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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
66 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
116 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 ...
1
vote
2answers
177 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
216 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 ...
94
votes
19answers
20k 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 ...
13
votes
8answers
5k 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
529 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
245 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
3answers
216 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 ...
6
votes
6answers
2k 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
92 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
463 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, ...
0
votes
2answers
95 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 ...
1
vote
5answers
2k views

If I put a large down payment (over 50%) towards a car loan, can I reduce my interest rate and is it smart to even put that much down?

So I've saved a lot but not enough money for a car... I am looking to buy a nissan versa which is ~13000 out the door. I have ~11000 that I can put towards a down payment so I am just shy of the full ...
3
votes
4answers
2k views

If I plan to buyout my lease car at the end, do I still pay for excess mileage/wear?

Kinda stupid question, but there are so many "fine prints" when leasing a car. Let's say I plan to buyout my leased car at the end of the 36-month term. My allowed mileage is 20,000 Km/year (60,000 ...
3
votes
2answers
311 views

How do I sell a car that was purchased with a loan?

I bought a car earlier this year, and I have been making payments on it regularly for about 7 months. However, I want to sell the car to a private party and buy a cheaper car paying cash in full. The ...
0
votes
1answer
292 views

Urgent advice on used car purchase nightmare

I purchased a used vehicle almost 2 years ago and it was breaking down so i decided to turn it in. I was pre-approved through my credit union for $20,000 at 100%. My current loan is upside down by ...
1
vote
1answer
65 views

Auto/car loan or mortgage applications and consolidated hard pulls

I heard on the radio recently that if one applies for an automobile loan or a home mortgage, multiple loan applications show up as one hard pull on your credit report. Is there a time period where all ...
-2
votes
3answers
155 views

Can I refinance a 2004 car?

I bought a 2004 Chevrolet Malibu one year ago I owe a little over 10000 . My interest rate is 20% . My boyfriend said he will cosign for me to refinance, is that possible?
4
votes
5answers
9k views

I'm upside down on my car loan and need a different car, what can I do?

I purchased a used 2009 Camry back in 2012 after financing with Toyota Financial Services. The terms of the deal were 16k financed at 6% for 72 months. When I signed the paperwork however, I noticed ...
2
votes
2answers
199 views

Auto loan and student loan balance

I have a student loan of around INR 11,00,000 (~USD 18,240) at 13.7% APR. I have an auto loan in the US for USD 10,000 at 6.35% APR. I am aware of the high interest rate on my auto loan and wish to ...
1
vote
2answers
76 views

How do auto-loan payments factor into taxes for cars that are solely used by dependent(s)?

I financed a car under my name so that my sister could drive to work and my mother (who I'm claiming as a dependent, myself as head-of-household) could get groceries and run basic errands. I myself do ...
2
votes
4answers
2k views

Is paying double on a car loan the same as choosing half the term?

If I get a $13000 car loan and have 3% interest and a 60 month term but pay double each month is that the same as getting a 30 month term?
3
votes
3answers
9k views

How can I get the car refinanced under my name if my girlfriend signed for the loan?

I was trying to get a car financed under my name and it turned out my girlfriend had much better credit than i did. She had a score of 826 and mine was like 560. So she signed on the loan solely under ...
3
votes
1answer
1k views

Will be getting a car loan with my folks as the primary account holder. Can the car be titled to me?

I am currently saving, and waiting until I have about $10,000 to put down on a car, and then I will be make a fairly large purchase on a car (around $28,000 Subaru WRX). I am 23 years old now, but ...
2
votes
1answer
230 views

Home insurance score drastically decreases after car insurance claim?

I noticed something very peculiar on my home insurance. My parents have horrible credit, so last year they purchased a van in my name, with a finance plan. A few months ago, my father was involved in ...
3
votes
2answers
692 views

Bait-and-switch on new car lease

My mother is retired, and is currently considering leasing a new car to replace her current aging vehicle. A dealership near us has been offering a special on a lease for a particular vehicle for $99 ...
1
vote
1answer
105 views

What is the formula for the Tesla Finance calculation?

According to http://www.teslamotors.com/true-cost-of-ownership with the fields set to a rate of 3.3%, down payment 10% over a 72 month term, it calculates this to be $980/mo. How did they get there? ...
1
vote
2answers
406 views

What is a formula for calculating equity accumulated while repaying car loan?

I'm going to buy a used car (maybe a Honda CR-Z), pay for it with a bank loan, then resell it in two years when I move. I'm trying to create a Google Docs spreadsheet to figure out how much more money ...
2
votes
3answers
4k views

I'm a college student. Can I afford to buy this new car?

I'm an 18-year old male, about to start college in a week. I will be attending a GM specialized Auto Technology Work/Study program. One requirement for the program is that I get a position at a GM ...
8
votes
1answer
258 views

Should I be concerned about a loan refinance offer that adds $1000 to my loan in exchange for $1000 in cash?

I am in the process of trying to refinance an auto loan. I got 4.69% a year ago and should be able to do better now. The loan balance is about $13,000. I called to refi through the same company and ...
3
votes
3answers
1k views

Should I just pay off my car and student loans?

Here are the loan details : Car Loan : 2.8% APR with a balance of $11,300 Student Loan : 3.0% APR with a balance of $7,300 I have enough cash to pay off both loans today. Should I pull the ...
1
vote
3answers
6k views

Why does the principal/interest applied to my balance fluctuate in spite of making payments on-time?

In my first payment on 6/03/2011, the principal applied to my balance was $261.11 and the interest was $221.64. As I kept making the payment on-time, the principal applied to my balance kept ...
8
votes
2answers
1k views

How do third-party banks issue car loans?

If you buy a (new or 'certified' used) car at an American dealership licensed by a manufacturer (and, of course, your credit is good), you can borrow money from the manufacturer's associated bank, ...
8
votes
3answers
338 views

Should I lease, buy new, or buy used?

I'm looking for an answer based on quality (they don't make 'em like they used to), price (are new cars even worth the $), and/or reliability/low maintenance (where leasing is attractive) which option ...
4
votes
4answers
9k views

What's a reliable way for a non-permanent resident alien in the USA to get an auto loan?

I am a Canadian citizen starting work in the USA under a F1 OPT extension (one year). After the OPT extension is up, I'll probably be seeking an H1-B visa. I'm looking for an auto loan. I have a ...
3
votes
3answers
364 views

Building Credit for a Young Person with No Credit

I don't have any credit established but I'm a computer programmer and I make pretty good money. I'm 21 and I would like to buy a new car. I can't get a loan because I don't have any credit and I've ...
6
votes
1answer
261 views

Question about car loan payment

Say I bought a car for $20,000 and made a down payment of $5,000 Now, at 0.99% APR, I need to pay around $450/month for 36months to pay off my $15,000 debt. Now, which is a wiser option: I make ...
1
vote
1answer
204 views

Why can I refinance my recent car loan at a lower rate than I had received originally?

I just purchased a new car a month ago at 3.2% APR. This was the best rate I could get at the time. I currently have an offer from a bank to refinance at 2.25% APR. For a $25k auto loan, this ...
11
votes
4answers
627 views

Did my salesman damage my credit? What can I do?

I am in the process of purchasing a new truck. A few months ago I put a $500 security deposit down on a truck. I was told that the truck was at a neighboring dealership and that it would take 2-5 days ...
4
votes
2answers
832 views

Buying a car - advice needed

Some bad decisions and/or stupidity during grad school left me with a credit score of 593 and a collection+late payment on my credit report. A month ago my car died and now I need to get another one ...
6
votes
1answer
167 views

Will “rate shopping” affect my credit score?

I'm thinking of buying a car but I have a low credit score (649). I have a bank account that I've been using for the past five years so I thought I would apply at that bank first, get a quote and then ...
9
votes
1answer
2k views

Why are my auto loan payments calculated differently than my mortgage payments?

Last year I got a home loan that follows the standard Rule of 78s amortization schedule. I can easily predict how much of my mortgage payment will go to interest and how much to principal. A few ...
3
votes
3answers
191 views

Will I incur late fees, now that I am making infrequent/late payments on my auto loan?

I have been unemployed for 6 months now. I have been making infrequent payments on my auto loan. I am suppose to be paid up in May of 2012. My lien holder never sends me my balances or a bill, so I ...