Took out a new car loan in 2003-5.4% interest.  Added to that car loan for trip in 2004.  The value of car exceeded loan as we paid quite a bit down.  I just noticed, two years later, that when we changed the loan back in 2004, they changed the interest rate to 10%.  Is this legal when it is still a car loan & the car is the collateral?
203006
They should have told you when you refinanced what interest rate they were charging you.  It is legal to change the interest rate.  You should also have asked what rate they were charging.  You didn't read the contract carefully.
360044
hard to know...you'd have to ask the bank.  Sounds like it may be accrued interest to the day of the month you are making the payoff and some sort of administrative fee--maybe title transfer fee?
581332
join a local credit union and see what they can do for you.  i had a 18,000 loan on a van for 5 years and after 1 year of payments, they were willing to re-finance it for another 5 years at the original rate.  due to the 1 year of equity, my payment would have dropped to somewhere around the 200 area.  but, i chose to refinance for just 4 years so i could get a lower rate.  either way, join your local credit union.
432590
If you listen to the 2 previous posts it is a little crime called INSURANCE FRAUD punishable by large fines and prision time. You could do what most people would do and try to sell it. If you owe more on it than it is worth keep driving it and paying on it until the value and payoff balance out. As wonderful a thought of being debt free is, you also signed a contract promising to repay the loan. If you renig, you dream of being debt free will continue even when you change your mind and want credit and no one will give it to you.
638899
the rate that it could adjust to is posted in your note! read your note. You need to refi this note to a fixed rate. With that start rate you must have had some credit issues. Start the process today. I am a loan officer in TN only>
361155
Yes, this is normal -- but hardly desirable.  Over time the interest you pay per month declines and principal increases.  Try to get another loan with a lower rate to cover the balance.  If this is not feasible, pay as much as you can to reduce the interest you will pay over the life of the loan.  See debt reduction calculators to find out how much you can save.  Clearly, you are getting hit hard by interest!
626466
It's probably not going to happen.  If you trade it in, the dealer is going to add that 8K to any balance on the new car so your payments will likely be a lot higher and you'll have to step down quite a bit on a car (and not sure a dealer will take that risk if you step down)\n\nBetter ideas: (some of these require excellent credit)\n- Talk to the loan holder on the car and see if you can't refinance it for a lower interest rate.\n\n- Join a credit union and then see if they will do a refi.  You might be able to both lower the interest rate and extend the term a bit longer so your payments will be lower.\n\n- Sell you car on the street and get more for it.  You will have to have the cash for the difference between what you owe and what it sells for (but still should be a LOT higher than the dealer trade in value).  Then you can go get a loan on a new, cheaper vehicle.\n\nTake this lesson to heart and buy cheaper next time.  A car really only has to reliably get your from point A to B, so stretching your finances to own something  fancy is pretty much a waste.  You will never accumulate real wealth if you keep doing that.\n\nGood luck.
410283
You are in a tough situation. You do have a bill of sale, but, since you financed the car, if the dealer does not have a viable finance source for your contract, than the contract is considered "not cashable", and so, unfortuanatly, yes, they can take the car back. You have a couple of options, talk to the dealer and find out if there is some additional information you can provide in order to help them obtain financing for you, or, you can contact your local bank or credit union to arrange the financing for your self and then just pay the dealer and then they can't take the car back. I am a finance manager at a car dealership, have been for 12 years, drop me an email if I can help answer any other questions for you.
458572
Contact the business which loaned you money for the car.  What probably happened is:  you turned the car in to them....they sold it....the amount of the sale did not cover your loan amount... you now owe the difference (called a deficiency balance).\n\nMake arrangements to pay it... and any other debts that you've decided not to pay.  Grow up....fix your own credit.... you and you alone are responsible for it.  You can pay a company to "fix" it for you, but it won't be fixed and you will then owe THEM money.\n\nIf you've been turned down for a loan, go back to that loan officer and ask her how you can become more eligible for a loan.  Follow her advice exactly.
371529
You can't claim it in a different year than the one in which it was paid or accrued, but you can file amended returns for those prior years to claim a refund of the tax that the deduction would have saved.  However, an amended return must generally be filed within 3 years of the due date of the original return, which means that you may only be able to claim a refund for the interest attributable to the years 2003-2005.\n\nConsult a tax advisor for advice that takes your specific circumstances into account.
391770
it would not adversly effect your credit to refinance your car loan.  short term, you may lose a point or two, but that will recover within a month or two.  don't let that stop you from making a wise financial decision.  \n\ncall your bank, credit union or even the company your car loan is with now.  get some quotes on rates you qualify for - ask for a 3 year term.  then do some math.  what you want to do is figure out if it will be beneficial to refinance.  you can do the calculations on this site: www.bankrate.com.  click the calculator button at the top, and then click on the credit card link "the true cost of paying the minimum" (its the easiest one to use).  plug in the loan amount, rate, monthly payment they quote you, check "fixed payment" and click calculate.  do that for the loan you have now, and compare to the loan you could get.\n\nyou may find refinancing that car loan could save you a lot.  on a $10,000 loan, reducing an interest rate from 10% to 5% will save over $800 in those 3 years.  And cutting a $13,000 loan from 15% to 10% will save over $1,100 in those 3 years.  On the other hand, if refinancing only saves you $300 in 3 years, it may not be worth your time.\n\nDo what works out to your advantage.
207799
Yes it is legal since they have a contracted right to the money you owe them. It means that they will contact your employer and your employer will withhold part of your pay and remit it directly to the loan holder.  The amount varies based on state law but usually is is 25% of your pay.
568591
Alright...  I'm kinda confused with all your info but...\n\nN = 60  (5*12)\nI = ??\nPV = 19,000  ($22,000 - $3000 down payment)\nPMT = -350 (negative because you need opposite signs)\nFV = 0  (so it paid off in 60 months)\nP/Y = 12  (periods per year)\n\nI think interest is what you are looking for.  Which is approx. 4.01% when the above is solved.  4% is a REALLY good rate for right now but the current average for new car loans is about 5-10% depending on your credit.  4% is possible from a promotional standpoint.  I'm not sure why you are trying to find the future value of your down payment in the second set of information.  Basically, the information I typed aboves means that if you take a loan out for $19000 and pay $350 per month for 5 years, it would be paid off, using 4.01%.  \n\nThe PV of the car is what you are taking the loan out for.\n\nYou would only want to take a loan out for a down payment IF the interest rate is better than the interest rate of the car loan, which is unlikely.  \n\nI recommend paying as much of a down payment as possible and make as large of monthly payments as possible.  Make sure that when you make payment above the $350, that you state that it is for Principle Only, this way your loan will get paid off faster and you will pay less interest.\n\nHopefully this makes sense... let me know if I've confused you.
84469
You should contact whoever has your loan and work it out. Maybe they'll let you pay it in installments so you can catch up.  Don't ignore it or it may go into collection and your car might get repossesed.
503605
Since you're actually asking this question, I'm going to assume (dangerous thing) that you will be disciplined in your use of your dollars.....\n.... pay off the cars.  And don't go getting car loans any more.  Apply the extra $220 toward the 20% 2nd loan, and pay it off early.  Instead of re-financing, you'll just be left with the 80% loan at that point.\n\nInterest rates go up and down in cycles.  They've been at the bottom of the cycle for a good long time now.  In a few years, don't expect or plan on them being lower than today.\n\nGet the best interest rate you can on the 80% first, and plan on keeping that loan.  Pay off the 20% 2nd as fast as possible.
159433
Just make the payments and it stays yours. Fail to do so and they will take your car, determine that it's not enough to cover the loan due to depreciation and then you will still owe them money! So pay it off! And if you do have a problem go to the bank and they might work with you by just letting you pay the interest for a month or two as it is cheaper for them to do so than reposses your car.
64910
Well, I'm your age and did both. In truth, after I payed off the house completely, I saved for a few months and bought the sports car. It was an amazing feeling knowing I owned the house outright. Then you still have time for the car! And when you're ready.......man do I have advice about which car to buy......lol!! Good luck :)