185
votes
Accepted
My friend cosigned for a defaulted loan. Should he declare Chapter 7 bankruptcy?
DON'T talk to the creditor. DON'T trash your other good credit. DON'T declare bankruptcy for a good while.
The IRA is protected. Protect it.
First and foremost, the IRA is untouchable in MD. ...
154
votes
Should I worry about having my credit pulled multiple times while car shopping?
The salesman is lying to you. His goal is to prevent you from walking away. No lie and trick are too grave if they help him achieve that, as far as he is concerned. He does not care the least bit ...
- 3,118
130
votes
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Pay off car loan entirely or leave $1 until the end of the loan period?
If I were you, I would pay off the car loan today.
You already have an excellent credit score. Practically speaking, there is no difference between a 750 score and an 850 score; you are already ...
- 115k
126
votes
Accepted
If the co-signer on my car loan dies, can the family take the car from me like they're threatening to?
It looks to me like this is a 'call an attorney' situation, which is always a good idea in situations like this (family legal disputes). But, some information.
First off, if your family is going to ...
- 35.7k
83
votes
Would using an expensive car as collateral for a small loan to get cheap parking work?
I've never heard of a bank taking possession of collateral at loan issuing, they just obtain a legal right to use the collateral to satisfy the debt in case of default.
Pawnshops/pawnbrokers on the ...
- 69.1k
76
votes
Accepted
Dealership wants more money years after vehicle is paid off?
If they have no idea what you are talking about, you could ask whether the dealership will send you a letter saying you do not currently owe them anything, nor have they charged off anything you owed. ...
- 29.4k
75
votes
Girlfriend took off with the car I got a loan for
Call the police and see what they can do to help get the car back (which might include reporting it stolen). Don't stop making payments or it will wreck your credit (not hers). When you get the car ...
- 131k
68
votes
Can a used car dealership switch the price I saw online vs going in and getting a different price?
It doesn’t matter whether it is legal or not. What matters is that this car dealer is trying to rip you off, so you tell them where they can stick their car and buy your car elsewhere. You definitely ...
- 22.4k
67
votes
How can I remove my name from a car loan?
In effect to get someone off the loan they would have to refinance the loan as the sole person on the loan, which once again depends on their credit. In other words, if their creditworthiness remains ...
- 1,218
67
votes
Accepted
Can a used car dealership switch the price I saw online vs going in and getting a different price?
I had a dealer try this stunt on me once. I had offered $17K, they had agreed. Then they brought paper work that pushed the price up to almost $18,500. I told them my deal was for 17K and I didn't ...
- 893
56
votes
Accepted
Can a car company refuse to give me a copy of my contract or balance details?
The comments are getting too much, but to verify that you are not insane, you are being bullied. It sounds like this is a sub-prime loan, of which you are wisely trying to get out of. It also sounds ...
- 76.1k
56
votes
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
Condolences on the loss of your son. Unfortunately, there probably isn't a lot to do here.
A co-signer is equally responsible for repaying the loan as the borrower. From the finance company's ...
- 26.5k
51
votes
Should I worry about having my credit pulled multiple times while car shopping?
If you are in the US, you're correct that most FICO scoring models will collapse multiple car loan inquiries into a single one (and I believe it's within 45 days for newer models and between 14-30 ...
- 47.2k
44
votes
Accepted
Electric car lease or buy?
There are some who argue that you should lease an electric car. These factors are in addition to all the normal pros and cons of leasing vs. buying.
The technology is still new and is advancing ...
- 5,271
42
votes
Dealership wants more money years after vehicle is paid off?
You know how you get "extended warranty" solicitations all the time? That's because the fact that you bought a new car is public knowledge.
It sounds like a third party is using that public ...
41
votes
Should I worry about having my credit pulled multiple times while car shopping?
He's trying to scare you into thinking doing another search will negatively impact your loan rates / credit score.
If you believe that then you are more likely to buy from the place that has already ...
- 481
39
votes
Girlfriend took off with the car I got a loan for
I was in a similar situation 20 years ago and want to highlight one aspect you didn't mention, that kept me awake at night. This is your car, your insurance and your registration that she is driving ...
- 499
38
votes
Accepted
I just paid off my car - should I release my Credit Union's lien on the car?
For practical purposes, you will need/want to remove the lien before you sell the car1, so unless you plan to run the car until it falls apart2, you will need to remove it at some point. The question ...
- 9,105
36
votes
Should I tell my insurance company I have an unsecured loan for my new car?
If the loan is unsecured, then you own the car.
If the loan was secured on the car, and you lost, sold or destroyed the car, you would have to repay the loan. Since it's not, you get to keep the debt ...
- 7,566
35
votes
Accepted
Finance or pay cash for car right out of college?
You are in great shape. Very few people have 90k in savings at any age, let alone coming right out of college.
The question you checked out, really does not apply to you. You are making a ...
- 76.1k
34
votes
Would using an expensive car as collateral for a small loan to get cheap parking work?
The joke has several flaws.
The bank would likely not accept a $100,000 car as collateral on a $1,000 loan. If the bank ever needed to collect on the debt, that would get messy fast. A bank can't ...
- 3,641
33
votes
How can I remove my name from a car loan?
If you were allowed to "simply" take your name off of a loan because you didn't want to be on the hook in case your friend failed their payments then that would mean that the bank would have to ...
- 8,287
32
votes
Accepted
Insuring a girlfriend's motorcycle
I think you have two options here:
1) Buy the bike from her. This way the bike is yours and not hers. You pay your insurance, you make the loan payment, and own it if the loan ever gets paid off. ...
- 76.1k
30
votes
Co-signer taking over as primary when borrower can no longer drive
She would have to buy the car from you, likely getting as new loan to do so. Lenders are not likely going to just "take your name off the loan". Understand also that her co-signing on the ...
- 53k
28
votes
Why do people buy new cars they can not afford?
If everyone bought used cars, who would buy the new cars so that everyone else could buy them used? Rental car companies? Your rant expresses a misunderstanding of fundamental economics (as demand for ...
- 32.7k
28
votes
What's the best way to quickly get a car on low budget with a poor credit score?
I'm totally unfamiliar with car leasing, which I thought might be a more affordable and suitable option right now
Leases aren't an "affordable" way to get a car. They're a way to get an ...
- 131k
27
votes
How can I get my ex-fiancee to refinance a co-signed car loan?
Pay off the loan, or convince your ex to refinance and pay off the loan.
You made a promise to the bank to pay back this loan. You can't remove your liability and shift it to another person because ...
- 2,550
27
votes
If the co-signer on my car loan dies, can the family take the car from me like they're threatening to?
If you've been paying on the car for three years, it's possible that your credit is in a place where you don't need a co-signer any more.
See if your bank will re-fi with you as the sole debtor. If ...
- 666
27
votes
Advice for paying off student loans and auto loans now that I have my first 'real' job
The best approach by the numbers is to pay minimums on everything and put all extra towards the debt with the highest interest rate. So, that would be the unsubsidized loans in any order, then the ...
- 69.1k
26
votes
I can't produce a title for a vehicle I just traded
The old truck is collateral for a loan. The place that made the loan expects that if you can't pay they can repossess that old truck. If you sell it they can't repossess it.
The dealer needs clean ...
- 136k
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