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September 21, 2007, Newsletter Issue #44: Overseas Move
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Tip of the Week
If you have just received orders to head overseas for a couple of years, you might be in a position where you need to consolidate your family cars from two to one. Some military members do this by trading in their two cars and purchasing one car in their place. If you do this, however, you need to make sure that your lender knows that you will be heading overseas with the car. Some lenders simply do not like the idea of the cars which are not fully paid for going overseas. After all, if the auto loan becomes delinquent, imagine how much more difficult a repossession attempt would become! Although most lenders are quite understanding of the potential for military members to move overseas, some lenders do have regulations which prohibit the shipping of a vehicle overseas which still has a remaining balance on the loan. It is better to find this out before ever securing the auto loan with a lender, instead of discovering it when you are at the port attempting to ship your car to your new military installation overseas.
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