ok so my husband wanted to buy a GTO Judge off of ebay. I have the better credit so I applied for a car loan online through a financers of fine classic automobiles. The bank took their sweet time getting us the money so the guy ended up selling the car before we got the money so my husband cancelled the loan (before the check was even sent in the mail). I get a bill the other day for a cancellation fee of 99.00 Inspection fee of 115.00, Vendors single interest insurance 75.00 and postage fee of 45.00. Total 334.00. So I did not get a loan but now I have to pay this???? Is this legal? They sent us NOTHING in the mail i dont even know what the “vendors” thing is. this is BS. My friend was telling me about the Truth and Lending statement whats this?

I’m 17 years old and getting my license soon. I’m also planning to buy a used car. I’ve found a Honda Accord coupe online that I’m interested in. Oh and btw, the Honda Accord is probably around 10000 and yes I do realize that I should go start with a car thats cheap at first and then just go trade it in. But then it occurred to me, its either: buy a cheap one that i wont appreciate or buy a nice one that is all cool looking (yes teenager stereotypes) BUT I know i’d be taking good care of it. And Honda Accords are one of the most reliable cars around, and has a good resale value. I have no credit history but I’ am getting a job in a few months as a pharmacy technician. My mom has bad credit and its below 600. And we can probably get auto loans for bad credit. I’m just asking if this is a good idea. This is also a good way for me to build my credit history. Though I’m just curious if my mom’s bad credit would affect mine. If this is a good or reasonable decision.
Well I’m considering now to cosign instead with my aunt since she has a good credit score. So I’m wondering if this is a good choice. I still want to pursue that honda accord that I saw online and I do understand that the interest rates might be high and I’d be willing to pay for it. If I cosign with my aunt, how will it be like?

I have a odd scenario and need a little advice. With the tough economic times, I have fallen behind on my car note over the last 5-8months. The financed vehicle is in storage, therefore eliminating any chances of repossession. My purchase amount of the car was $28,900. A year and a half later, Capital One says the payoff amount today is $28,700, even though I’ve made $7000 in payments over the past year. I posted the car online, and someone wants to buy the vehicle for $25,000 cash. The issue is that Capital One, won’t budge, and stated that they do not negotiate payoff amounts, even if the net value of the possible car purchase price + the amounts I’ve paid already, is higher than the original purchase price from the previous lien holder.

I also don’t have $4000 to pay the balance in full. Capital One collectors pretty much told me that they do not negotiate. My question is that either way, I’m going to be screwed. If I allow them to repo the car, it’s still going to go on my credit as a repossession for 7 years. If I default on the loan, it still goes on my credit. I understand Capital One has set terms and expectations, but the car isn’t worth $25,000, more like $21,000, but the potential buyer simply loves the rare color combination. If they repo the car, they wont’ get the value that my buyer is willing to pay at a repo auction. I’ve really debated on taking the car to a salvage yard and let them strip the car for whatever I can get, then report the car as stolen, but that’s really not in my character. I know it’s not the most ethical thing to do at the time, but right now, I just can’t let the “big bank” to get the car back, keep the money I’ve already paid, hold me responsible for the balance, then sell the car from even more profit. I would just rather deal with the default on my credit report for the next 7 years. I already own my home, and my fiance has A+ credit, therefore credit purchases isn’t a big deal. At the end of the day, Capital One will lose along with me, so I’m not sure why they won’t budge. Has anyone ever heard of any bank lowering the payoff amount to at least get their investment back? What should I do?
Also, I understand salvaging the car would be more illegal and not really unethical, but that’s not the point, and that’s not a real option for me anyways. My question is what’s the best way to handle the situation based off the circumstances. To the user that asked the question, yes, banks definitely lower payoff amounts all the time with short sales on homes. They know that the house isn’t worth the amount owed, therefore they take the most reasonable rate that they can get from a potential buyer, just to avoid the foreclosure procedure. Any person should know this based off the current housing market.
Yes. I did not renew my insurance, which ended in July 2011. My monthly payment was $100 a month via Geico, nothing insanely overpriced. I was only using the housing comparison since a user used that example as if banks didn’t adjust prices for short sales. Not sure why an auto loan would be any different than any other kind of loan, which typically doesn’t put a lien on your house. If you don’t pay a student loan or a credit card bill, they don’t put a lien on your home. If you go via the collections process, and make scheduled payments, wouldn’t it be just the same as resolving a debt, with no liens placed?

And yes, I agree, no salvage company wouldn’t take a car with no title, and again, this was just a hypothetical question. However, there are plenty of people/places that would be happy to take and strip the car with no questions, whether I was the owner or not. But what happens if the car was wrecked, or greatly damaged beyond repair, it’s technically the same premise. N

Today, my husband and I were trying to open up a credit card in his name, hes never had one before. Well on the online application it asked some security questions. Two of the questions were completely absurd, for example one said “It shows in your history in 2005 you had an auto loan from which company?” and it listed a bunch of companies, the next said in 2008 he had a mortgage loan taken out in his name by which company. Problem is during 2005 my husband was not yet 18 so it was impossible, for the mortgage, we have never ever owned a home or for that matter taken out any loans. We were wondering if it is possible his parents did it. My question is, is that even possible to take out a loan in someone elses name who wasnt even 18 at the time? Wouldnt the banks have noticed?

I just recently go my license and now I need a car to get to school, work, take my girlfriend to school and work, and just for light transportation uses. I was originally gonna take out an auto loan from my bank for $5,000 for a 60 month term at around 6% interest rate all costing me roughly $100 dollars a month to pay off. I was declined the loan due to my insufficient credit history and would need a co-signer. So I spoke to my mom and she said that she had a better alternative. She said she was going to take money out of her 401K to loan to me and I would pay it back with no interest so I agreed. She had just recently paid of a loan and just this Monday put in for my loan and I’m guessing she’s waiting for a response which I thought they would have gotten back to her by now. Anyways I start school next Wednesday and need the car like now because my hopes are to have it ready as in insured, registered and such. I want to go this saturday to some dealerships and be done this saturday. My questions are:
1) What should I expect in buying this car?
2) What is the process in buying this car?
3) Will I be able to buy it and take it off the lot on the same day?
4) What should I be cautions about when shopping around?
5) How soon can I get the car insured?
6) When can I get the car registered?
7) How long will it take to register? How long will it take to get the car insured?
9) Do I have to go to the agency to get my car insured or can I do it online?
10) Is there anything else I should keep in mind with this whole process?
I would greatly appreciate anyone’s sincere, honest, answer. Thanks so much!
Some additional questions are.
11) Is Toyota, Honda, Nissan, Hyundai good makers?
12) If not, what would be a good maker, model for a starter car, not looking for anything fancy, also under $5,000

i have an auto loan and want to make online payment from my bank account

You can afford monthly deposits of $260 into an account that pays 4.5% compounded monthly. How long will it be until you have $9,100 to buy a boat?

E-Loan, an online lending service, recently offered 60-month auto loans at 3.6% compounded monthly to applicants. If you have good credit and can afford monthly payments of $373, how much can you borrow from E-Loan? What is the total interest you will pay for this loan?

I know I have terrible credit, I work to much and don’t have time to pay my bills, but my friend is getting rid of his scion tc, and he has $9,000 left on his loan, so I am trying to take out a loan to cover the $9,000, My credit score is between 450-500, can anyone tell me where I can find an auto loan with that kind of credit? Maybe an online lender? And please no sarcastic answers.

I am 20 years old looking to purchase a new(ish) vehicle, But when it comes down to auto financing I am absolutely lost. I am currently making around $1200 weekly at a very stable job but have limited credit history due to not owning a credit card till about a month ago and just recently starting to purchase things on payments (both of which done only to attempt to raise credit.)

Now my question is what online loan/financing company would be best for me without having to pay more for interest than the vehicle itself.

I’ve also heard that it is more expensive to finance a used vehicle than a new vehicle, can anyone clarify?