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Questions tagged [auto-loan]

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

3
votes
3answers
156 views

How to know how much money was paid, and how much was spent paying off interest

I would like to buy a car, and found out about the 20/4/10 rule today. I definitely have more than 20% downpayment saved up, due to that I am not concerned with the 20 part. I am more concerned about ...
21
votes
4answers
10k views

How can I remove my name from a car loan?

I financed a car, then my friend took over the payment. We went to the bank to transfer the car over to her, but I still had to be on the loan as a co-signer. Last year she was still paying on the car,...
2
votes
1answer
217 views

Liability for our son's car loan [duplicate]

My husband and I have co-signed for our son's car loan, and also he is listed on our car insurance coverage. If he gets in an accident, can we be sued?
2
votes
1answer
161 views

cosigner for a car

I cosigned for my brother-in-law's car. I have been making the payments because he has been sick. He just passed away. I do not want the car. His daughter still needs the vehicle. I can continue ...
3
votes
0answers
128 views

What to do when my co-signer files Chapter 7?

I have an open auto loan and have finally caught my payments back up. My mother is overwhelmed by her debt and is the co-signer on the loan. She has officially filed for chapter 7 bankruptcy and told ...
3
votes
3answers
287 views

What is the best payment plan for buying a vehicle?

I recently started my first job after college/ (Polytechnic? translated from the Swedish word "Yrkeshögskola"). I have worked as a system developer since August where I had my praxis twice before ...
1
vote
7answers
510 views

Buying a brand new luxury car

I read this and this questions - although not all of the answers. My question is fairly similar to the first linked question although I have different circumstances. Context I am a 29-year old ...
48
votes
6answers
14k views

Dealership wants more money years after vehicle is paid off?

I bought a used car in August 2014 when I lived in Texas. A few months later I paid off the vehicle. I have the title and I never heard from the dealership after the final payment. Today I got a ...
0
votes
1answer
245 views

What is the different between Auto Loan and Car Mortgage?

I'm trying to get loan from the bank and I'm going for a special interest rate category called Professional loan scheme. Since my qualification time period is low and got the degree recently they're ...
2
votes
1answer
74 views

Car-transfer question

I'm kind of young (don't have a reliable source of income), but my dad bought me a car and its registered and financed in South Carolina and I live in Louisiana (college and residence.) If I have my ...
3
votes
2answers
163 views

Car loan finance question

My mother asked for me to sign for her a car as a co-signer. I spoke to the dealership finance rep to confirm price and payment information. My mother was at the dealership I was not I was at home in ...
6
votes
1answer
163 views

Selling a car with outstanding finance in the UK

I have a car which has outstanding finance. BMW have given me a settlement figure of £15,000. A buyer is interested in buying the car for £13,000. The buyer would like to pay BMW directly using my ...
0
votes
4answers
303 views

Is buying a powerful motorcycle on loan is a good idea?

I am thinking of purchasing a Ducati motorcycle. Its price, including taxes, is about $22K. I don’t own a car so I have no car payments. I had a $50k education loan which I paid off. I have about $...
0
votes
3answers
245 views

Trading in a used car

Suppose I have a used car that has a sale value of $X, and I wish to purchase another used car whose purchase price is the same $X. Theoretically, I should be able to accomplish this trade with zero ...
1
vote
1answer
331 views

Are automobile loan pre-payment penalties legal in Arizona?

I've not been able to find the answer to this question. I am looking specifically for the law as it applies only to the state of Arizona. If I take a loan for a car purchase, can I be penalized for ...
3
votes
7answers
510 views

Should I buy a new car if I have only worked at my job for 8 months?

I am in my mid-late 20's and I just got a job in my chosen career field about 8 months ago. It pays well for my location (64k per year) and I'm trying to avoid raising my expenses with my income. My ...
2
votes
1answer
162 views

How to remove obligation to a car loan

We live in Missouri. My husband refinanced his car loan through an internet loan source. Then I started getting the invoices for the car loan. I didn't think anything of it until, my husband decided ...
0
votes
1answer
112 views

Lump sum payment for balance on loan on totaled car

It is my understanding from auto insurance company (State Farm- in Georgia) that we will be responsible for a lump sum payment on difference between estimated value of vehicle and loan value(totaled ...
5
votes
2answers
405 views

Family who did not make the car payments as a cosigner

Sorry for the long story...but need advice. My husband was suppose to cosign for a car that his brother wanted. When he went to the dealership, they told him he would have to be the primary signer ...
0
votes
3answers
116 views

Refinancing a previously paid in full auto loan, to similar terms as the original auto loan

Alright this is going to sound weird, I’m saying that because I haven’t been able to find the answer to this simply anywhere. In October my girlfriend desperately needed another car, hers had become ...
1
vote
1answer
72 views

Is this a good or bad deal for auto Loan insurance?

My bank is offering to take over my auto loan which sits at 10.5 % interest. for a rate of 8.45 % however they want to sell me life/disability insurance for 20$ a month on top of it over a 48 month ...
1
vote
2answers
115 views

Co-borrower was not added to auto loan draft, are they financially responsible?

I purchased a vehicle this past weekend and due to my income was recommended to get a co-borrower for loan approval. When I picked up the check from my financial institution my name was the only name ...
3
votes
1answer
115 views

Auto Finance Co refusing to send me statements

History: (US/Wisconsin) Chapter 13 filed in 2012, completed in December 2017. In March 2017 my car died and I was forced to purchase a car with the Chapter 13 still OPEN. One (1) company (located in ...
1
vote
0answers
70 views

Can I refinance an car registered in Texas which is under my grandparents name with a loan in California state where I live

Need to know if its even possible to refinance my grandparents car from Texas to California where I live? I was looking to apply for a car loan through a credit union bank. I asked EECU but they ...
3
votes
1answer
194 views

How can I refinance this loan?

To make a long story short I made a huge mistake, I financed a used 2006 vehicle in October of 2017 at 26.13% interest the price was $20,000 as the vehicle stands it currently values at $15,000 ...
4
votes
1answer
297 views

Co-signer of auto loan is deceased

I took out a auto loan with someone a couple years back that is now deceased, When I went to register my car in my town it was denied because the title which is owned by the bank still has my co-...
16
votes
9answers
2k views

Finance or pay cash for car right out of college?

I just graduated and will be starting a job in a week at a salary of $65,000. After accounting for retirement savings and taxes, I should bring home about $3,500 per month. Unfortunately, my 8 year ...
2
votes
2answers
487 views

Authorized user on Lowe’s credit card (only credit history besides phone bill) how will this affect me when applying for an auto loan?

I’m 18 with a credit score of ~719. My grandfather added me on his Lowe’s credit card ($8,000 limit). He’s had this credit card for over two years and it shows up on my credit report as if I’ve had it ...
0
votes
2answers
105 views

Can my spouse be the primary signer on my car's loan?

I don't have very good credit, but my spouse does. If I were to finance a car that is intended to be used primarily by me, can my spouse be the signer on the loan (and me as a cosigner)? Ie, use my ...
3
votes
3answers
318 views

Is refinancing my auto loan just to avoid dealing with the lender that issued it a crazy idea?

I have been really frustrated dealing with the credit union that issued my auto loan. Basically I've wanted to set up automated extra principal payments and been unable to do it despite multiple ...
8
votes
2answers
2k views

Is it better to trade a car in and save on taxes or sell a car to a private party?

So my mother has a 2012 Toyota, and she is not really into it. She is short and it has poor visibility. I want to get her a 2014 Subaru or CRV but I'm trying to figure out what the best approach is. ...
16
votes
3answers
2k views

Why do new car loans, used car loans, and refinanced loans have different rates and terms?

If I want to refinance a car that is two years old, and getting a new car loan is better APR then a used car loan and even a refinanced loan, why does it matter which way you go? Isn't a loan just a ...
4
votes
4answers
536 views

Can I save money on my auto loan by paying on it every 10 days?

I have an auto loan for $14414.00 at 12.5% for 72 months. If I pay $96 every 10 days, how fast will I pay it off? Does this strategy make any difference?
1
vote
3answers
314 views

What's the point of Ford loosening financing requirements?

Ford has recently announced that they will now allow buyers without credit score to obtain auto credit. Apparently there is even a special discount on new cars for people with low credit score. Why do ...
1
vote
1answer
252 views

In CA, Old car registration/smog is Due, Can I sell the car?

In CA, Old car registration/smog check due at end of September, can I sell/trade-in end of August without paying? Do I have to tell the dealer/private party about this.
2
votes
2answers
213 views

Getting a loan/lease to non-investment (like buy a car) work in young ages (Salary is also too low)?

Note : Please forgive me for my bad English and feel free to anyone to correct mistakes. Background : I am working as a Software Engineer is Sri Lanka. My monthly salary is about $400 and may ...
2
votes
1answer
73 views

Auto Loan and Balance Transfer

I have an auto loan of $15,000 which I am paying off monthly. It's one of the areas of my personal finance that's just been on auto pilot and haven't really put much thought into, the money comes out ...
22
votes
4answers
7k views

Car dealer saying that they cannot see any credit information for my co-applicant. Could this be a scam?

A couple of days ago, I went to a Chrysler dealer here in Florida to look for a new car. Being that my credit score is currently somewhat low (about 680), me and my wife thought that we could have ...
1
vote
1answer
251 views

How do I know what loan terms I can qualify for?

The websites require you to specify a loan amount and term and before they tell you if you qualify, the interest rate, and whether it will be secured or unsecured. Is there a way to figure these ...
0
votes
1answer
173 views

Loan Prepayment

I will be applying for a car loan shortly, and trying to evaluate various lender schemes. I was not really sure when its mentioned as No Pre-Payment Penalty or Foreclosure Charges Let say I have ...
2
votes
1answer
2k views

Monthly payment on a compounded daily car loan? [duplicate]

I just took a car loan. The amount financed is $12,865.57, the APR is 3.06%, and the length is 48 months. The finance company charges $285.47 monthly. I would like to know how they calculated such ...
1
vote
1answer
159 views

car purchase loan versus car collateral loan

We're looking to buy a used car and wonder if there's any difference in rates and/or impact on your credit score to buying the car with cash and using it as collateral for a loan or getting a loan to ...
44
votes
4answers
9k views

Would using an expensive car as collateral for a small loan to get cheap parking work?

There's a rather old joke which is being told in many variations and my question would be whether events narrated could actually happen in real life. I'm not in the US so I don't know all the details ...
3
votes
1answer
92 views

Impact on Credit Worthiness (Getting A Loan with a Co-signer vs without)

I'm in the process of getting approved for an auto loan. My credit union will give me 1.99% financing if I co-sign with someone (I have clean credit history, but have no "substantial installment" ...
1
vote
3answers
4k views

How do I refinance a car loan into someone else's name so it can be their car?

I have a car in my name and want to get it refinanced in someone else name so it can be their car and they can take over the payment what is the best place to start
2
votes
1answer
111 views

Auto loan: must make X payments before payoff

I recently purchased a new car at a dealership. I had enough cash to pay in full, but the dealer gave me a discount in exchange for financing. I was told that would I need to make a minimum of 6 or 12 ...
3
votes
0answers
313 views

Should CA sales tax be charged to vehicle lessee on the portion of capitalized cost reduction from a federal rebate?

Should California sales tax be charged to a vehicle lessee (at inception of lease) on the portion of the capitalized cost reduction that is 'paid for' by a federal rebate? Background: certain ...
1
vote
3answers
190 views

Borrower vs coborrower

My daughter asked me to cosign on a car loan. Somehow I ended up as the borrower and she a the cosigner. Is that legal?
1
vote
1answer
410 views

I signed my car over to boyfriend, now he is threatening to take it away [closed]

I fell behind on my mortgage as I was hurt by Kaiser in a procedure and had 3 surgeries. I was going to move in with my boyfriend and he offered to give me the money to catch up my mortgage. I ...
42
votes
6answers
9k views

Can a car company refuse to give me a copy of my contract or balance details?

I have an auto loan with a car company that after looking at all possible amortizations, doesn't match what my payment should be. I'm talking with 40% interest rates, adjustable interest rates, ...