Questions tagged [car]

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

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3
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2answers
165 views

What paperwork do I need to sell a car for $30k cash in New Jersey and deposit the proceeds into my bank account?

I am selling my car to an individual who wishes to purchase the car from me for 30k in cash. I asked for a check instead but they stated they only have cash. What sort of paperwork would I need to ...
34
votes
13answers
13k views

Should I spend 3/4 of my savings to buy a new car that costs about a year of my annual salary?

Since I still live with my parents I've been saving money for a while. All these savings amount to around 15 months of my current salary. Now I need a car. Cars are pretty expensive. I don't want to ...
26
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7answers
10k views

Dealer is pressuring me to return the leased car and lease another car

I leased an SUV for 3 years, 36K miles, and the lease is due in a month and I only used 10k miles. The car is "full-option" and the buyout price is visible in the portal where I make the ...
33
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7answers
5k views

How to sell a car to a private party on payments

I am selling an old car for US$2500. A stranger offered to buy it at my asking price, but the stranger wanted to know if I would accept (installment) payments. This sounds like a very bad idea, so I ...
4
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3answers
79 views

Investment instrument for investing money saved for a used car

I have saved money which I plan on using to purchase a used car in the coming years. The amount saved is the purchase price for a used car right now in April 2021 and I would like to make sure that I ...
0
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0answers
93 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 ...
23
votes
12answers
12k views

How can I finance a car at 17 years old with no credit or co-signer?

I just turned 17 on March 17th. I will be graduating high school next year. However, I'm looking to purchase my first car or least drop a down payment of $20,000 on a new 2021 cla Mercedes Benz on my ...
28
votes
5answers
8k views

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 (...
1
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1answer
153 views

Charged sales tax when removing deceased person from title

I purchased a vehicle with my grandma on the title. It was listed as “my name & grandmas name, last name” on the title. My grandma passed away. I refinanced my car (for a lower interest rate) and ...
9
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4answers
4k views

If I pay off a lien on a car, do I own that vehicle?

My boyfriend and I have been together for 13 years. He has been separated from his wife for 20 years. He has a lien on his car, and he did not will it to anyone. If I pay the lien, do I own it?
0
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1answer
97 views

Am I entitled to get my car deposit back?

I recently put down a $1000 deposit on a vehicle that is at a dealership out of state. The vehicle that I put the deposit down on is “in transit” and is not technically on the lot. It’s been two ...
0
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1answer
112 views

A car dealer filed an 8300 form with the IRS after I made a large cash down payment on a car. Do I need to do anything about it?

I made a $10,000 cash down payment for car I bought 2 weeks ago. The dealer send me copy of form 8300 they filled for that transaction. What happened next? *Mod Note: Form 8300 is a form to "...
0
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0answers
32 views

is it easier to rent a car with a secured credit card over a debit card?

I've been denied car rentals using debit cards in the past, even with thousands of dollars on the card. I'm going to Hawaii as well as Tennessee this year, and will need a car. Would my odds increase ...
0
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1answer
70 views

Car Insurance cover for travelling to work

Does anyone know if travelling to work used to be included in Social Domestic and Pleasure car insurance please.
1
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2answers
223 views

Can I afford to buy a used car?

I will be 18 in 2 weeks and I need a new car before I start college (in about 6 months). I make around $1200 a month right now and I have $1050 saved. After I start college I will have to get a new ...
-1
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8answers
406 views

First car out of college

I am graduating college soon with a job lined up making 100K a year at an area with relatively low cost of living. I am fortunate enough to have no debt whatsoever (thanks mom and dad!). I am ...
2
votes
1answer
221 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 ...
0
votes
3answers
376 views

Are there any advantages to PCP car deals beyond a low monthly payment - even though you don't own the car?

Up to now I've bought every car I've owned outright. Due to changes in my family situation I need a bigger car. I'm looking at a used (albeit low mileage) car which is priced at £11,300. I could sell ...
5
votes
3answers
470 views

Auto Insurance in Michigan: What is the need for liability covereage?

I live in Michigan. Recently, state law changed such that we have "no-fault" auto insurance. We still must hold liability of $50,000 per person, $100,000 per accident. Since we are in a &...
2
votes
1answer
127 views

How to negotiate a lease when residual values on used cars are so high?

Negotiating a fair lease payment is usually boiled down to considering the depreciation value and finance charge - which involves the capitalized cost, residual value, and money factor. In the past, ...
-2
votes
1answer
212 views

My mother in law is trying to take a car that is under my name. What can I do?

So I went half on a down payment with my child's grandmother. I’ve been making the payments. I told her we can meet in a public place and she went crazy saying that she co-signed for the car, which ...
2
votes
2answers
132 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 ...
1
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2answers
72 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 ...
1
vote
0answers
42 views

What data is available to estimate cost of ownership and reliability for potential car purchases

I am currently shopping for a used vehicle. I am hoping to spend between $10,000 and $16,000 CAD and looking for something that will be reliable and low cost. My current vehicle is a 2009 Mazda 3. ...
0
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0answers
45 views

Using multiple credit cards for a single payment in the UK (section 75 protection)

How can someone buy a product which is over each of its credit card limits, but less than his total credit? Suppose that I want to buy a car, which is £4500, and suppose that I have three credit cards ...
4
votes
2answers
399 views

Chances of 23 y/o getting approved for a £10k credit card to buy a car?

So my old car has had its time and I'm looking to buy a 3-4 year old car for around £9-10k. I have personal savings exceeding this amount so buying in cash is an option, however I have recently ...
6
votes
2answers
249 views

Car insurance gas station mix-up fuels — gas station made the mistake

We rented a car with Hertz and we filled up our tank with petrol and later on that day our car broke down. The road side assistance people told us the next day that we put diesel instead of petrol in ...
1
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2answers
313 views

I’m a co-signer who wants out of auto loan with ex

I am no longer in a relationship with my ex. I co-signed for a 2015 Chevy Silverado in 2018. I have text messages and emails asking him to refinance, he is refusing. If I get a small claims attorney ...
3
votes
2answers
308 views

Questions about financing a car at 19

I’m a 19 year old student and have been trying to get through college without a car. However, as more time passes I realize that it would be extremely beneficial to me to have a car as my school is ...
26
votes
5answers
9k 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:...
4
votes
2answers
230 views

Is COVID-19 used car deals and lease renegotiation really a thing?

I have been reading that due to the COVID-19 pandemic, auto inventories are high and dealers often do not want lease returns. Wholesale auction prices are reportedly plummeting even as of a couple ...
0
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0answers
289 views

Purchasing a car from a private seller in CA as a PA resident

I'm currently a resident of Pennsylvania, and I'm planning to purchase a second-hand car from a private seller in California. To my knowledge, vehicle purchase is a two-step process: Transfer the ...
1
vote
2answers
383 views

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 ...
0
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1answer
122 views

Car affordability [closed]

New here. So. To start, I am a HUGE car head- so finding an affordable car is not really the aim here. I am 23 and a ~somewhat~ recent college grad. I have been blessed with an amazing job and manage ...
0
votes
1answer
48 views

Calculating 179 Vehicle Deduction with Trade in

Let's say you trade in a work car that you never depreciated for a new truck that qualifies for the 179 100% deduction (truck has a GVWR over 6,000-pounds). To keep the numbers simple, the work car ...
1
vote
0answers
100 views

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 ...
1
vote
1answer
93 views

Refinance negative equity of current vehicle into new one?

When I was lining up at the grocery store today, I overheard these guys talking about trading up for a new car, because this pandemic is stifling car sales. Can you explain like I'm 5, in simplistic ...
0
votes
1answer
127 views

Taking Car Ownership

My sister co-signed on a car loan with her boyfriend (now Ex). They are both Registered Owners on the car. He is the primary for making payments on the vehicle but now he's not able to afford it. ...
1
vote
2answers
108 views

Can you get a mortgage loan larger than the house amount and buy a car with the remaining loan amount?

Would it be possible to get a mortgage loan for 40-50,000+ the amount of the house and then use the remaking amount of the loan to buy a car? The house is 62,000 and I’m pre-Approved for 120,000 .. ...
0
votes
2answers
467 views

Lease a Car or Buy a Car? Excel Sheet Comparison

I did an Excel Sheet trying to compare between a Car Lease and a Car Purchase. By "Car Lease" I mean maybe to what is called "hire purchase scheme"; a monthly payments that at the end of the period (...
0
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0answers
49 views

i am co-buyer on auto loan

the buyer is deceased and the title is in his name. I am co-buyer on paperwork with finance co. Can anyone make claim on car if he willed it to me?
0
votes
0answers
44 views

USA Taxes: Reporting loss on sale of new car won in contest

Won new car in contest in Texas USA. Sold for a $5000 loss to dealership. Received form to report win on my taxes. How do I report loss from sale on my taxes?
0
votes
3answers
239 views

To sell or to keep possibly unreliable car

I have bought a car for $7700 back in October. I had to fix plenty of things after that, but it never left me stranded. I have spent $2000 more on fixes and $1000 on maintenance. Now it seemingly only ...
1
vote
1answer
4k views

Do you need both a bill of sale and title when buying a used car?

I am attempting to make my first used car purchase from a private party in New York. I understand that the title should be transferred to me after the sale but what about a "Bill of Sale" ? Would I ...
1
vote
2answers
234 views

Deposit hold for over a month in Credit card

I have recently rented a car for about a month and one thing just came to my mind. At the rental office they took a very high deposit into my credit card (I have a foreign license, this happens in ...
2
votes
1answer
160 views

Expensive tires or cheap tires to trade in

I am planning on buying a new car by the end of next summer (it is February now) but the tread on my current tires is shot and we get a lot of snow where I live. So for safety reasons, I definitely ...
1
vote
1answer
267 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 ...
-2
votes
1answer
406 views

Im 19 years old and is buying a $45k car with it? [duplicate]

Im 19 years old and share rent with someone. I make $2,320 a month before tax. My rent is $750 a month and i don't pay for anything else. Would it be a good idea or will i go into crippling debt if i ...
1
vote
2answers
221 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 ...
38
votes
4answers
15k views

How do I lend money to a friend for a car and put the car as collateral?

A friend of mine wants to buy a car, but does not have the money for it. Instead of him going to a bank and borrowing the money to buy the car, I was thinking of maybe taking some cash from my bank ...

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