Using FRB Personal Line of Credit to buy a car

Wiki
21

I guess terrible timing on my part to submit an application mid last week.

1 Like
22

I reached out to “my” rep at FRB.

Screenshot_20230313_153509_Drive
Screenshot_20230313_153509_Drive1080×1029 162 KB

Still 3.95% if you freeze 20% of your cash.

2 Likes
23

What would happen if you take the funding from them and then they get taken over?

24

What does my income need to be to get approved for that 70k :joy:

25

It’s still a loan. It just gets sold to a different bank.

1 Like
26

I started the process today and couldn’t help but chuckle at your “‘my’ rep” comment.

I had to send an email for them to align me with a personal banker.

Feels like the 80s :sunglasses:

27

You flip couple or three of them WRXs and you in!

It does feel bit dated but also personal more I guess. I did ghost some senior rep by the name, Rod, a while back when this (parternship w/LH?) was announced, but now seeing some TRXs come out quicker, I need to have my ducks in a row once mine is ready.

2 Likes
28

Imagine applying for a 70k loan on a McDonald’s salary
The reps face going to be priceless

29

Bro is saying on a Mcdonald’s salary like he ain’t Ronald himself

6 Likes
30

Donald Trump Shut Up GIF by Creative Courage

1 Like
31

First Republic is a relationship bank… their core customer segments are typically in the high net worth+++ market. In the past, they’ve gone after folks with a net worth of $1M+. So with the relationship/personal banker, they can qualify you upfront for the amount you’re looking for, while cross-selling/up-selling.

Because the personal credit line is an unsecured loan, you can assume the cash (or liquidity) you deposit with them is a collateral of sorts. This is a full doc product and typically takes a couple of weeks before you get the funds. Check out the fine print, it’s a strong product but you really need to know the constraints around it.

1 Like
32

Men lie
Woman lie
Numbers don’t

3 Likes
33

Is this why you ask? Doubt your debt be “erased” if they fold.

34

This is why there is ISAOA language in financial contracts.

1 Like
35

Can you actually take it out of state ? they are not in NJ, closes branch is in Manhattan.

36

Anyone working with the WPB branch?

They’ve all but stopped answering their phones since yesterday morning.

37

I work in NY, live in NJ. This was my first question to them and they are fine with it. Only question from the underwriters was how many days I’m in NYC since I’m mostly WFH. They were fine with 2 days in the city.

I was approved for PLOC about a month ago and it’s ready and waiting once my car comes in. Underwriting took about 3 days from submitting to approval. Very easy process and all done over phone/email.

2 Likes
38

Wonder if they will halt applications temporarily for now.

39

Wow that’s great you even didn’t go the branch at all ? Is that rates fixed or came different ? What rate you got if you don’t mind me asking.

40

Did you have a specific banker?