to be used for questions on loans taken to buy a vehicle / automobile [generally cars]. Country specific is recommended to be used as appropriate.

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4
votes
3answers
591 views

Debt Consolidation, trade down car, or both?

I'm a recent graduate, working full time (started in January). I have an average of 21.318% APR across 5 credit cards with a debt totaling $11,137, at $302 monthly min. CC #1: $2493 at 13.4%, $62 ...
2
votes
2answers
519 views

How do I exit a toxic auto-loan with the least personal damage?

I spent much of my 20's making very poor financial decisions. I never drove a decent car and constantly found myself on the side of the road or without a vehicle. Situation At 29 I made a change in ...
1
vote
2answers
144 views

How much do lenders care about your total available credit?

In the eyes of an auto loan officer, which applicant is lower risk? What about a mortgage? Two applicants have identical financial obligations, income, credit utilization and credit files; all that ...
1
vote
1answer
80 views

Can a F-1 student visa holder loan a car from bmw?

Here is a little bit background: I am currently an opt(F-1) student working at a company as a software developer. My company is actively working with a law firm to get me a work visa. A couple weeks ...
3
votes
1answer
618 views

Strategy to pay off car loan before selling the car

I have ~$10k remaining auto loan at 2.7% interest rate, and I'm about to sell my car (for personal reasons, not related to finance). What's the best way for me financially to deal with that loan: I ...
1
vote
2answers
495 views

I bought a new car for a month and wanted to return it

Here is my story. I bought a car about six weeks ago on march. I realized that I was actually paying a lot more than the price in the car advertisement. I bought a Honda Odyssey 2016 that is supposed ...
3
votes
0answers
65 views

How to buy out one person's share of a jointly owned vehicle with the lowest taxes and fees

I currently own a car jointly with another person. We are both on the title and both on the current loan. Now I have reason to buy the other person's share of the vehicle so that I am the sole owner....
0
votes
1answer
50 views

Effective annual interest using excel [duplicate]

I am stuck on this problem and have only basic knowledge of accounting. Can you help me? Trying to find the effective annual interest rate of a car lease situation. The cost of the car originally is $...
0
votes
1answer
152 views

How can a payment on a $62,000 Jaguar be $499 a month?

I was in the mall today and some dealer had a $62,000 Jaguar on display which had $499 painted on the winshield, which I assume is a monthly payment. If we ignore interest, that would be 500 x 12 = ...
8
votes
5answers
3k views

Paying off a loan with a loan to get a better interest rate

I've never had credit or a loan till recently when I bought a new car. This has recently given me a much better credit rating after having the loan for a year with 5 years to go and 2 credit cards ...
0
votes
0answers
40 views

Co-Signed an auto loan with my ex, help [duplicate]

My boyfriend and I recently split up, but during the time of our relationship he helped me get a new car because his credit score is nearly perfect, and mine is terrible due to too many medical bills.....
2
votes
4answers
231 views

Is it advisable to go for an auto loan if I can make the full payment for a new car?

Planning to buy a new car in India. Options I have are as follows: - Company leased car - Direct Auto Loan from finance company - Full one-shot payment from savings From all the articles I've ...
4
votes
2answers
2k views

How can I get my ex-fiancee to refinance a co-signed car loan?

I co-signed a car loan with my ex-fiancé. He is now married with a job and will not get the car refinanced to his name only. How can I get my name removed from the loan?
3
votes
1answer
73 views

Error in my car loan papers, what do I do?

In Dec 2014 I turned in a financed car that I had where my mom was the Primary Owner and I was the cosigner and I purchased a new car only under my name and credit, my mother wasn't present and she ...
51
votes
10answers
14k views

Pay off car loan entirely or leave $1 until the end of the loan period?

Background information: I have a car loan that doesn't require payments if I'm ahead on the loan (but accrues the interest, of course, on the balance remaining). I still have a year and a half on my ...
4
votes
2answers
134 views

Does paying more frequently on a simple interest auto loan save me money?

My Auto loan is calculated by "simple interest". Would paying weekly save me money? If so, wouldn't paying daily save me even more money?
0
votes
0answers
35 views

refinance US auto loan in Canada

I will be living/working in Canada for the next 3 years. A friend of mine now working in Canada pointed out that, with the falling value of the Canadian dollar, his US auto loan has been accelerating. ...
1
vote
2answers
123 views

New car cash vs finance

I looked at Alfa Romeo's UK webpage: So if I purchase outright, the dealer gets 23,830 cash now But if I use their finance, they get a total of 21,541 less finance costs in 4 years This sounds ...
0
votes
1answer
70 views

Private car sale

I want to sell my car to my son and retain title until he pays it off in four years. This would keep the 1st owner 100,000 drive train warranty remain in effect. But, I want him to register the car ...
1
vote
1answer
196 views

Will refinancing my auto loan hurt my mortgage approval or help it?

My wife and I are currently selling our house and intend to finance a new home within the next few months. Would refinancing my auto loan hurt or help our max possible approval? On one hand, it ...
1
vote
1answer
124 views

Non-owner car insurance and registration

Given the following scenario for my wife, what should I be watching out for? Specific to the United States - her father, along with his friend, bought a car to give to her, with traditional 72-month ...
2
votes
1answer
399 views

How are RSU's factored into Income during loan qualification?

I'm new to the tech industry and was wondering how RSU's factor into loan qualification. RSU's particularly at more established companies are essentially cash. They may change with the stock price ...
4
votes
2answers
2k views

Do I have to use the entire loan amount?

I am 18 and I want to apply for a loan for a used car. I do not plan on paying more than $4000 for the car but the bank has a minimum of $7500 for car loans. If I only used $4000 could I just use the ...
2
votes
1answer
772 views

How do we remove an ex-girlfriend from a car loan?

My son is currently in boot camp, and his ex-girlfriend is threatening to go to court because she wants her name off a car loan they got when together. She is the primary borrower, but my son is the ...
2
votes
2answers
63 views

How flexible is the loan industry?

I'm wondering how flexible loan officers (or departments) are to providing better rates for more information. For example, is something like a 1% reduction in rate for an auto loan be a reasonable ...
0
votes
1answer
47 views

advice for which debt to pay off first [duplicate]

some quick back ground: I recently sold my shares in a company I started to accept a great position with a large company. It was a cross country move for me and my family. Once my property sells ...
0
votes
3answers
137 views

Employee discount on auto sale, possible to profit from?

Assuming this is legal (California, US), can I resell a vehicle which was purchased for me with a 25% off employee discount with my money by a friend. The friend has the 25% employee discount, and is ...
10
votes
9answers
3k views

Why do people buy new cars they can not afford? [closed]

This question in particular refers to the U.S. It has always baffled me and I am looking for diverse viewpoints to help understand the issue. Every day as I drive to work I see lots of new cars. US ...
0
votes
1answer
75 views

Direct from manufacturer auto purchase? Smart? Dumb? Possible?

Read this article recently, and I thought of trying to purchase direct from the manufacturer. The vehicle I want has a facility here in the United States (outside my state), and I just wonder if I ...
2
votes
1answer
86 views

What can I do as a co-signer?

As a co-signer on an auto loan, how can I go about obtaining the vehicle if the other person defaults? Both of our names are on the title as well.
4
votes
1answer
602 views

My mother's name is on my car title, how can I protect my ownership of the car in the event of her death?

My mom bought me a car in April 2014. We went to the dealer together and I was going to buy the car. The dealer's finance dept. told me that they could only get 2 of the 3 credit reporting bureau ...
2
votes
2answers
245 views

I co-signed a car but i am listed as the primary account holder for the loan

I co-signed a car and want to be removed. My first thing is that I am listed as the primary account holder for the loan, but I signed the papers as the co-signer/co-buyer. If to fix the situation as ...
3
votes
3answers
518 views

Multiple hard inquiry for a single loan from car dealer?

I'm new to the US and trying to build a good credit history from the beginning. I've just purchased a new car (an hour ago) from an Toyota dealer with a loan from them. I received an alert now from ...
1
vote
3answers
241 views

Car Loan upside down--refinance before selling?

I have a 2007 mini cooper that I bought for around 20K 3 years ago with CarMax. I currently owe about 10K but the blue book value is around 6K. I am starting a new job where I will be traveling 70% of ...
3
votes
3answers
116 views

Will moving shortly before applying for an auto loan have an adverse effect?

I am planning to apply for an auto loan to purchase a car in the next couple months, but checking out the process for prequalification, I noticed that a common question asked is length of time at my ...
14
votes
1answer
2k views

What does it mean if a lender asks for a “title” from your purchase?

My boss at my company has agreed to lend me money to buy a car to use for work, where I would pay him monthly for a couple of months until it is paid off. Upon giving me the money, he asked me to ...
2
votes
2answers
118 views

Are auto loan monthly payments a fixed amount or a percentage of the principle remaining?

Are auto loan monthly payments a fixed amount or a percentage of the principle remaining? That is on a 20k loan at 2% interest for 60mo, can I pay off 19,900 of it (the first month) and still make a ...
0
votes
1answer
360 views

How do I get my name out of a bank car loan?

I financed a car and have the title in my name only. My Significant other and I were making the payments together. I had been letting him drive the car while we were together, but after we broke up he ...
48
votes
12answers
14k views

Should I pay off a 0% car loan?

I'm ahead on 0% interest car loan. I don't have to make a payment until October. I currently owe $3,000 and I could pay it all off. Should I do that or leave that money in my savings account that ...
2
votes
2answers
3k views

How do used vehicle exchange programs at car dealerships work?

I've gotten numerous offers from car dealers in the past to trade in my used vehicle for a new or a [newer] pre-owned vehicle "while keeping my monthly payments the same." They also say that I can ...
2
votes
2answers
998 views

How can I refinance or get out of a car loan I am upside down on?

I purchased a car a little over 1 year ago a 2012 Dodge Avenger and recently went to get it refinanced and found out that because I'm so upside down that I can't get it refinanced I still owe over 15,...
123
votes
20answers
44k views

Who can truly afford luxury cars?

I never really thought about money until one day I checked how much I made compared to the rest of America. The calculator said my household income is in the top 20%. Kind of funny to me, because I ...
15
votes
8answers
7k views

Should I pay off a 0% interest car loan or put money towards high principal student loans?

Within the past year my wife and I have paid off approximately $40,000 in debt - from her car loan, my two student loans, and other misc debt (new refrigerator, hardwood floor install). I had a car ...
1
vote
1answer
2k views

What impact does trading in a car have on your credit score?

The situation: The term length of your auto financing is 36 months. You decide to trade your vehicle in after 12 months of ownership. You trade in your current vehicle and take out another loan for a ...
1
vote
1answer
464 views

Is knowingly providing an incorrect/fake reference for a car loan fraud?

I'm not sure if this is the right area to ask this, so forgive me if I'm in the wrong place. My work recently hired a new employee, and she was looking for a new car. However, to get the car loan ...
1
vote
2answers
417 views

paying off an auto loan versus Roth versus non-tax-sheltered investment

A hypothetical friend of mine is very young (22 y.o.) lives in the US and has no other debt except a recent 5 year 3.5% interest auto loan. His monthly payment is around $300 He is maxing out his ...
9
votes
6answers
8k views

mortgage vs car loan vs invest extra cash?

I received a good bonus this year and am trying to figure out the best way to use it. I have no credit card or student debt, maintain an emergency fund, and am maxing out tax advantaged retirement ...
1
vote
1answer
177 views

Optimal term/number of months for car finance or lease?

How do I choose from the many options? For example, Volkswagen Canada offers in 12-month intervals: for finance, 12 to 84 months; for lease, 12 to 48 months. Does this answer change if the ...
4
votes
3answers
675 views

Why not pay in full upfront for a car?

I assume the following 3 hypotheses, which doesn't duplicate and instead only narrows http://money.stackexchange.com/a/38838/10763, http://money.stackexchange.com/a/15812, http://money.stackexchange....
0
votes
2answers
286 views

Can I change my loan term from 60 to 36 months?

I am on a 60 months plan with USCCU and now they are offering APR rate of 1.36% for 36 months on used and new vehicles as shown here. Is it a good idea to change my loan term from 60 to 36 months ...