OK, you do not deserve a loan. Do not buy anything, do not sign anything, you are too stupid to enter into a contract.
the bank writes the loan.
Your kidding. Your not that stupid are you. It means to get the money from a bank loan.
Our friend is willing to take over our 480 month payments, we never use the car and he is starting a family. It is a new 06%26#039; car so we can%26#039;t sell it we financed it and we traded another car so we are upside down. What should we do as far as insurance cancel it? Can we make a bill of sale? He can%26#039;t put it in his name yet, but maybe in a year or two., Any advice greatly appreciated.
I agree with COWBOY BILL. DON%26#039;T DO IT. He wrecks it, YOU can get sued and loose your insurance. He stops paying, YOUR credit is ruined.
You think it%26#039;s expensive paying for the car? Wait till you have to pay and NOT have the car.
Advice: 3 choices: 1) Bite the bullet and keep and drive the car. 2) Sell the car and get a personal loan to pay the upside down part. 3 Let it get repo-ed and ruin your credit and a lawsuit from the lender to recoup the losses.
well i suggest going to a public notary, you can make a contract with the conditions that when your friend finishes paying the car you will transfer the title to him or her. and you must also think about stating that if he fails to make the payments you could cancel the agreement, because your friend is using your name(credit may get harmed). just think about the consequences.good luck
I Agree with the 1st person %26amp; another thing the insurance has to stay in your name due to the car being in your name your friend will have 2 cover that as well but if he gets in an accident they%26#039;ll come after U cause you still own the car.Good Luck
Well remember that you do not own the car the financing company does.
My suggestion is to see if your %26quot;friend%26quot; can get a loan to pay your loan off. If not it will be a tricky one. You can not change the registration until the car is paid off so it will remain in your name. Second if you cancel your insurance and something happens to the vehicle (stolen or accident) whether you are driving or not you will be held liable. A bill of sale will not work since once again you do not own it.
Advice: DO NOT DO THIS. You are on the brink of losing your friend, your money and your car. If he cannot buy it outright he has no business dragging you down with him. You will be FAR better off borrowing the difference on the payoff and selling the car. Legally, who the heck knows? If he fails to pay his insurance premiums and injures someone in the car you will likely be held responsible for ALL costs involved -- plus you will STILL have to pay for your totaled vehicle. All the forms and contracts in the world are worthless unless you actually own the car, which you do not. Again -- DON%26#039;T DO IT!
I would go to your local office supply store and see if they have some type of contract that you guys can sign. I would have it notarized. Make sure each and every month the payment is made, it is your credit that will be affected. Maybe call your local free lawyer service and ask their advice. Just like a loan to a friend, money does change friendships, so be careful, but clear and firm. I have to add something here after reading some answers. You, just like a finance company can require them to have their own insurance. You are not responsible for their accidents. I just assumed you would have proof of insurance for your vehicle. The only way you are connected to that vehicle is by loan only, call you loan company and ask exactly what you need to do this legally.
As long as the title to the car is in your name, you are completely responsible for anything anybody does while driving that car. Your friend is not on your insurance policy, so if he gets into an accident you will be totally financially responsible for all legal fees, medical costs, lawsuits, etc. If you cancel the insurance, you%26#039;re still responsible, plus you%26#039;re breaking the law because then you%26#039;re allowing YOUR car to be driven without insurance. If he breaks the law while driving your car you could very well be arrested as an accomplice. It does not matter one bit whether he%26#039;s making payments on the car; if it%26#039;s in your name, the car is legally yours and you are the one who%26#039;s going to get slammed. Do Not Do This. Either sell the car outright (with a legal bill of sale and a title transfer and all) or keep it yourself, but DO NOT do anything like what you%26#039;re talking about.
EVERYTHING YOU KNOW ABOUT BUYING A NEW CAR
financing
okay , i am an international student studying here in the US , and i was thinking of getting a car but i don%26#039;t like most of the cars that are used around here and i cant seem to buy a car with what i have stashed ! , my question is, can i as a non-American , with no social NO , 2 get financing on a car ( paying a down payment and then paying monthly for a car )
any information about buying new cars and all the things related to that would be totally awesome !
car insurance
............................. etc
with no ss number it will be impossible to buy from a dealership of any sorts, ur best bet would be to look in the local paper to buy a car from someone. dealerships wont give a chance with no ss number. sorry
you could prob get financing from a private person if they were willing, but you will need a soc to get financing from a major lender ie dealership. i dont know how it works for ins, but you will need to show proof of insurance to get the title and tags.
no no and no buy a camel.
This is the situation. I have a financed car two years into the finance. The car is worth more than the remaining balance by about $6,000. I would like to trade it for a cheaper car and get the difference as well as lower my monthly payments. How this should be done? Is it possible? Do car dealers help in this situation? Please be as specific as you can. Thanks so much for your help!
Will the dealers %26quot;help%26quot; in this case - that depends on the dealer... The dealers definitely can do this kind of thing, but you have to find the dealer that will pay you as close to the trade in value that you are expecting as possible. Not all dealers will give you a good price on the trade in. I am currently looking to trade in my vehicle and I know. Do not assume that any dealer will help you... you have to help yourself to get the best deal.
1) Find out what your car is worth
2) Know exactly which car you want to buy and price range. (Kbb.com, edmunds.com) can you help you with these two steps. For step 2 you can refer to carreview.com to get user opinions on various cars.
3) It is not always the best thing to sell the car outside and go and buy a different car because when you trade in a car you save sales tax on the price of the trade-in. Let%26#039;s say your car is worth $10,000 and your new car is worth $6,000. In this case you will not need to pay sales tax on the new car at all since the value of the new car is less than your trade in value. If the new car is worth $12k then you will pay sales tax on the $2k. So regardless of how you do it you have to figure this in to see which is the better deal. If you have a car that is in high demand, you may be able to get a good price outside and thus net out better if you sell outside and buy a new one outside.
4) Shop around for the car you like and negotiate the price. Bring up the trade information at the very end.
5) If you are going to finance the new car it is better to arrange your financing outside before you walk into the dealership that way you can avoid all the scams that they pull with monthly payments, rates etc.
6) You may also want to look into trading the car in at CarMax.
Good luck!
Im in the EXACT same situation!
I havent gone as far as going to the dealership to see what they can do but i have been told by friends in the car business that dealerships are not interested in this too much. They generally are not interested in HELPING YOU so much as they are all about making money. You are %26quot;upside down%26quot;- means you owe more than what it is worth.....I suggest keep making payments and try to refinance if it is too expensive for you. I am trying to remedy my situation by paying a little extra each month.
Hope this helped a little!
My brother was able to trade in a used SUV for a new minivan and walk out with a check for the difference.
The first step is to find the car that you want before you discuss anything else with the dealer. Once everything is set for the purchase for the car you want, you say, %26quot;Oh yeah, I have this other car ...%26quot; and explain the situation. If you reveal everything all at once, you won%26#039;t be able to negotiate as low a price for the car you want.
Another way to do it is to sell your current car to a private party, use the profits to pay off the loan, and use the rest as a down payment on a new car.
If your car is worth that much more than you owe on it, sell it outright, spend a few dollars cleaning it up. The dealership will certainly %26quot;help%26quot; you, but they are in business to make money, put your vehicle in the paper and get what you can for it, The dealership will either farm your vehicle out or just give you the least amount they can talk you into taking, and then try to make you feel like they are doing you a favor.
i Believe you need to be more specif about your situation. I assume you are in a situation like this you owe 6000 on a vehicle that is Worth 12000. That being the case and if you want a cheeper car with a cheeper payment or no payment at all. Research what you are looking for go to Nada.com or kelly blue book and know what cars are worth exactly then you can goto dealer lots and check on the cars available and know there value. Also be sure to check the trade in value of your vehicle most likely this is all they will give you for your vehicle at best. KNOW what you want when you go in and do not let the salesman talk you into anything else know what you are willing to deal for and do not budge not even a dollar either they will make the deal or they won;t but be willing to walk away. Be upfront and rude if necessary. I am a ex car salesman I know a lot of the tricks and they will try to to get you to buy newer to extend the payment etc. Know what you want to pay know what you want for payment and how long you want to make payments.. And most of all good luck.
Dealers want to sell new cars but they also want to make money. Basically, you want to trade in one car and buy another. There are two transaction. The question is how do you get the most for your trade and get the best price for your new car with the least aggravation.
Here is what I would do.
1. Go to KBB.com and figure out a fair or target price for your existing car.
2. Go to the dealer and negotiate the best possible purchase price for your new car.
3. Only after the purchase price is agreed upon, see how much you will get for your trade if you give it to the dealer. If it is not close to what your target price is, sell your existing car privately.
What is the reasoning behind a banks%26#039; decision to charge higher interest rates for used cars vs. new cars? It%26#039;s a secure loan anyways. I%26#039;ve always thought that a higher interest rate protects the bank in case u have bad credit because the risk is higher, which I understand totally... but what does a car%26#039;s age or mileage have to do with interest rates? The risk is protected by the loan value.
Actually, they are the same. The promotional deals where you buy a new car for a token or no interest are always in the alternative of taking a cash rebate instead. Forfeiting the cash rebate in favor of a lower interest rate is simply a pre-payment, or buy down, of the real interest rate. The only way to be sure of what is going on is to compare the terms with a financial calculator such as an HP-12C.
of this month. Surely not? We arranged with the dealership to be picking the car up around the middle of the month but to me that looks like they have been paid already and we should have just taken the car on the 1st. We decided to wait as there was no rush. So whats the deal with this? is this normal?
Your first direct debit payment should come out exactly a month after you applied for finance and signed the contract. that%26#039;s what always happens when i take out finance on cars.
Call the financing dept and confirm your suspicions and go get your new car!
You signed the Documents and I can bet that you will see that it says payments are to begin on a certain date. You chose not to pick up the vehicle, whereas if it had been a delay caused by the Dealer then there would have been some form of compensation and probably the payments starting on a different date. Understand that the space a vehicle occupies on a dealership%26#039;s lot costs MONEY. I doubt you have any choice but to make your first payment on the 30th.....go pick up your car!
no it is not normal and it is against the law to ask for payment until you have the goods. contact finance company explain the position. the first payment becomes due 28 days after delivery or the agreed date you have said you will pay the direct debit whichever comes first.
at some point in the future the question may arise date of purchase and in the circumstances you state confusion may arise sort it before you take delivery of the car
Your loan and your car are two separate things so whether or not you have your car won%26#039;t affect your loan in any way. Get your car! :)
Sorry that you had to get finance.
Do you know that until the last payment is made, you can%26#039;t actually call it %26quot;your%26quot; car? It belongs to the finance company. Also, as long as the car has outstanding finance on it, you aren%26#039;t actually allowed to sell it on until paid for? I fell into that trap a few years ago.
You should have taken out a loan instead to pay it out right. Good luck with the payments - what kind of car is it?
what does it mean when it saids finance this car
It simply means to take out a loan, which will pay for the vehicle in full. They will receive the title for your vehicle and will hold it while you make payments to the lender until you repay the specified amount. You can email me through Yahoo Answers if you have any questions.
Borrowing the money to buy it instead of paying cash.
Your question is too ambiguos.
A finance car refers to a vehicle that the lot is going to finance %26quot;in house%26quot; or %26quot;Buy here Pay Here%26quot;. That means it is easier to get because there are no bank guidelines, you just need money down and some references. Comparatively the opposite of this is a %26quot;Cash Car%26quot; meaning that if you are driving it home today then you need to pay cash. Hope this helps.
As a verb, %26quot;to finance%26quot; is to provide funds for business or for an individual%26#039;s large purchases (car, home, etc.).
Just pay cash or don%26#039;t buy. It is always cheaper that way and doesn%26#039;t infringe on your freedom.
