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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votes
7answers
302 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 ...
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1answer
195 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 ...
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3answers
270 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
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3answers
466 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
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1answer
111 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, ...
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1answer
207 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
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2answers
127 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 ...
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2answers
59 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 ...
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0answers
40 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. ...
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0answers
41 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
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2answers
329 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
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2answers
239 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 ...
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2answers
258 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 ...
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2answers
272 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 ...
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5answers
8k 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
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2answers
212 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 ...
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0answers
120 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 ...
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2answers
211 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 ...
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1answer
120 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
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1answer
47 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
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0answers
95 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
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1answer
92 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 ...
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1answer
118 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. ...
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2answers
103 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 .. ...
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2answers
248 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 (...
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0answers
47 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?
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0answers
43 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?
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3answers
204 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 ...
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1answer
2k 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 ...
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2answers
228 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
157 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
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1answer
228 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 ...
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1answer
335 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 ...
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2answers
219 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 ...
1
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0answers
82 views

Repairing old car vs buying new (used) one [duplicate]

My car just came from the inspection with a nice long list of repairs that have to be done to pass the main inspection for security (Hauptuntersuchung). The repairs sum up to something between 1500€ ...
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3answers
2k views

Buying new car at 18 [duplicate]

I am 18 years old and a freshman in college living at home. I have 0 expenses except $3,000 a year for college and gas for my current car. I am currently looking into purchasing a brand new honda ...
6
votes
1answer
497 views

Upside down on car loan, sell and refinance gap?

In order to cut down our monthly expenses we are looking to sell our car. We still owe $12,000, kelley blue book says its worth around $10,000 and we don't have $2000 lying around to cover the gap. ...
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2answers
214 views

How to Accept Safe Payment on Car Sale (Canada)

This question is similar to this one from 9 years ago, but I don't think it's a duplicate. I want to receive payment for a car that I don't personally own (money to be subsequently sent to my friend ...
19
votes
14answers
15k views

I’m 18 years old and want to finance a £30,000 car [duplicate]

I'm 18 years old and I've always wanted an Audi Q5. Currently, I'm working full-time. I earn £28,800 annually and that will be due to go up soon. The car I've had eyes on costs £31,789. The monthly ...
1
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1answer
101 views

Advice/Experiences, Auto Insurance, Florida, 18 years old [closed]

I am in Florida, United States. I have recently bought a reliable (however temporary) 2004 Chevrolet Colorado (rear wheel drive, maroon colored pickup truck). I have done a lot of research but I'm ...
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1answer
183 views

How can I insure a driver who doesn’t live with me but is borrowing my car long term?

My cousin is borrowing one of my cars to get to school and work. He’s 17. He lives less than an hour from me, but in another state. He is insured as a driver on his family’s policy, and the car is ...
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2answers
377 views

How can I help a 17 year old track and pay me back a personal loan?

I’m selling my 17 year old cousin my car. He wants to make regular payments on it, every two weeks or so. Instead of taking cash, issuing receipts, and tracking this on paper somewhere, I’d like to ...
2
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2answers
205 views

How do vehicle loan transfers work?

I'm going to buy a car from a private seller. The seller bought this car from Dealer X couple years ago. Now, the seller wants to buy a new car from Dealer N. The seller didn't like Dealer N's trade ...
23
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8answers
15k views

Car as a good investment

I have been reading a lot and doing as much research as I could and need some help to decide whether I could consider the action of buying a car as an investment. This question comes after I can't ...
3
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1answer
197 views

Spouse Cosigning

My wife and I currently own a home and finance two cars. We each have one car completely in our name and are co-borrowers on the house. I am about to trade in my car, and the interest rate will be ...
2
votes
1answer
167 views

First time getting car finance, but existing car in my wife's name

Our current situation is that we’ve always had our sole family car registered in my wife’s name, and insured in her name with me as an extra driver. However, we’re planning on buying a new car with ...
1
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1answer
144 views

PCP opening balance seems very high

I’ve just received my first statement from my first PCP car agreement and I’m very confused. My credit amount was £20,500 ish and my statement shows that my opening balance 29 days later (when my ...
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votes
1answer
114 views

Registration and insurance for gift car

Our 30-year-old nephew lives with us. He is about to receive a used car as a gift. My wife and I each own a car, and all three of us are listed as insured drivers. Is it best to include his car in ...
2
votes
0answers
190 views

Buying a car as a freelancer - Business costs

I am a freelance software developer, and I am thinking of buying a car, which I would probably use every now and then for personal matters, but mostly for business related trips. What are the ...

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