good auto loan?

[princee18]

hi all my friend took an auto loan and due to some reasons he wants to cancel it.Is it possible through any means?
can he get the refund on what he has paid?

[Meya]

Nope, I know in California you do not have a cooling off period. He is stuck with the loan unless he find someone to take of payments. Or better yet, if the car is totaled out, or burned up

[hjm331]

Meya is right, you have to sell your car or find someone else to take over the payments.

[smcc]

Maybe you should shop for you loan as opposed to letting the dealer help you finance the auto.

[Meya]

This is the best way smcc. You are so correct. Cap 1 sends me out preapproved offers constantly and that is probably who I will take advantage of, or a cu.

[KellBell]

I had to cosign for my sister today and I can't believe my credit is strong enough to do so. My Experian is 648 and my Equifax is 616.

Anyway, Wachovia financed my sister with me as a cosigner. The loan was $13,000.00 and they forced us to put $2,200.00 down because she has no credit, and I have somewhat derelict credit.

[Meya]

Hope everything works well, this is where the fall outs starts. Glad to hear that you are strong enough to cosign

[hjm331]

If you have bad credit, you are required to put some type of down payment although you will be financed with a high interest rate.

[Meya]

They use "Stips" for first time buyers with bad credit. They put you through banks for first time buyers, make you pay a higher down payment (if lower you will pay more), and look for banks that accept people with bad credit. These banks will then pull your credit and you will have a ton of inquiries during the process. That is why I am so glad that the 3cb's will reconize what is going on and make them as one within 30 days.

[KellBell]

That makes sense, Meya.

I should also let everyone know that FICO has a different formula when figuring the eligibility for auto loan buyers. For Equifax, it is called the Beacon score.

This score is partly weighted on how well you have paid auto loans in the past.

Therefore, my Beacon score was lower than my FICO score because I had good-standing student loans, good-standing recent revolving lines with low utilization, but I had been 120 days late on a past car payment. If I had had the sense to pay my bills on time years back, I would have received a lower interest rate based on my Beacon score.

Anyway, Wachovia financed my sister and I. Very nice people to work with.

[smcc]

I like this thread and have a question. I am looking into buying a car. Will go through BOA for the financing. Now my scores are between 700 and 720 and I have some credit issues in the past because of being laid off but once I found a job I paid thse debts off. I have also financed a car in the past. BOA says they will give reduced rates for current customers. I have no debt i.e., Mortgage, auto loan, student loans, revolving credit other than my BOA CC which is paid in full every month. My income combined with my wife is in the neighborhood of $115k. Her scores are not as good as mine but I will use her income as "additional" income when applying for the loan. I will not apply jointly to take her credit scores out of the equation. Based on all that is given here, I am looking for a loan around $33k, does it seem feasible that I can get an apr between 5 and 7% ? I feel that anything greater than 7% and I'm being thrown under the bus.

[hjm331]

Smcc, I think it's best if you talk to someone in your local branch that can help you out and give you answers in detail.

[Meya]

Go through cap 1 if you have an account with them. Also, credit unions are the best if you finance and if you refi. Shark6 was mentioning car loans measuring you by "Beacon Scores" which sounds like a for sure thing to me. When we try to get the lower percentage on our car's we must come with darn good credit. First we must recognize that they will put an animal in a car, but offer the best financing for humans with legit credit. Since your debt was in the past and is pif, you might can get a good deal on the car.

Tier one banks offer lower deals on those who has no past bad credit (IE. dealer financing you themselves). I will take a shot at you for your credit, but if your wife credit is not better than yours, the best deal is to apply alone. I am going to finance sometime soon with Buick, but I want to wait until my last baddie drop from my report and I have little to no utilization because I want what I come for 0%. The lower we get our finance charges, the faster we can pay a car off. I am looking to pif in at least 2 1/2 years on a 5 year loan. I am talking no cc payments, reducing utilities, downgrading services in my home etc.... to make it all work out.

I think I would play around dealer estimates online before applying, this is what I did with Toyota and Buick:

1. Toyota http://www.toyotafinancial.com/consu...ardEstimat or

2. Buick http://www.buick.com/divisional/gmac...and=divisional

Just play around with different dealers calculator, it will give you some type of idea of what you MAY qualify for. But as you know, you will have to play "Lets make a deal" to get what you really want. You are the person in charge little do you know, I have made it work myself. I don't stop until I get what I want.

[KellBell]

I like this thread and have a question. I am looking into buying a car. Will go through BOA for the financing. Now my scores are between 700 and 720 and I have some credit issues in the past because of being laid off but once I found a job I paid thse debts off. I have also financed a car in the past. BOA says they will give reduced rates for current customers. I have no debt i.e., Mortgage, auto loan, student loans, revolving credit other than my BOA CC which is paid in full every month. My income combined with my wife is in the neighborhood of $115k. Her scores are not as good as mine but I will use her income as "additional" income when applying for the loan. I will not apply jointly to take her credit scores out of the equation. Based on all that is given here, I am looking for a loan around $33k, does it seem feasible that I can get an apr between 5 and 7% ? I feel that anything greater than 7% and I'm being thrown under the bus.

My mother had scores in your range and she received an 8.75% loan from a bank she is not affiliated with.

[Meya]

8.75% is a good rate, it usually happpens with a bank you are not affiliated with.