $75k financed and your trade in counts for 40% equity. If you did straight up, you'd have 25% equity as the dealership pays off your existing loan and still hold a $75k loan for the lambo.

[jimster]

Ed should be a politician. I got a 100% loan with no money down. Except I gave them a $50k car as a trade in.

[matthewwoodard]

Describes literal fraud, “don’t worry the banks don’t mind, happens everyday.” 😂

[Big-Tonka-Geeked-Up]

"How to buy a lambo with no money down"

Give them $50k 😂

[PowerstrokeSynd]

That's not no money down. You still used your equity in the trade in.

[joshJ.]

And then your payment is $5, 000 a month not including insurance and maintenance 😢

[richardtyler]

What I don’t understand is while you have more to put down, you pay more, negating what you got, you have the same remaining balance and the cars true value remains the same. How do you have more equity?

[alixluu]

we do that in real estate too. It’s like bugging down the rate- you increase the price of the house and take 3-6% of homeowner $ to jack down the rate

[henryruiz]

Yeah dude sure but u probably have millions in ur bank account and banks saw that so they made it easy for you we are not the same I'm rich with life and poor on earth

[jimmorrison]

I haven’t worked at a bank in a long time, but this is - at a minimum - poor practice on the banks part.
Depending upon the credit worthiness of the buyer and the value of the car, it could be a poorly secured loan.
I’m not Ed though.

[jdarmst]

I don't get it. $50, 000 is still more than 20% of $100, 000

[josephscaringi]

I don’t get this would the 50k car be more than 20 percent a down payment ? Wouldn’t it be 50 percent deposit then

[alfr]

Tougher to get banks to go for the Over-Allowance now that the new car loans have defaulted so many times.

[mikebolden]

30k in equity in the first sentence or two. The rest doesn’t mathematically make sense to me but what do I know?

[zrod]

Describe fraud without telling what I already

[robertwhitten]

why would you do that? all you are doing is paying more tax

[Sahbab]

Wouldn’t this affect the price insurance is going to pay you out if it’s wrecked?

[elpatron]

It's called fraud. The banks do mind😂😂

[ATLASGAMINGApallo]

Ed is the Saul Goodman of the used car market

[levonmarkosyan]

"The banks don't mind" aha sure