Finance car

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.

Re-finance car or sell?

Q) I'm moving to canada and my finance company (toyota financial services) won't let me take my car unless it's completely paid off. Is getting the car re-financed by a finance company in canada (I'm thinking the toyota finance services in Canada) better or should I sell it off in the US before coming? Kinda sad both the finance companies don't work to help their customer (I've talked to them both). Since Toyota's financed it they have the title and won't let me take it outside the US.

A) Who is going to stop you from driving your car across the Canadian border? I mean, what would Toyota have done, put an APB out for your car and have the FBI waiting on your arrival? I would have never told them anything about it. That's the craziest "rule" I've heard of. I assume, they are afraid they couldn't repossess it if you ever defaulted on the loan. At any rate, if you can get it finanaced in Canada, that's what I would do. You probably like your car and you know it's condition.

Sell finance car?

Q) What happens if you dont want to have a car anymore that is on finance do you have to keep it.

A) yes you have to keep it, unless you can... A. trade it in a dealership who will pay it off then put you into something else. B. sell it privately, in which you will inadvertently payoff the loan(call the lender and find out you payoff balance) C. total loss the car in an accident or theft, and hope you have gap insurance. D bad option! give the car to someone you REALLY TRUST to make the payments (the loan is still in your name and will make it hard to purchase another till that loan is satisfied) E. payoff the loan yourself. F.last option, give the car back to the lender and have a repo on your credit report. (bad idea) those are pretty much your options, good luck!

Are car dealerships better more willing to finance cars than banks and stuff like that?

Q) It seems like they would have more of a motive to finance someone a car since they'd make even more money, so are they more willing to finance to someone with not so great credit (a score of 680)?

A) There is a difference between better and more willing. They are often more willing because they sell the loans. They also normally charge a higher rate of interest. If you cannot qualify through a bank or credit union, I would recommend that you try to have someone cosign with you. Please realize that cosigner is risking their credit on your ability and responsibility in repaying the debt. Do not ask this if you are not going to make the payments on time and as scheduled. If a cosigner is unavailable and you have to get a high interest loan, I suggest getting a lower priced car and making the payments to establish better credit before buying the car of your dreams. Often the key to building or rebuilding a credit rating is to delay gratification.

Bank may not finance car?

Q) The salesman said the bank would not finance the car because my mother lived out of town and it is my firs car. anyone ever hear of this. he said as far as they should be concerned we "live in the same house"

A) your salesman sucks, to be honest with you, if the finance manager was creative or as we in the car bus call it strong, he would have no problem getting the loan for you, go to a different dealer and tell them you are looking for a strong finance manager that has a good relationship with ford motor credit corp, ford does not care where your co signor lives but they cant use their credit as the primary, that shouldn't be any big deal, he should get the loan and the only problem is you wouldn't qualify for the best financing possible, tell them your going to take you bus elsewhere and go on you way. its really unfortunate that dealers are so weak as to not get a finance for a kid and his mom. all this is under assumption that your mom has good credit. if that is the case there are other banks that will do the loan like wells Fargo, citifinancial, capitol one. and if the dealers in your area cant do at least that then take your self to a credit union with your mom, open a savings account and get the loan through them. good luck out there, if you were in Connecticut i would tell you to come see me and i would easily get you financed through ford motor credit

Should I wait to re-finance Car Loan?

Q) I had to close out 3 accts: 2 cr cards 1 LOC, and I just learned that one of my chks from cr card was ret'd for insufficient cash. I want to sign up for a Credit Union in order to re-finance my car loan to a smaller APR (8.99% now). Should I wait until my credit history calms down before I join Credit Union? Or just not apply for a car loan until next yr when my credit settles a bit? I did sign up for a debt management solution which downsized my monthly pmt on the 3 closed accts.

A) wait at least a month after the cards close so that your credit report is updated with the information. Also, it depends on where you are at with the current car loan. Most refi's will only finance you upto 100% of the value of the car <www.kbb.com to find value> if you owe more than that, youll have to pay your current lender the difference before you can do the refi. Also, because you were on a debt management program, it will be looked at negatively, and will take several years for it to fall off, so you may qualify, but not for the best rate.

Where can I finance a car with bad credit in Dallas Tx?

Q) finance cars; bad credit

A) I would suggest pay cash or public transportation. If you have bad credit you will be paying a very high interest rate...why do that?

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.

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.

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.