POF with car loan help

[abcvita2012]

Dear All,

I would like your help for my POF. Here is my situation

Cash at bank: around 28K CAD

Car loan outstanding balance: 22K

Car value if I am to sell it now would be 18K in worst case

So, the issue is my savings and car loan are from the same bank and I have to mention it. I'm employed so I generate monthly income.

How can I get an official legal document of car value to prove the above situation?

Is there going to be any issues with such numbers for POF?

 

[olak131]

I will advise you leave out car loan. It's a depreciating asset.

 

[abcvita2012]

I will advise you leave out car loan. It's a depreciating asset.

Even though they are from the same bank (loan and savings)?

 

[olak131]

Even though they are from the same bank (loan and savings)?

That's my advise you but you can make the final decision.
In my case, I didn't add car loan but added my home mortgage here in Canada. I ordered GCMS notes and noticed the case analyst's comment about my POF. I had submitted about 38k even though we needed only 18k. He said proof of funds met but applicant has a mortgage and starred it that the officer should review my home. So really, I shouldn't have put it there. Car loan is even worse cos it's a depreciating asset.

 

[abcvita2012]

That's my advise you but you can make the final decision.
In my case, I didn't add car loan but added my home mortgage here in Canada. I ordered GCMS notes and noticed the case analyst's comment about my POF. I had submitted about 38k even though we needed only 18k. He said proof of funds met but applicant has a mortgage and starred it that the officer should review my home. So really, I shouldn't have put it there. Car loan is even worse cos it's a depreciating asset.

Were your loan and savings from the same bank?

 

[olak131]

Nope. However,
I submitted my property papers not the actual loan.