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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.

0
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1answer
41 views

Does installment loan amount affect credit score?

I am looking to finance a new car purchase. The total cost of the car comes out to $18k, and I am able to put up to $10k down. Assuming that my goal is to maximize my credit score in the long run, ...
1
vote
1answer
173 views

options when car is worth more than lease buyout costs

My wife has a leased vehicle that is reaching the end of lease in a couple of months. She is planning on getting a lease on a new vehicle, but is over a substantial amount on the mileage (I think ...
3
votes
2answers
226 views

How to calculate the optimal downpayment + loan term when considering investing cash on hand

We're buying a brand new car at $60K. We technically have the cash on hand, but have opted to get a loan instead and keep the cash in investments. For the purposes of this question & simplicity, ...
259
votes
18answers
100k 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 ...
2
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6answers
821 views

How is leasing a car beneficial to the one who leases? [duplicate]

They say that a car is a depreciating asset and so leasing a car works better than buying one. I heard this from folks and car salespersons. Although I understand the aspect of leasing cars meaning ...
45
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4answers
10k 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 ...
1
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3answers
236 views

Financial advice needed, my new used car needs a new engine

I bought my car in January 2018, financed $10,300. Today I took it in for an oil change and mysterious ticking; the dealership called and said the ticking was an engine problem. The car is not safe to ...
16
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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 ...
1
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1answer
183 views

Recent grad with bad credit in need of auto loan

I'm a recent college grad. Due to some stupid things I did during my masters, I have a bad credit with 3 missed payments on my account and 2 collections. I got a job recently with a six figure salary ...
2
votes
3answers
362 views

My ex husband put me as a co signer on his car loan and I didn't know anything about it. What can I do? [closed]

My ex husband put my name on his car loan as the co signer without me knowing. What can I do?
4
votes
3answers
445 views

Car dealership put my name as the buyer without consent, when I was just the co-signer on the loan

I went with my father to look at cars for him. we decided on a car and when they were filling out the papers they ran into a problem, his credit score was not high enough so I had to co-sign for the ...
1
vote
1answer
396 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.
3
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4answers
356 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
1answer
64 views

Pay off loan or roll over

I owe $10,000 on my existing car loan. I currently have enough to pay off my loan and still have enough to put down $5000 on a new car. My question is this, is it better to pay off the loan first and ...
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,...
3
votes
3answers
210 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 ...
5
votes
2answers
2k 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
1answer
233 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
170 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
7answers
531 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 ...
3
votes
0answers
174 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 ...
10
votes
1answer
6k 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 ...
22
votes
4answers
8k 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
616 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 ...
2
votes
1answer
87 views

Leasing a car: Do I need credit approval for total lease amount, or full amount of car?

Say I want to lease a car. Dealer says $350/month for 3-years. The car is $23,000 if buying in cash. Do I only need credit approval for $12,600 ($350 x 36-months), or for $23,000 ?
5
votes
2answers
2k 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 ...
3
votes
4answers
28k 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
372 views

Should I trade in a car I own to lower my payments on a new lease?

I currently own a crossover SUV, valued at roughly $9000. I'm planning on leasing a truck in the nearish future, with the intent to finance the balance after the lease ends. I've read that down ...
36
votes
6answers
8k views

Electric car lease or buy?

I know the conventional wisdom for leasing vs. buying, but are the economics of an electric car significantly different than other vehicles?
3
votes
0answers
336 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
7answers
582 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 ...
3
votes
1answer
201 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 ...
1
vote
1answer
644 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 ...
0
votes
1answer
1k 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
77 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
170 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 ...
3
votes
3answers
915 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
181 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
1answer
126 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 ...
0
votes
4answers
321 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 $...
4
votes
2answers
1k views

What can I do about recovering a vehicle that I co-signed for on a personal loan?

I took out a personal loan with my ex-boyfriend to buy him a truck (I know, I'm stupid). I am the primary on the loan because I had the better credit score so it lowered the interest rate. We are 8 ...
0
votes
3answers
253 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 ...
2
votes
2answers
312 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 re-...
3
votes
3answers
220 views

Car loan with a student loan

I am trying to buy a new car. However, I have a $3,500 subsidized student loan. I've had it for about a year and haven't made any payments on it. Will this affect me getting a car loan? Will it be ...
2
votes
1answer
163 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 ...
5
votes
2answers
755 views

I have paid $7000 extra of my mortgage in 6 months. Should I transfer this to my $11,000 car loan or is it better of the home loan?

My car loan is 6.49% but it costs $12 a month for every month you pay it off early. It is a 60 month loan, I have been on it for 6 months and have paid off $2500 (From $14 000 to $11-500. My ...
5
votes
2answers
432 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
130 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
73 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 ...