i need a lawyer that can help me in a car finance tragedy can you help me?

Q) i purchased a car from shawnee mission kia in september the motor blew 6 months later. The people that gave me the loan said they would tack the money it would cost to fix it at 27% intrest sio i will be paying $9000 FOR A CAR THAT IS BLUE BOOK VALUE OF $1070 i didnt want to do that so i volenteered the car back to them as a repo. They also called one of my refrences to tell them that if i dont call them that they would be forced to repo my car. what should i do? noone wants to help me

A) You are not in a good situation. Even if you surrendered the vehicle, it is still a repossession. They will tow your car through an auction and will be lucky to get $200 for it if the motor is blown. At this point, unless there was any warranty on the vehicle, you don't have many options since they already have the vehicle back. Oh, once they sell the car, and deduct how much it sells for, you are still responsible for the balance of your loan.

Finance company repossessed my car?

Q) The finance company took my car 1 year ago, they sold it at a public auction but as of what I know they where supposed to send me the Notice of Intent to Dispose the motor vehicle and they never sent me that notice, now I have to go to court because they've sued me due to the fact that the car was sold for less than the amount of the loan, so they want me to pay the difference. I want to know what are the chances of me winning the case, since I've done some research and have seen really bad feedback and reputation about the finance company, the name of the financial institution is Westlake Financial, here is a link of ripoff reports against this company. http://www.ripoffreport.com/searchresults.asp?q1=ALL&q4=&q6=&q3=&q2=&q7=&searchtype=0&submit2=Search!&q5=Westlake+ I was late on my payment with only $16.00 and tI had agreed something with them, they didn't kept what they said and still took the car, I never received an invoice or statement from them during the time I had the car, I didn't even know where to send the payment, they sent me the first statement 2 months after they had repossessed the car, do you think that fair??

A) You have two chances actually. Little, and none. Since the repossessed it, you were behind on your payments, and you made no attempt to catch up. When they tried to contact you, you didn't talk to them. After they got your car, you will didn't make any attempt to make things better. Now, a year later you finally want to do something? Of course there would be "rip off reports"--no one wants to admit it was their fault. I'd suggest you finally contact them, find out how much you owe and pay it before court costs get added on to the total.

Signed papers 4 days ago on new car loan, is it too late to lease instead?

Q) I signed papers 4 days ago on a new car loan, since then I have thought about leasing, do I have any options? Is there a period where I can go back and ask for a lease vs buy? It is with Ford Motor Company. I have good credit, but I can see that the new payment may have more of an effect on my monthly budget than I thought. Does the buyer have a grace period where they can say, I changed my mind. I know I signed a Spot Delivery Agreement where the dealership can take the car back if financing is not obtained. Thanks

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What car loan companies don't ask for proof of income.?

Q) I'm trying to buy a 05 mustang for 20,000. I'm 19 and this the 1st car that i am financing. I have a 730 credit score. The only problem is with my proof of income. I am a waiter and all the money i make is in tips. Over the summer i worked for general motors and made 2,000 per month. So if worst come to worst i can use those pay stubs. But i was wondering what companies usually dont ask for proof of income.

A) They all do. If they don't there's something is wrong.

What car loan companies don't ask for proof of income.?

Q) I'm trying to buy a 05 mustang for 20,000. I'm 19 and this the 1st car that i am financing. I have a 730 credit score. The only problem is with my proof of income. I am a waiter and all the money i make is in tips. Over the summer i worked for general motors and made 2,000 per month. So if worst come to worst i can use those pay stubs. But i was wondering what companies usually dont ask for proof of income.

A) Auto finance is what I do for a living and your best bet is going to be Capital One on line. Be aware you will have to lie on the application and this is fraud if you get caught later. Maximum payment to income for Cap-1 is 16%, so you will need to make at least $2,500.00 a month. You have not been in the bureaus for near long enough for other lenders.

Has anyone ever bought a car off of Ebay motors?

Q) If so, was it worth it; did you get a good deal;did you get a loan or financing? I'm just curious.Gratzi!

A) I work in the auto industry. You can get a good deal as well as be burned. before you pay spend the few bucks on a carfax. Realise thats most state dmv laws do not cover out of state residents. For example a car that is sold in NY and bought by a NJ person may not be covered by ny law of some goes wrong. There are tons of "katrina" cars hitting ebay right now. you will also find some cars from Florida on thre as well. Stay away from cars with NJ titles. They could be redone wrecks and you would never know. NJ does not do salvage titles like some states. If your carful and do reasearch you can get a good deal. Capitol one has on line apps right on the ebay web site. I have had people use them with little issues. They loan you the money and let you pick out the car. the year make and model do not fall into play with them because its a personal loan. Some banks charge you more interest the older the car is. Some will not lend you money on some older cars. Some will not give you a 4-5 year loan on a older car

Study: Blacks pay higher auto loan rates As if we didnt know this already?

Q) WASHINGTON - Blacks have been charged higher auto loan rates than other auto buyers, federal research says. But the gap in loan rates could narrow, and possibly disappear, as the result of recently concluded lawsuits. ADVERTISEMENT Blacks paid a typical auto loan rate of 7 percent for new cars, compared with a rate of 5 percent for whites in 2004, according to a consumer organization's analysis of the Federal Reserve Survey of Consumer Finances. That was the most recent survey available. And blacks were more likely than auto buyers in general to have auto loan rates higher than 15 percent. For used car loans, 27 percent of blacks who buy cars were charged interest rates of 15 percent or more. Blacks were three times as likely as whites — 27 percent to 9 percent — to have auto loan rates at least that high, according to the report released Monday. Hispanics were paying a typical rate of 5.5 percent for new car loans, while 19 percent of Hispanics had loans for used cars over 15 percent, the analysis found. Lenders' suggested quote rates are based largely on the buyer's credit history, but auto dealers often raise the rate higher than that risk-related rate without discussing the rate with the customer, consumer advocates said. And they question the causes of those rate differences. "It's hard to believe that any differences in creditworthiness explain all of these rate gaps," said Stephen Brobeck, executive director of the Consumer Federation of America. "They size you up, the car salesmen and finance and interest guys. They must think African-Americans are more vulnerable to a markup." But a series of legal actions against auto finance firms seeking fair treatment for minorities could help solve that problem. "We had 11 lawsuits, the last of the cases settled last month," said Stuart Rossman of the National Consumer Law Center. "We reached a settlement with each of the finance firms. Our cases involved discrimination. We believe the terms of the settlements will eliminate discrimination." The first of the lawsuits was filed in 1998 in Nashville, Tenn., against General Motors Acceptance Corporation and was settled in 2004. The last settlement became final in April. The effects of those legal actions may not be known for some time, however. The National Auto Dealers Association questioned what accounts for the rate differences, but encouraged auto buyers to do their homework before going to buy a car. "The question that still is unanswered is why," said David Hyatt, a spokesman for the dealer's association. "People should do their homework and shop around. It speeds up the transaction, makes for a smoother transaction and is more likely to result in a satisfied buyer." Hyatt said an organization supported by the auto dealers, Americans Well Informed on Automobile Retailing Economics (AWARE), offers tips to potential car buyers. Chris Stinebert, president and chief executive of the American Financial Services Association, said his group is interested in educating consumers. "AFSA and its members believe there is no place for discrimination in the vehicle financing system," he said. The lawsuit settlements against auto finance companies call for caps on dealer markups, opportunities for blacks and Hispanics to get loans with no markups within the next few years, more information about interest rate terms and consumer education for minorities. "The lower markup caps have leveled the playing field," Rossman said. Consumer advocates say prospective auto buyers should call their bank or credit union for a rate quote to expect on an auto loan. That could protect them from unfair markups. Other ways to hold down costs. _Make all loan payments on time. _Buy a used car, or a less expensive new car. _Take out a loan over a shorter time. The survey of 4,519, including 605 blacks, was analyzed by Catherine Montalto, a consumer specialist at Ohio State University for the Consumer Federation of America. The survey was conducted between May and December of 2004.

A) That is why they wont vote for any Republicans too. African Americans know what being discriminated is really like, they haven't ever really been given a fair shake. My neighbors that bought a home were charged over $20,000 dollars more than the House even listed for because of this. This is just another way to keep them from prospering in our Country and I think it is counter productive personally.

I have horrible credit and need help fast please help me please!!!!!!!!!!!!!!!?

Q) When I was younger I did a lot of stupid things and messed up my credit. In Aug. of 06 I financed a car through drive financial for 14 almost 15k, in Nov of 06 my car caught a fire my insurance company only paid 12,500 on the car and left me with a balance of 2500. I wasn't aware of the balance until i tried to get a car financed this year and now it is harder than ever trying to get a loan. I have found this car for 7000.00 and can't get a loan anywhere can you please help me please I am begging please. I had a ford taurus and the motor went out, just really need another car please help me please. Only serious inquires please Mr Alex C how long do it usually take for him to respond, and how long to receive the loan

A) First, you really need to clean up your credit reports! Go to the website below and read all of it! There are links for Auto loans and you can apply here through a broker who will only pull your credit report once and send it toall lenders looking to help those like you. Also look into why your insurance company didn't pay off the entire balance on your last car loan. I would also get a credit monitoring service and this is the best way to check your credit and begin cleaning it up. You can check your credit as often as you want to without damaging your credit scores! I got my credit score from 480 to 709 with the help from this website and I'm glad I did too!

Where can I get a bad credit auto loan with a score of 560.?

Q) I have already tried one of the local dealers and they told me no yesterday. I have a car financed with Ford Credit right now and I am upside down on it because I deffered a few payments a while back. I want to trade it in, because it is starting to have problems and it is not worth me putting more money into it. I really do not want to go to a buy here pay here llot, because their cars are really over priced and they usually have motor issues too. Please let me know what you think. Thanks!

A) What type of car are you looking to purchase? Some lenders, like Ford Motor Credit and GMAC, will approve your loan based on your tier level, which includes credit score, job time, residency, debt-to-income, and loan-to-value. Each situation is unique, so it's hard to give you the best advice without more information. How much do you owe on your current vehicle v/s the payoff? What are you looking to purchase? New or Used? Hoping to help! You can email me if you would prefer. Good Luck!

Ford Motor Credit approval?

Q) I'm looking at getting out of my traditionaly financed car and getting into a lease. I have alot of negative equity (about 8-10k) and they are doing huge rebates on the focus's right now and they suggested I go with one of those. My credit score is in about 606 according to the 3 burearu credit scores and i've never ever missed a payment. I have stable income and have been at my job for almost 2 years. My husband has our car thru ford credit (my name is not on the loan) would it be possible you think for me to get approved? I was approved last month when we bought our second car thru another company (traditional financing)

A) Based on the information that you have supplied, i don't think that "credit approval" will be a problem. However getting an approval for the amount of 'negative equity' that you mention WILL be a problem. Even taking the huge rebate into consideration, FMCC is not going to let you roll $5500-$8500 into a new lease on a Focus. FMCC & the dealer will definitely "work with you" on that but (I would bet my right arm that) they will require a big chunk of money out of your pocket. I am sorry ;'-( to be the bearer of bad news, but I have had a lot of experiance in this area & I'm just telling you the truth.