Can you modify a vehicle that the bank owns?

This is what I'm doing. I had maybe 3 credit card purchases before my truck and I need credit for after school.

 

True, there are ways to do it and it's not always the size of the loan. Charging something for $20 and paying the bill right off for 12 months in a row will build credit faster than carrying a balance but making payments on time and more than the minimum.

 

It depends on how early and in what manner it was paid off.
A 72 month loan paid off in 48 months looks very good, so long as the payments are consistently high, or consistently ramp up as time goes on.
A 72 month loan that is behind a month and suddenly paid in full at 48 months makes it look like a poor credit risk managed to pull in a large sum, perhaps from a property sale or home refinance. That looks bad.

On credit cards, you want every one of them to be below 50% balance, and preferably below 20% balance.
While your credit score looks better if you pay the balance every month, CC companies refer to those customers as "freeloaders" since they make no money off of them other than annual fees.

But when a credit card is paid off, even if it has an annual fee, do not close the account. Closed accounts, even closed at your request, look worse than an account that is simply not used, but available. Closing "empty" accounts makes it look like you have a lack of faith in your own ability to be responsible with your credit.

 

Still owe 20k on this pile...LT kit coming soon

 

Not really true, in either case. Modifications don't automatically do either - increase the value of a home or decrease the value of a vehicle. Weird modifications could instead easily decrease the value of a home while highly desirable (popular) modifications could actually increase the value of a vehicle.

As an example of the latter, look at the difference in resell value between vehicles with and without the TRD modification packages. Those with TRD packages (TRD Sport, TRD Off-Road, etc) consistently resell faster, and for a a higher amount, than those without. Additionally, those with TRD packages further modified with popular options (a winch on the TRD Off-Road, for example) often sell for even more and very rarely for less.

In reality, most common, minor, modifications (a new radio, seat covers, a trailer hitch, etc) have little or no impact whatsoever ( ± ) on the resell value of a vehicle.

 

Land / house generally appreciate in value

Vehicles generally depreciate in value

 

Really? We obviously already know that, Oz. What we're instead talking about here is the impact of a modification itself on whatever existing value a home or vehicle might have - will a modification further increase the value of a home or further decrease the value of a vehicle.

 

This ^^

 

hahaaaa!




mod it dude. by the time you pay it off it'll be old and have hella miles and you'll want to trade it in for a new one anyway.

 

Those are factory options.

Take an SR5, buy OEM parts, and convert it to a Limited like I did with my '03 Tundra, and it's still an SR5.
Likewise, take a base model and install TRD components, it's still a base model... and if any change in value is to be had, it's from components that are better than the TRD components.

TRD SC? Maybe... depends on the customer.
Personally, I see a highly modified used vehicle and my first reaction is that it has been abused, so even if *I* want a supercharger, I would be more inclined to buy a Tacoma without one and add it myself.

 

It can, quite easily.

 

Once again, "Modifications don't automatically do either - increase the value of a home or decrease the value of a vehicle."

 

Actually the OP wanted to know if he was allowed to mod a vehicle he doesn't own yet and whether he had to ask the bank

You're the one jabbering on about appreciation and depreciation of vehicles and houses

 

Say what? I didn't start the discussion about that. Instead, I was simply responding to others in this tread. Indeed, even the OP brought up the subject of decreased value as a result of mods.