Car finance

Questions and Answers

Car Finance???

Q) Anybody got any ideas how I can get rid of my current car? The full story goes like this, I purchased a car through a finance company about 5 years ago. I was making payments every month for about 3 years then lost my job and was unable to pay the full amount. After getting another job I continued to pay for the next three years. Now my wife has been awarded disability living allowance at the higher rate and will be getting a car with it. The I have paid about 75% of the finance agreement of and now want shot of the car. I don't think I can sell the car as there is still finance on the car? Any sensible ideas would be great.

A) You're right, because you can't get the title from the (bank, presumably) until it's paid off. You can always sell it back to the bank.. but you will lose a considerable amount of value. OR, you can transfer payments to whomever you wish to sell it for by going to that finance organization with the other person. ie) you have $5000 left to pay.. car is worth $10000.. have the new buyer pay you $5000 (or most likely less in this situation)... and give him the payments.

Car Finance Guarantor - Help?

Q) hi All, I wonder if someone could offer any advice. My sister purchased a car about 9 months ago and took out finance on it. She managed to persuade my mum to go guarantor on the payments (as she has a poor credit history). She bounced the first payment so the finance company called my mum and she immediately got the Direct Debit put through her bank account to ensure the money went out every month. However, since then, my sister (who lives at home and is turning in to more of an adult brat by the day) has not met one payment and my mum has had to pay the finance every month (my mum pays everything on time and the thought of having a payment that she's even partly responsible for being missed would fill her with horror). However, she has retained full use of the car despite not paying a penny for it. Question is, is there anything my mum can do? Will the finance company let her sell the car? I'm not sure as my sister is the registered owner and keeper? thanks But as the car is registered with DVLA in my sister's name, surely the car is legally hers and my mum can't just take the keys? That's what my sister keeps saying anyway. Personally, I'd buy a clamp and put it on the wheels to stop her driving it until she starts paying up!

A) if your mum is making the payments its her car,take the keys off your sister

Car finance... Is there a way out?

Q) Two years ago I signed up for a 4 year car finance package, borrowing about £12,000 with Yes Car Credit. It has a huge interest rate and I pay back about £240 per month. I was with my husband at the time, so both our names are on the agreement. I have since split from him but I have the car and make the payments from my bank each month. Basically, I still owe about £6,000 on the car, however it is only worth about £3,000 now. These payments are making my life difficult now I'm single. Is there a way I can get rid of the car and the finance without affecting mine or my ex-husband's credit ratings badly? Another loan is out of the question - I want to get rid of all my credit, not add to it!

A) As I recall Yes Car Credit appeared on Watchdog some time back. They are not amenable to reducing your payments and will probably not aid you in any way. Is it H.P. or a loan? H.P. gives you some protection and you can cancel the agreement. Read the agreement. All may not be lost.

car finance problem?

Q) hi, i bought a car (03 plate)on HP aggrement last january. After one day of receiving it, i heard a noise coming from its front. i informed the dealer immediately because the car has 12 month warrenty. through these 6 month, the problem of the car is getting worse.and the dealer didn't take a single action to solve this problem. on the other hand, the finance company is asking me for the monthely instalment aggreed although they took my previous car as a deposite. my problem now is that i would like to terminate this aggreement becasue i paid a lot to vauxhal to get a report for the car and i don't need this faulty car anymore. i stopped paying them until they fix the car and it seems they won't. this affected my credit score badly. so pleeeease help me in sorting this matter.

A) Visit a lawyer. The car company does not care if you pay or not, only the finance company. The finance company does not care if the car works or not, only you. If you can not get the dealer to hold up his end of the warrenty then you must take him to court to avoid very bad things happening to you. Should the car get repo'd it will be sold at auction and this will leave you still owing the finance company most everything on your contract. However, if you get a lawyer and can show neglegence/bad buisness practices on the dealer you may be able to get out of this contract. But only through the court system will this not adversely affect you.

cancelling car finance?

Q) me and partner tried to get a car on finance but couldnt so my mum got us the car on finance in her name but the money comes out of my bank account but the log book is registered in my partners name now he has left me coz he has feelings for someone else but doesnt know who he wants, so i took the car off him and now he wants it back and said he was going to the garage where we got it from so he can get it back! but my mum and i want to give it back to the finance company... can we do this? and does he have every right to get the car back?

A) Your mother has absolutely every legal right in the world to cancel. It will cost a bit for admin but your partner has not one jot of legal right of ownership.

Car Finance..Does the registration document of the car have to be in same name as the person taking finance?

Q) Or if it is a husband taking out car finance can he register the car in his wife's name? Sparky..you are wrong there. I have insurance on my hubbys car and he is the registered owner and is a named driver only. We also had insured the car when it was registered in my mums name. You just highlight wether it is a spouse or family member etc. Nothing dodgy!

A) The registered keeper can be different to the legal owner, and this is reflected by the different types of ways of borrowing money to buy a car. ie loan / hp / lease etc. As a rule the Log book should have the same name as the car is financed in, and it will be a breach of the purchase agreement to change it.

Car Finance - Help and Advice Needed.?

Q) My sister was accepted for finance on a car subject to her providing information such as her marriage certificate and insurance. She had a telephone call yesterday from them to say she can no longer have the car because she was on sick from work. She was due back to work on Monday. Can her employee give this information to the finance people? But when the finance asked to clarify other information they wouldn't. To cut a long story short my sister and this girl don't see eye to eye at work!! Any advice on what she should do now??? Company Black Horse Finance

A) This all sounds a bit fishey. I used to sell car finance and the finance company just do a standard credit check. They do not contact employer. Has a credit card company ever contacted your employer when you apply for a card ???? Something is wrong here. Unless it is one of those " Bad Credit, no problem " firms. Iain.

car finance quirey?

Q) Ive just brought a 5year old car from a friend which apparently has some finance tied to it. I would rather a different car does anyone know if i took it to car dealers what would happen, would they exchange it for another car or cauld they contact the finace company.

A) you should never buy a car that has outstanding finance on it! If your friend decides to stop paying it then guess whos car is going to be repossesed!!! Yes yours and no garage will touch it unless its the garage that she brought it from and even then the only way to get rid of it would be to use the value of the car as a deposit on another car from them So in other words you will have to take out another car on finance to pay of the existing one, which to start with isnt even your debt. Do yourself a favour and get your money back off your friend

Car Finance Options?

Q) Hi I purchased a car from a private garage about a month ago on black horse (lloyds) car finance, they car was working well until about a week back when it started making funny noises, brakes were squeeling, engine got hot, service lights came on, and the turbo was making a loud whistle noise, which i know is the turbo on its way out. i wish to send the car back to have a refud of the payments i have made, as i believe i have wrongly been sold this vheicle. What options do i have. Thanks Jamie As i have purchased the car on finance, the car is not mine its the banks (lloyds)

A) They have your cash. You have there pile of junk. THEY ARE LAUGHING AT YOU.

Car finance settlement figure?

Q) Can anyone help me with trying to figure out how much my settlement figure on my car finance would be. I took out the finance last august 06. The car total was 3895 and i pay 124.62 a month. The first payment was 155. I have tried phoning them but their offices are open 9-4 Mon-Fri which is just useless to me as im in work. Does anyone know how the calculate this kind of figure? Thanks in advance! Ax Sorry the term was 36 months and I am not aware of the intrest rate i'm afraid. I tried this lunch hour but it was pathetic as I spent my whole 45 minutes on hold! I dont want to have to wait until my next day off. Its slowly starting to frustrate me now. Also the total repayment would come to 4850...so im not sure if you could work the intrest rate out from this? Ax I am a midwife, so therfore work in the hospital. I never take my phone into work with me. Its okay I shall just have to phone them when I get five

A) 9.25% for 36 months (3yrs) using the info provided. My online calculator yielded a monthly payment of $124.31 -- which is pretty close to your value. Here's the URL: http://www.mortgage-net.com/calculators/mp_cl.html Best wishes.

car finance?

Q) is it going to be good for my credit line by being a co-signer for a car loan? on the finance paper, my name is in the co-signer section and my dad's name is in the first section of the loan. but i am the owner of the car and the registration and the title is under my name. yhnak you in advance for your help.

A) Yes, this is a great way to begin building your credit history and earning your credit rating. Way to go.

Car Finance?

Q) Problem -a car dealer offers you a choice of 0% financing for 60 months or $2500 cash back on a new car. You have a pre-approved 60 month loan you can use from your credit union at 4% interest rate. If the monthly payments ar 0% are $16.67 per $1000 financed, and the monthly payments at 4% are $18.41 per $1000 financed, what is the range of new car prices for which the cash back option will cost you less?

A) taking the cash back and financing at 4% is the only option you should take. Apply the 2500$ to the price of the car, and lower the principal amount financed. It really doesnt matter about the price of the car, until you get about $40K. The 60 months financing is a ripoff. You will ALWAYS have negative equity in the car unless you made a HUGE down payment.. Go for your credit union's deal. You have already thought this through, and your hunch that the credit union was the better of the 2 options was a correct one. Follow your gut...

car finance?

Q) when can they repo a vehicle that is getting financed

A) As soon as you miss two monthly payments in a row.

Can i Cancel Finance with Welcome Car Finance after a few days?

Q) Hi, i bought a car from "Welcome Car Finance" and after speaking to members of my family and friends i've decided i no longer want the car as i also feel i'm being slightly ripped off with the amount i have to pay per month and i don't think i'll be able to afford it, anyways i only bought the car on finance only a few days ago, is there a cancellation period that i'm allowed to return the car and cancel the agreement without being penalized heavily?

A) I assume you are in the UK, in which case one of these 2 laws may apply: see http://www.bbc.co.uk/consumer/your_rights/credit.shtml In case you bought over the internet there's a 7 day period where you can cancel. Otherwise there may be a 5 day period (depending on where you signed the contract with them).

Car finance and insurance?

Q) I currently finance a car through the dealer and would like to add a friend on my insurance policy to drive the car too. But i was told that I could not do this by a few people if the car is in my name only, is this correct?

A) You can give anyone permission to drive your car (in most states). You do not need to add him unless he will be driving it on a 'regular' basis.

Do car finance companies allow for negotiation on a loan buy out or pay off?

Q) I have a 17.5% car loan and the pay off amount is $13,538 Orig loan amount $16,739. The car may be worth $7,000 at the most. 5 year loan that I am three years into. I will be coming into some big money soon and I was wondering if I can negotiate with the car finance company or will I have to pay the full pay off amount: $13,538?

A) Nope...you are responsible for the full value of the loan from the minute you signed your name on the contract. Kind of stinks but it's the drawback of signing loans with high interest rates with little down payment.

has anyone had a car financed through acc consumer finance?

Q) THEY ARE A FINANCE COMPANY FOR CARS, WITH PEOPLE WHO's CREDIT MIGHT NOT BE SO GREAT. THEIS CUSTOMER SERVICE SUCKS. THE PEOPLE TALK TO YOU LIKE YOU ARE NOTHING. IT'S CRAZY. SO, IF YOU ARE NEED TO GET A CAR DON'T GO THROUGH THEM. THEY ALSO, PUT IN A BOX IN YOUR CAR SO WHEN YOU START IT IT MAKES THREE BEEPS. IF YOU ARE LATE WITH YOUR PAYMENT THEY CAN TURN YOUR CAR OFF. THEY ARE LOCATED IN SAN DIEGO CALIFORNIA

A) ACC Consumer Finance clearly deals in the subprime market, and lenders in that market often tend not to be very gentle, so I don't want to sound like I am endorsing them. But to give the Devil his due, I have checked several complaint boards dealing with auto financing, and ACC's name doesn't come up. But some other lenders, like Washington Mutual, are poster children for abusive practices. As to the reminder box that they put on your car, that's not a totally bad idea. Those devices go by a number of different names. PassTime is the one I am familiar with. First, subprime lenders don't put these reminder boxes on everyone's car, only on those of borrowers who have a long history of missing payments. So if you look at it as a device used to give reminders to people who need reminders, then they are not horrible things. In fact, when you consider the alternative - - repossession of the car in the middle of the night - - they might actually be a very good thing. They save the borrower from a repossession that could be nasty, very inconvenient and very expensive. So I would suggest thinking differently about the reminder box than about the fact that the clerk was nasty. There really is no reason for the latter, even in subprime lending. But the reminder box strikes me as the better of two possible outcomes for people who need them.

How do I get out of a car finance contract without ruining my credit?

Q) So recently my car broke down, and I was so panicked that I went out and financed a 16 year old car because it was the lowest possible payments I could get. I acted on an impulse which was not smart on my part. But the car is falling apart in everyway possible and I just barely made my second payment on it. Not to mention the car gets 15 miles to the gallon and we all know what gas prices are like. The car lot told me to lie to the finance company about my down payment, and they sold it to me without me realizing the headlights dont work properly. Does anyone know of any loop holes or anything to get me out of this contract??

A) Well, don't take it out and crash it and then report it stolen. You'd most likely get caught and insurance fraud will cost you a lot more than whatever you have to pay for the car. I would try contacting the dealership. They have to disclose everything that is wrong with the car before they sell it to you. Broken headlights and all. They are required to inspect the cars carefully and have them checked by mechanics and tell you every detail. Go to them and let them know that you were not made aware of any of these problems. If they will not help you, and cannot afford a lawyer, I would contact some local media. In our area (SF Bay), we have a local news station that takes on stories and works on peoples behalf who have been ripped off. A lot of times, the company will take care of it to spare themselves the bad publicity. Otherwise, you will have to chalk it all up to a lesson learned.

Attention Floridians: Car Finance company did not properly transfer title unfortunately?

Q) I got picked up for driving vechicle without registration also the car was impounded and damaged from impound company. Question is finance company liable for this and also the cost incurred from the impound company.

A)

Have you ever heard of a car finance company charging additional fees?

Q) One of my members (I work in a credit union) just bought a new car & had it dealer financed, b/c we couldnt do anything for her b/c of horrible credit (& yes, I know & told her not to go new, b/c of payment, due to the credit issues). She just came & told me that the dealer had to do a lot of shopping around to find a finance place (mid 400 score w/ collection issues & lates). The one they found, is not only charging 20% interest on $18k, but also charged an additional $2000 FEE just because of the high risk factor! So, they actually put on the $2000 on the financed amount (b/c of course, she didnt want to put any money down), so she is upside down $2k from day one! I have never heard of this. Is this something new or did they just get over big time? (even more than the 20%). I had the talk with her about her credit & needing to fix it long ago. She makes over $100k/yr, but is just bad with her money. Tried to help her reestablish, but turned down for $1000 secured loan! wayne: I know what you mean, but she is living beyond her means. Granted, $100k is a lot of means, but if you dont know how to handle it, its easy to get that beyond your control. I wish I had that problem, but seeing this, maybe I dont. With credit this bad, its about repairing the damage, not rebuilding it. There is nothing there to rebuild. She must start from scratch by paying off what is currently out there, not trying to get something new in the hopes that it will overshadow all the bad years.

A) I work in Special Finance and their are several lenders that charge additional fees to finance credit challenged people. The fees are supposed to be paid by the dealers. What the dealer most likely did was show a $2,000.00 down payment and then add that amount to the sale price. This is bank fraud and if the lender finds out this happened (if it did) they will make the dealer buy the contract back and your friend will lose her car.