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.
231
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I co-signed for my son's car and he died. I told the bank to come get it and they told me they won't take it
The loan keeps showing up on my credit report. They offered me a pay off but I can't afford to pay it off. I asked the loan company what to do? And they can't give me a answer...
- 179
0
votes
2
answers
145
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What options do I have as the primary owner of a vehicle someone else drove daily?
Back story and its a long one!
I live in NH and my sister lives in MA.
My sister bought a car with my dad as cosigner but he passed away not long after. Because of this my sister needed a new cosigner ...
- 1
1
vote
1
answer
80
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Building credit history later in life
I am trying to build credit so in the future I could get a loan if needed probably a car loan. I’m 39 years old.I have never had a mortgage,credit card, or any type of loan in my name just household ...
- 11
3
votes
2
answers
228
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Should I pay off first auto loan or home loan?
In 2019 I moved to a new apartment I bought, which I had to get a loan for, since I could not pay the sum required. At the time interest was very low, so I decided to go for it, and took a 564k Euro ...
- 33
0
votes
2
answers
157
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Why is nobody offering me the sample APRs when I have excellent credit?
I have been tried to get pre-approval for an auto loan from different companies like Carmax and Carvana. Before I applied, they had a calculator to estimate payments, and the asterix, it says "...
- 2,647
2
votes
0
answers
270
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Can we hand over blank cheques to a bank when applying for any kinda loans?
I applied for a 4 lakh car loan with HDFC Bank, but before they will approve it, they require four blank cheques with my signature. Is it safe to give the bank those cheques?
1
vote
1
answer
132
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Is car loan the better option when one has already saved enough to cover the purchase
Let's say someone has saved $100 000. There is no specific purpose for this saving
Now there is a car that cost $62 000
Financing the car entirely via a bank loan would cost around 50% of the salary ...
- 11
1
vote
1
answer
111
views
Invest in treasury bonds or pay off loan?
I have about $5000 coming in from a stock sale (ESPP). My plan with it was to invest in treasury bonds (I), since the rate is really good right now (~6.69%). It changes every 6 months (https://www....
- 189
0
votes
2
answers
152
views
Why offer at a lower interest rate on a loan then the expected ROI of investing in the stock market?
A quick google search told me that the expected ROI of investing in the stock market is roughly just under 10% That's admittedly a bit higher then I had anticipated, but quick scanning of their ...
- 1,196
6
votes
3
answers
760
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Financial efficiency - purchasing a car with cash from retirement withdrawal vs. by financing
When someone in their retirement is purchasing a car, is it financially more efficient for them to take a lump sum of cash out of a deferred-tax retirement account (and pay income tax on it), or is it ...
- 195
1
vote
2
answers
140
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Is there a way to not receive a credit score drop when paying off an auto loan by keeping the account active in another way?
I know the credit score drop is minimal if you have good credit and will recover eventually, but it just occurred to me that perhaps there is a work around like updating the account or restructuring ...
- 121
1
vote
0
answers
234
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Can I sue the car dealership for fraud if they let my ex finance a car under my name?
About 4 years ago (2018), i was living with my ex and I leased a car for 3 years but under my name only. 2 years later (2020), we broke up but i let her use the car for the last year of the lease. ...
- 21
0
votes
2
answers
327
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Should I buy a 23k hyundai elantra at 18?
With the car market being so insane right now it’s hard to find a car worth spending my money on. I live in LA so that’s probably making it worse, but I chose to go to a community college for 2 years ...
1
vote
2
answers
315
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Why lease option is so high when purchasing Tesla in Poland?
I am trying to understand what am I paying for when I purchase Tesla based on monthly instalments in Poland.
When I try to pre-order Tesla Model 3 in the US site everything seems simple and self ...
- 113
27
votes
7
answers
21k
views
Girlfriend took off with the car I got a loan for
I got a loan on a car from CarMax for my girlfriend. She was to make the payments but instead took off with it & I can't find her. Should I report it stolen? The insurance, loan and registration ...
- 371
13
votes
4
answers
4k
views
Co-signer taking over as primary when borrower can no longer drive
My sister co-signed a car loan for me. Payments are current. I have had an injury and cannot drive. She wants to take over my car, which I’m fine with. How will this affect my credit? What needs to be ...
- 131
0
votes
2
answers
269
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Lease with intent to purchase a vehicle
I am in the market for my first new vehicle ever. It will be a minivan for our growing family and we ideally plan to keep it forever. That being said, none of my vehicles have ever cost more than $15k ...
- 427
2
votes
2
answers
136
views
What is the procedure of getting an auto loan?
I am a new international student in the US. My credit score is 702 in the Capitalone credit wise and 710 in the CreditKarma website. I am a fully funded PhD student and have an annual income around $...
user109157
13
votes
8
answers
3k
views
What's the best way to quickly get a car on low budget with a poor credit score?
I am starting a new position somewhere that I'll absolutely need a car, so I have to buy one. But I have a poor credit score, so the best APR rate I can receive is about 18%. That means financing a ...
- 302
2
votes
2
answers
354
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I purchased a motorcycle that has not been delivered, how can I resolve this with the company?
I purchased a motorcycle from Blue Ridge HD in Hickory, NC, almost 2 months ago on 3/30/21. I still don't have the bike.
Conditions of the sale was that the dealership get the gas tank vinyl wrapped, ...
0
votes
0
answers
103
views
Vehicle Trade-In
An ex-girlfriend and I took out a car together. After breaking up, she decided to trade in the car and get a new one. The dealership sent me a Power of Attorney form to fill out to have our car used ...
28
votes
5
answers
9k
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Can a used car dealership switch the price I saw online vs going in and getting a different price?
I’m looking to purchase a used vehicle today and when I finally found one I called the used car dealership to see if it was available.
I showed up to the test drive, without even asking for the price (...
2
votes
2
answers
651
views
Is it ever worth it to refinance an auto loan for a higher APR?
I recently moved into a new place/city and am looking to free up some room in my monthly budget. For the first time in about 3-5 years, I shopped for new car insurance and then looked into an auto ...
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1
vote
1
answer
129
views
Should I sell my car, refinance or trade in?
I am in a weird financial situation and wanted some advice.
First of all my wife and I bought a car two years ago for 2,000 over the MSRP and have a higher interest rate about 10%. So in the two years ...
1
vote
1
answer
76
views
Can a bank continue to allocate payments to interest even after they have taken what the contract states?
I purchased a car, borrowing money from a bank for the auto loan.
Long story short, I asked the bank for a detailed history of my payments, and they sent me a document that shows every payment I've ...
- 111
10
votes
1
answer
4k
views
Will a divorce affect my co-signed vehicle?
Not sure if this question should be here or in the law exchange, but basically my dad cosigned my car loan for the purposes of rate reduction (as I had virtually no credit history at the time). My dad ...
- 2,864
2
votes
1
answer
275
views
In the United States, what is the cheapest legal way to get rid of a wrecked car?
My wreck of a car might get towed away, and is posing other financial risks to me. What is the cheapest legal way to get rid of the car?
Further details:
I took out a loan in order to buy a car, and ...
- 781
1
vote
1
answer
206
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How to get out from an unpaid car loan? [duplicate]
I met with a gentleman from church today with a rather unique situation that I wasn't sure how to deal with. Two years ago he impulse bought a new car in IL @ 19% interest (poor credit) so he'd have ...
- 198
2
votes
2
answers
152
views
When buying a used car, and getting an auto-loan, need the down-payment be in paper bills?
Consider the following Scenario:
you are buying a used car in the United States
you get an auto-loan through a used car-dealer.
Do large national car dealerships in the United States require the ...
- 781
1
vote
2
answers
87
views
What advice do you have for a first-time used car buyer in terms of paperwork and/or legal documents?
My question is about the basic legalities of buying a car in the United States, not anywhere else in the world.
I have never bought a car before in my life.
I was looking at some used cars for sale on ...
- 781
1
vote
3
answers
142
views
Splitting a Car Payment / Ownership
I've simplified values for discussion purposes.
I moved from overseas back to the United States where I needed a car. Before buying one, a dear friend had bought a car for his daughter in 2017 that ...
- 409
26
votes
5
answers
10k
views
I just paid off my car - should I release my Credit Union's lien on the car?
We just came upon a windfall significant enough to pay off our car loan - so I did. My Credit Union just sent me a letter describing the way in which I can remove them from the lien. From the letter:...
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2
answers
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I needed a co signer but my cosigner is the primary on my auto loan
so just a couple days ago I was able to get a car for. $100 down right i thought to good to be true so i went to the dealer ship anyway,
they ran my credit and gave me 2 options they told me i can get ...
1
vote
2
answers
339
views
18 years old with a 10k down payment towards a Challenger
I’m 18 working a under the table job, making $2,400 a month, and have been saving up for a brand new or fairly used challenger, I want to put down 10k and finance the rest but have had a few issues as ...
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1
vote
2
answers
415
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Dealership ran my credit and then texted me and told me the truck was priced wrong. What can I do?
Called a dealership to buy a truck over the phone. I told him I wanted it and that I was going to have them finance it. First time over the phone purchase because of COVID-19
San Antonio, Texas
Price ...
- 11
2
votes
1
answer
186
views
How to finance a car when I have credit history but no active credit cards or loans
I paid off 30k of student loans and a 26k car (which I no longer own) years ago, and I had two credit cards at one point, but I foolishly decided I didn't need them and closed both credit cards ...
- 123
1
vote
0
answers
107
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I bought a car from a small dealership without knowing the dealer didnt have the title
Ok i bought a car from a small dealership (mom and pop style) first time ever doing this. i was told that i would be receiving my tags via mail, ok no problem there. Several weeks passed still no ...
- 11
1
vote
1
answer
68
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1) Paying auto insurance premium yearly vs monthly 2) Paying auto finance loan
I've recently purchased a vehicle and was planning on prepaying my auto insurance for the year up front rather than divided into monthly payments.
Should I rather put some of that money to paying ...
3
votes
3
answers
402
views
Should I sell back a lease early in order to improve Debt-to-Income?
My wife and I just started the process of buying our first home. I've noticed DTI is very important as far as how much home you can get pre-approved for. Knowing this, I have started thinking of ways ...
- 31
1
vote
1
answer
349
views
Co-buyer on car loan
I thought I was a co-signer on a car loan and found out after I was actually a co-buyer. The other co-buyer made 2 payments and is having trouble making the third. I have serious issues with paying on ...
- 11
1
vote
1
answer
755
views
I took over the payments on my sister's car. But it is left in her name
About 11 months ago. I took over the payments on my sister's car because she wanted to get a new one and they wouldn't let her have two car loans. So instead of trading this in she let me take over ...
- 21
72
votes
1
answer
10k
views
My friend cosigned for a defaulted loan. Should he declare Chapter 7 bankruptcy?
Background:
My friend Abe co-signed an auto loan for about $25k with his "friend" Bella, in the USA state of Maryland, about 4-5 months ago. The car was for Bella's use. The deal was that ...
1
vote
2
answers
262
views
Is a down payment better than a lump sum payment?
I forgot to tell my banker that I wanted to make a down payment on my auto loan. According to my banker, the interest rate wouldn't have changed from the lower principal, only my monthly minimum ...
- 423
8
votes
2
answers
1k
views
I wrecked my car and it might be totaled after 2 months of ownership which includes a loan, what happens now?
I started financing a 2011 Toyota Camry LE for $11.6K October 2019. I’m 20 years old and I just got my license in September 2019. I’ve been paying $323 a month for full coverage through the General, ...
2
votes
4
answers
979
views
Car Possession being threatened by Signer
I wanted a car and the sales representative advised me that it was best to put the car in my significant other's name. So I did. I put $10k down and put the car in his name which he didn't mind as ...
- 37
1
vote
6
answers
497
views
Applied for car loan and got denied: No credit history or no credit file
I am currently looking for a loan to purchase a new vehicle. I just called my bank, and after briefly discussing with them, they said that I can apply to a 2.74% loan. This is the best I have found so ...
- 11
3
votes
5
answers
538
views
18 years old and looking for advice on loans, buying a car, financing, etc
I'm 18 years old, I've been growing up in a place where there is animosity towards success, trust nobody and help from nobody is the point. Finally I'm on the right path but I'm having troubles. I ...
0
votes
1
answer
147
views
Used car loan and number of credit cards
My credit history is almost 6 months old and I have a score of around 700 now. I got my first credit card 6 months ago and two weeks ago I got another credit card. Last day I got prequalified for a ...
3
votes
2
answers
319
views
What is the purpose of the first payment in car loans?
I'm in the process of buying a used car again. This involves taking a loan from the bank because I don't have enough cash on hand. The precise term for the kind of loan I'm taking might be "leasing", ...
- 1,127
0
votes
1
answer
302
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I co-signed but found out i'm actually the primary account holder [duplicate]
I co-signed my boyfriends auto loan so he could trade in his car and opt for lower car payments. I received a red light traffic ticket in the mail with my name on it, which i thought was odd. So I ...
