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.

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2
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0answers
415 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 ...
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3answers
227 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
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1answer
489 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 ...
41
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6answers
14k 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, ...
2
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1answer
98 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 ?
9
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1answer
1k views

What is the 'real' monthly cost of a car?

I'm doing some financing for our future (my wife and I), and we want to purchase a used car - we'll be getting a loan, but along with the monthly payments we'll be making, we want to know what the '...
9
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3answers
3k views

I can't produce a title for a vehicle I just traded

I went to a Ford dealership and traded in a slightly older truck for a slightly newer one, and financed the rest. The next day, my fiancée informed me that the title of the old truck is still on a ...
0
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1answer
178 views

What is a good (or even possible) option for a car loan for me? [duplicate]

I'll start with my current financial situation: In the beginning of December 2016 I applied for and got a $1,500 line of credit from Discover, in order to begin building credit. I've so far been ...
8
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2answers
7k views

Get car loan w/ part time job as student with no credit, no-cosigner but no expenses

This is the only place where I knew to turn for a question like this. I am a student (if that will make me look better to the loan officers), but I'm fairly certain I have no credit. I took out a ...
6
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3answers
8k views

Dealership made me the secondary owner to my own car

January of 2016 I bought a car from wilett honda south which is located in Georgia, with the help of my ex boyfriend. It was my very first car and I didn't really have much help besides a co signer ...
5
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3answers
777 views

Is it worth it to take a car loan to improve credit ratings?

I've been considering buying a car recently, but I know that, as I am young, I don't currently have a credit score, as I really haven't needed credit up until now. So, would it be better to take a ...
2
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2answers
2k views

Co- Signed car loan and need to have the other signer relinquish claim to ownership

I recently went and purchased a new vehicle and had my girlfriend co sign and I traded in my old car as a down payment. The finance department ended up writing up the paperwork listing her as the ...
2
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3answers
234 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 ...
35
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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
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1answer
475 views

Car value is almost equal to GMFV with still 2 years to go on PCP

I’m half way through a 4 year PCP agreement with Mercedes Benz Finance (the car’s value was 27500 when I signed the PCP) that guarantees the future minimum value of £12125. My circumstances have ...
0
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1answer
169 views

Cosigner bought a new car

I bought a car last year but I needed a cosigner. This past month the cosigner also bought a car. If the cosigner doesn't make payments on time on their car payment, will it impact my credit since ...
5
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2answers
925 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 ...
71
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9answers
37k views

If the co-signer on my car loan dies, can the family take the car from me like they're threatening to?

I have a car, both me and by grandpa are on the title. As I cannot get loan on my own, my grandpa is my cosigner. My grandpa is almost 90, and chances are he may not be around till the loan is paid ...
2
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1answer
243 views

For a car loan, how much should I get preapproved for?

I live in the United States and am looking to purchase my first car. After doing some research, I've learned that I should get preapproved for a car loan. The question is, how much should I apply ...
2
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2answers
2k views

paying with cash vs. paying by loan and investing the money

I recently read an interesting idea in Robert Kiyosaki's book "Rich Dad, Poor Dad". His suggestion was that even if you have enough money to buy a car with cash, you would better get a loan, invest ...
1
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1answer
484 views

Two joint auto loans vs two separated loans

Me and my wife are going to buy two cars, our options can be: Each of us can get a separated loan for each car. We can get two joint loans, this way we have two (shared) loans on our credit history ...
18
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2answers
5k views

Insuring a girlfriend's motorcycle

My girlfriend has a motorcycle that she bought a few months ago with a loan (she put down $2k and now her payments are ~$82 a month). A few months later, she realized that she cannot keep the bike ...
1
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1answer
129 views

Is a longer or shorter period of loan payback preferable to build up credit score?

I am an US based international student. If I take a car loan from bank to purchase an used car, will a shorter or longer repayment period have any impact on my credit score in the long run? Precisely, ...
3
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2answers
903 views

I had a friend co-sign for a car loan

I have a real problem here, my friend at the time helped me Co-sign for a car loan. I want to take him off my title and loan...I just got the car 3 months ago. What do I do? He keeps threatening to ...
2
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2answers
369 views

Transfer car loan for better interest rate

I just recently bought a car from a dealership with financing. At the time of purchase I was a temp-to-hire working in IT. About a week later I got a raise doubling my income. I just graduated college ...
2
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1answer
91 views

Titles, Financing and Insurance. How do they work?

I am about to buy a motorcycle so I filled out a financing application with my dad as the co-signer (I'am 19 and have no credit history). However, the dealership informed me the only way they could ...
8
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1answer
247 views

Selling a car with a lien

I own a car personally, but it is mortgaged to a bank. I want to sell it to an individual. I haven't the funds to repay the loan until I'm paid for the car. The buyer doesn't want to pay me without a ...
3
votes
3answers
815 views

How to compute for losses in an upside down trade-in of a financed car?

First let's have a given to keep answers based purely on numbers, and away from opinions and advice on practicality: I am financially irresponsible I will get approved financing Most importantly, my ...
1
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2answers
139 views

Should I get a auto loan to diversify my credit lines if I have the cash to pay upfront

Background history I never took a credit card before last year because I have been always fortunate to have sufficient money to cover my expenses and I was under the impression as long as I paid my ...
2
votes
2answers
436 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 ...
4
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2answers
1k views

Debt Consolidation, trade down car, or both?

I'm a recent graduate, working full time (started in January). I have an average of 21.318% APR across 5 credit cards with a debt totaling $11,137, at $302 monthly min. CC #1: $2493 at 13.4%, $62 ...
3
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2answers
918 views

How do I exit a toxic auto-loan with the least personal damage?

I spent much of my 20's making very poor financial decisions. I never drove a decent car and constantly found myself on the side of the road or without a vehicle. Situation At 29 I made a change in ...
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2answers
275 views

How much do lenders care about your total available credit?

In the eyes of an auto loan officer, which applicant is lower risk? What about a mortgage? Two applicants have identical financial obligations, income, credit utilization and credit files; all that ...
3
votes
1answer
2k views

Can a F-1 student visa holder loan a car from bmw?

Here is a little bit background: I am currently an opt(F-1) student working at a company as a software developer. My company is actively working with a law firm to get me a work visa. A couple weeks ...
3
votes
1answer
1k views

Strategy to pay off car loan before selling the car

I have ~$10k remaining auto loan at 2.7% interest rate, and I'm about to sell my car (for personal reasons, not related to finance). What's the best way for me financially to deal with that loan: I ...
1
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2answers
6k views

I bought a new car for a month and wanted to return it

Here is my story. I bought a car about six weeks ago on march. I realized that I was actually paying a lot more than the price in the car advertisement. I bought a Honda Odyssey 2016 that is supposed ...
3
votes
1answer
220 views

How to buy out one person's share of a jointly owned vehicle with the lowest taxes and fees

I currently own a car jointly with another person. We are both on the title and both on the current loan. Now I have reason to buy the other person's share of the vehicle so that I am the sole owner....
0
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1answer
204 views

Effective annual interest using excel [duplicate]

I am stuck on this problem and have only basic knowledge of accounting. Can you help me? Trying to find the effective annual interest rate of a car lease situation. The cost of the car originally is $...
0
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1answer
507 views

How can a payment on a $62,000 Jaguar be $499 a month?

I was in the mall today and some dealer had a $62,000 Jaguar on display which had $499 painted on the winshield, which I assume is a monthly payment. If we ignore interest, that would be 500 x 12 = ...
8
votes
5answers
4k views

Paying off a loan with a loan to get a better interest rate

I've never had credit or a loan till recently when I bought a new car. This has recently given me a much better credit rating after having the loan for a year with 5 years to go and 2 credit cards ...
1
vote
0answers
119 views

Co-Signed an auto loan with my ex, help [duplicate]

My boyfriend and I recently split up, but during the time of our relationship he helped me get a new car because his credit score is nearly perfect, and mine is terrible due to too many medical bills.....
4
votes
6answers
2k views

Is it advisable to go for an auto loan if I can make the full payment for a new car?

Planning to buy a new car in India. Options I have are as follows: Company leased car Direct Auto Loan from finance company Full one-shot payment from savings From all the articles I've read today, ...
5
votes
2answers
4k views

How can I get my ex-fiancee to refinance a co-signed car loan?

I co-signed a car loan with my ex-fiancé. He is now married with a job and will not get the car refinanced to his name only. How can I get my name removed from the loan?
3
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1answer
923 views

Error in my car loan papers, what do I do?

In Dec 2014 I turned in a financed car that I had where my mom was the Primary Owner and I was the cosigner and I purchased a new car only under my name and credit, my mother wasn't present and she ...
61
votes
10answers
33k views

Pay off car loan entirely or leave $1 until the end of the loan period?

Background information: I have a car loan that doesn't require payments if I'm ahead on the loan (but accrues the interest, of course, on the balance remaining). I still have a year and a half on my ...
4
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2answers
2k views

Does paying more frequently on a simple interest auto loan save me money?

My Auto loan is calculated by "simple interest". Would paying weekly save me money? If so, wouldn't paying daily save me even more money?
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2answers
200 views

New car cash vs finance

I looked at Alfa Romeo's UK webpage: So if I purchase outright, the dealer gets 23,830 cash now But if I use their finance, they get a total of 21,541 less finance costs in 4 years This sounds ...
0
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1answer
91 views

Private car sale

I want to sell my car to my son and retain title until he pays it off in four years. This would keep the 1st owner 100,000 drive train warranty remain in effect. But, I want him to register the car ...
2
votes
1answer
5k views

Will refinancing my auto loan hurt my mortgage approval or help it?

My wife and I are currently selling our house and intend to finance a new home within the next few months. Would refinancing my auto loan hurt or help our max possible approval? On one hand, it ...
3
votes
1answer
726 views

Non-owner car insurance and registration

Given the following scenario for my wife, what should I be watching out for? Specific to the United States - her father, along with his friend, bought a car to give to her, with traditional 72-month ...