Purchasing new or used cars, getting car loans, down payments for cars, refinancing car loans, and car insurance.

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2answers
578 views

New or Used Car Advice for Recent College Grad

I am a recent college grad living in Los Angeles with a current salary of $35,000 at one job and an internship at the other. I used to drive a great 93 Honda Accord, but after 365,000 miles (my dad ...
4
votes
2answers
1k 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 ...
4
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5answers
3k views

Should I buy my first car with all of my savings?

Note: I live in Europe. Hopefully - In a few months time I will be (age) legal to drive, and after getting my license I'm thinking of getting a BMW E46 after years saving up cash from my full-time ...
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vote
2answers
624 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 ...
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vote
2answers
917 views

Can I use 0% Intro APR for getting a car loan?

When I'm applying for a chase credit card it has 0% Intro APR for 15 months. This is my first time for applying a credit card. And I just started a few months ago started working so I have a proof of ...
2
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3answers
329 views

How do car market price companies get their data?

When i was in a car auction i talked with a guy next to me and he was writing down all the information of the auction. He told me he worked for a close by dealership and those numbers were used to ...
1
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1answer
758 views

Do I need to claim the sale of a used car on my taxes if I received the car as a gift?

I sold a used car that I received as a gift; do I need to claim that on my taxes in Canada?
2
votes
1answer
993 views

Should I finance a car to build credit for a mortgage next year?

I'm hoping to purchase my first home next year, but I'm having trouble deciding on the best way to raise my credit score. Here is a summary of my current situation: Credit Score Estimates (via ...
3
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0answers
159 views

Does the life/disability insurance policy on my car apply now that it's paid off?

My husband and I had purchased life/disability insurance on our new car in 2007. In 2008, my husband became ill and passed away at the end of that year. Recently, I found the policy and took it to the ...
9
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6answers
1k views

Why would a car company lend me money at a very low interest rate?

Why would a car company lend me money at 1-2% when they could lend it to the federal government at ~2.9% with zero risk?
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2answers
1k views

Can a non-California resident have CA licence plates & driver's licence without risking being deemed a resident for tax purposes?

I'm a California resident and I'm moving out of state to the East Coast for a new job which is a 2-year contract. I'll most likely end up in California again after the said two years. Do I have to ...
5
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2answers
3k views

What are the procedures or forms for a private loan with the sale of a vehicle?

I'm doing something that I don't normally do: Mix friendship with business. I'm purchasing a vehicle from a friend but can not pay the full amount. We've agreed to have me put a down-payment for the ...
4
votes
3answers
587 views

Is it more tax advantageous to add an owner to a car in the event of a death, over inheriting?

Trying due diligence with updating my will and all that. (What do you get when you mix byzantine loophole-laws with contemplating your own death? A barrel of fun, that's what.) Question one of one ...
9
votes
2answers
498 views

How to fill the IRS Offer In Compromise with an underwater asset?

I owe about $6k in back taxes, and simply don't have the money--it's hard for me to find even minimum wage jobs in the current economy, and I am burdened with consumer debt. After speaking with the ...
4
votes
2answers
978 views

Purchasing first car out of college

I will be graduating college soon and I will need a reliable car to get me back and forth from a firm I will be working at. Reliability is really important to me. I was looking at several CPO and ...
8
votes
3answers
529 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 ...
9
votes
2answers
2k views

How do I assume title as the co-signer on car loan after the borrower's death?

I signed for a car with my room mate she has since passed away. I just found out she is the only person on the title. I am stuck with paying the car and no title. There was no estate, no will or ...
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vote
4answers
625 views

What amount of money do car hire companies lock on your credit card account when hiring a car?

Couldn't find any definitive info. For different categories of vehicles and in various parts of the world? Edit: I'm looking for the answer in exact US dollars. Or euros. Or pounds. Or whatever ...
8
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4answers
3k views

When is the right time to buy a car and/or a house?

I am a 24 years old young IT professional. Since I don't have addictions to anything including drinking, I mostly save a lot (around 50% of my income after tax like $15-$25k a year). Currently I drive ...
3
votes
1answer
38k views

My Co-Signer is the Primary Account Holder for my Car Loan - Does this affect my credit?

I recently financed a car purchase, and my father co-signed for me. I received the first bill, to find out that he is listed as the primary account holder with the finance company, although I am the ...
8
votes
4answers
5k views

New car price was negotiated as a “cash deal”. Will the price change if I finance instead?

I am planning to buy a new car. I went to a dealership and when talking to a sales person I said I can pay cash. He knocked down the price quite a bit. Since the dealership did not have any low APR ...
2
votes
1answer
417 views

“Surety Bond” as a cheaper alternative to auto insurance in Florida

There is very little information about "surety bonds". Officially, it looks like FL is one of the states that accepts surety bonds as an alternative to liability insurance. What are pros and cons vs ...
8
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4answers
21k views

Is it even possible to refinance an older car?

I'm looking to refinance my car loan. However, it's 2012 and my car is a 2004. Bank after bank is refusing to even let me apply if my car is over 7 years old. Is it even possible or am I stuck with ...
3
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2answers
303 views

Going carless: how long before insurance no-claims benefits and good history become invalid should wish to become a car owner in future?

Going carless: how long before car insurance no-claims benefits and good history become invalid should wish to become a car owner in future? Update: Based in UK, would keep license. Reason for going ...
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2answers
871 views

PCP or Bank Loan for Car Purchase?

I'm trying to figure out the best way to pay for a car we're about to purchase. I had a figure in mind of between £6-7k when looking at cars, so I also knew I wanted to pay around £200-£240 per month ...
4
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3answers
183 views

Financing a vehicle a few months before I expect to apply for a mortgage?

My wife and I are planning to buy our first home together sometime around June/July time this year so we're mainly in 'piling up cash' mode and are trying to avoid any unnecessary expenses and ...
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1answer
15k views

How long to wait before refinancing a high interest car loan, after improving credit history?

I had no choice but to finance a car loan at a pretty disgusting rate (14%) thanks to "insufficient credit history" back in the end of September. My credit score was good. Now it's January; I've been ...
29
votes
2answers
9k views

I'm giving my car to my sister. Should I gift it or sell it?

I have a car registered in Connecticut. I want to give the car to my sister in Oregon. The blue book value of the car is approximately $5000. (It will be a very generous gift - but the car was a gift ...
14
votes
4answers
2k views

Should I finance a used car or pay cash?

In my case, it's a 2010 Toyota minivan costing $29,000. It should hold its value fairly well, and I plan to keep it for as long as possible (maybe 10 years.) I qualify for a loan at 2.95% and plan ...
5
votes
6answers
7k views

When to trade in a relatively new car for maximum value

I am considering purchasing a new car in the next year to replace my current car. I currently own a 2010 model year vehicle which I estimate to be paid off early spring 2012. My question is, in ...
4
votes
6answers
9k views

How long should I expect to keep a car if it is used or new?

I plan on buying a car. I am not sure if it is going to be used or new. I am little scared of used because I always have the feeling that although they are cheaper, thing will eventually go wrong ...
3
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1answer
427 views

Can I borrow against my IRA to pay off debt or pay for a car?

I am going to need a new car soon and I was curious if I can borrow against my IRA to pay for the majority of the car so I don't have to finance much. Also, can I borrow against my IRA to pay off ...
6
votes
4answers
1k views

Should I file an insurance claim for a door ding?

I purchased a new black sedan in January of this year. A few months back, the car was keyed, and therefore I filed an insurance claim and to get it fixed. Now, today, I find that the door has ...
19
votes
14answers
11k views

Buying my first car out of college

So I just graduated college this past week and have a job lined up making 63000 a year. I was looking at buying a $27000 used 2008 BMW 328i, financing at about 500/month for 60 months. I don't have ...
12
votes
10answers
3k views

Recent college grad. Down payment on a house or car?

So here's the situation I'm facing. I've recently graduated college but have been working for a while now. I've managed to save up around $10,000 aside for my "money to live" stash. And like most ...
2
votes
2answers
276 views

Is it worth it to re-finance my car loan?

I have 60-month car loan at 4.75%. My bank sent me a note saying that I am able to re-finance at 3.25%, to either 60 or 48 months. I am calculating that it will probably save me about 400-500 ...
9
votes
4answers
13k views

What is the average margin on a vehicle from a used car dealer?

I'm going to be looking for a used car here from a dealer, and I'd like to be as informed as possible when entering negotiations. A dealer has the car I want, used (looks like it was brought back from ...
4
votes
1answer
4k views

Is a defensive driving course worth the money? How much is a typical insurance discount?

My car insurer offers a defensive driving discount. I'm under 30, never had an accident or ticket, and paying a pretty cheap rate already, but paying less is always better. The insurer's published ...
2
votes
2answers
2k views

How does “taking over payments” work?

I will be purchasing a new car fairly soon here, and could help my SO out a lot by having her "take over" payments on my current car. I've heard this term colloquially, but I'm not sure how it works ...
5
votes
4answers
1k views

Will paying off my car early hinder my ability to build credit?

I don't have much credit because I am young but I did recently purchase a car which I am paying 9% on. This seems ridiculously high to me and I was thinking about pulling out some of my stocks to pay ...
9
votes
3answers
4k views

Credit life & disability Insurance on vehicle loan for elderly buyer: Does it make sense?

An older gentleman needs reliable transportation to replace his 10 year old vehicle with over 100k miles. He can afford the payments, but doesn't want to burden his younger wife with payments she ...
5
votes
4answers
425 views

Which car features are more cost effective if purchased & installed aftermarket, as opposed to when buying the car?

So I'm looking at buying a new car, because I'm going to need one to commute to a new job. There are many features I "like" (not 'must-have', just 'like') in new cars these days: Remote Keyless ...
4
votes
1answer
185 views

How to protect myself from unethical business collecting on an invalid past due amount?

I had my car serviced by a local shop. I ultimately picked them because they were close and didn't really research their online reputation. Suffice it to say I was less than pleased. The car broke ...
8
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7answers
499 views

In a very tough credit/financial situation

So here is my situation. I have a car that is very dangerous to drive at this point. Like I am seriously worried that either I or the car won't make it through the upcoming winter months. Now, I would ...
9
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7answers
7k views

What to do with an expensive, upside-down car loan?

Unfortunately, my wife had a car before we got married. She got the car a year or so before we met and now we still have the car. Her mother offered to pay for the car (my wife was still a student at ...
2
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2answers
744 views

[UK] What are the consequences of transferring ownership (not selling) a vehicle on tax, licensing and future resale value?

Many cities in the UK won't sell more than one parking permit per person. I didn't realise this when buying a second car and now need to transfer one of them into my wife's name (who uses one of the ...
4
votes
5answers
34k views

Where can I get a car loan for roughly $2000?

I'm looking to buy a new car and have found one that I really like. It is priced at $4500 (with taxes). I currently have $2700 in my savings account. I would like to get a loan for $2000 (leaving me ...
12
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3answers
1k views

How do I sell my car?

I've decided to sell my car. The bluebook website estimates I can sell it for X dollars. How do I actually sell it? (and get as close to X dollars as possible) Just fyi I live in a large city in ...
53
votes
6answers
62k views

What is the best way to accept payment when selling a used car?

I plan on selling a used car via Craigslist, and I hope to get between $4-5K for it. I don't want to take a check from a stranger, but I'm concerned that no one will be willing to show up at my house ...
5
votes
5answers
8k views

How can I determine how much my car insurance will cost me?

I'm 25 and I've been rear-ended once when I was 16 or 17. I've never been in any other accidents or had any speeding tickets. I am currently on my mothers insurance and driving her car. I will be ...