Comments on: How to Escape a High Interest Car Loan with Negative Equity http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/ Debt free, financially independent and retired early Sun, 31 Jan 2010 22:17:54 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Jennifer Anderson http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/comment-page-1/#comment-118151 Jennifer Anderson Sun, 31 Jan 2010 22:17:54 +0000 http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/#comment-118151 Hello everyone, My name is Mrs Jennifer Anderson and i am talking as the happiest person in the whole wild world today and i told my self that any lender that rescue my family from our poor situation, i will tell the name to the whole wild world and i am so happy to say that my family is back for good because i was in need a loan of $100,000 USD to start my life all over as i am a single mum with 4 kids and the whole world seemed like it was hanging on me until i met the GOD sent loan lender that changed my life and that of my family, a GOD fearing lender, Fredrick Thomson Loans he was the saviour GOD sent to rescue my family and at first i thought it was not going to be possible until i received my loan of $100,000 USD and i will advise any one who is in genuine need of a loan to contact Mr Fredrick Thomson via fredricktomsonloaninvestment@gmail.com because he is the most understanding and kind hearted lender. Hello everyone,
My name is Mrs Jennifer Anderson and i am talking as the happiest person in the whole wild world today and i told my self that any lender that rescue my family from our poor situation, i will tell the name to the whole wild world and i am so happy to say that my family is back for good because i was in need a loan of $100,000 USD to start my life all over as i am a single mum with 4 kids and the whole world seemed like it was hanging on me until i met the GOD sent loan lender that changed my life and that of my family, a GOD fearing lender, Fredrick Thomson Loans he was the saviour GOD sent to rescue my family and at first i thought it was not going to be possible until i received my loan of $100,000 USD and i will advise any one who is in genuine need of a loan to contact Mr Fredrick Thomson via fredricktomsonloaninvestment@gmail.com because he is the most understanding and kind hearted lender.

]]> By: lyn http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/comment-page-1/#comment-117579 lyn Fri, 22 Jan 2010 03:23:47 +0000 http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/#comment-117579 Instead of getting into a lengthy car note, even though the Corolla monthy price is not half bad, I would save and purchase a used car outright for about 2000-4000. Some lots will finance you in-house. I am currently in a contract paying $496.11/month. I have had to pay for repairs also. I wish I had had someone to tell me not to get into this contract. Instead of getting into a lengthy car note, even though the Corolla monthy price is not half bad, I would save and purchase a used car outright for about 2000-4000. Some lots will finance you in-house. I am currently in a contract paying $496.11/month. I have had to pay for repairs also. I wish I had had someone to tell me not to get into this contract.

]]> By: Casey http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/comment-page-1/#comment-117548 Casey Thu, 21 Jan 2010 16:59:06 +0000 http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/#comment-117548 I have a 2008 dodge charger that my husband got for me brand new. He financed right at $25000 for the car. I was not on the loan because they said I didn't have quite enough credit for it to do anything. 5 years ago my husband had his own company and it fell through. When it did he ended up with a lot of debt and bad credit. When he financed the car for me he financed it at a 25% interested rate. That makes our payments right at $600 a month for 7 years. As the economy has gotten worse we have always made this payment and has NEVER been 30 days late. The past 6 months or so we've made the payment 2 weeks or so late but NEVER 30 days late! I really need to get rid of this $600 a month car payment and it would help out soo much. Since we bought the car we have gotten another truck also for my husband to drive back and forth to work. It was still relatively high in interest...but I was able to get on the loan. I am wondering if our bank would refinance to lower the interest rate and the monthly payment for us??? Possibly putting me on the loan would help get that done??? We are so upside down on this car it's not funny, but at this point I just need a lower monthly payment! what should I do? I have a 2008 dodge charger that my husband got for me brand new. He financed right at $25000 for the car. I was not on the loan because they said I didn’t have quite enough credit for it to do anything.
5 years ago my husband had his own company and it fell through. When it did he ended up with a lot of debt and bad credit.
When he financed the car for me he financed it at a 25% interested rate. That makes our payments right at $600 a month for 7 years. As the economy has gotten worse we have always made this payment and has NEVER been 30 days late. The past 6 months or so we’ve made the payment 2 weeks or so late but NEVER 30 days late! I really need to get rid of this $600 a month car payment and it would help out soo much.
Since we bought the car we have gotten another truck also for my husband to drive back and forth to work. It was still relatively high in interest…but I was able to get on the loan. I am wondering if our bank would refinance to lower the interest rate and the monthly payment for us??? Possibly putting me on the loan would help get that done??? We are so upside down on this car it’s not funny, but at this point I just need a lower monthly payment!

what should I do?

]]> By: CARLOS http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/comment-page-1/#comment-116373 CARLOS Fri, 08 Jan 2010 15:18:07 +0000 http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/#comment-116373 I have a car that I am maybe $15,000 negative equity. Yes, I rolled over the negative equity from my other car to ge this one. I really need to get out of this car payment. I pay $750 a month and my interest rate is at 11.99%. I just bought my first home this year and my commute is much longer now so I'm looking to trade in for a hybrid. I can't refinance it, I tried. My credit score is in the mid 600's. Frustrated here. What can I do? I have a car that I am maybe $15,000 negative equity. Yes, I rolled over the negative equity from my other car to ge this one. I really need to get out of this car payment. I pay $750 a month and my interest rate is at 11.99%. I just bought my first home this year and my commute is much longer now so I’m looking to trade in for a hybrid. I can’t refinance it, I tried. My credit score is in the mid 600’s. Frustrated here. What can I do?

]]> By: Steve http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/comment-page-1/#comment-114897 Steve Sat, 19 Dec 2009 03:32:50 +0000 http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/#comment-114897 Buy from private sellers if you can get pre aproved. I will never buy from a car dealer again. 2yr old cars/trucks are as good as new ones ya just don't have that new car smell! Buy from private sellers if you can get pre aproved. I will never buy from a car dealer again. 2yr old cars/trucks are as good as new ones ya just don’t have that new car smell!

]]> By: Matt http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/comment-page-1/#comment-113259 Matt Wed, 25 Nov 2009 05:02:30 +0000 http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/#comment-113259 I am upside down in a deal i made a little over a year ago. I own a 2007 Dodge Ram pick up SXT that books for $20,000 i owe 37,000 and some change. I have looked at other car deals with rebates and the most i have seen is $10,000 still leaving me with $7,000 upside down. I am unsure of how to get out of this mess, my payment is over $800 a month and its killing me any help would be great. Thanks I am upside down in a deal i made a little over a year ago. I own a 2007 Dodge Ram pick up SXT that books for $20,000 i owe 37,000 and some change. I have looked at other car deals with rebates and the most i have seen is $10,000 still leaving me with $7,000 upside down. I am unsure of how to get out of this mess, my payment is over $800 a month and its killing me any help would be great. Thanks

]]> By: Lisa http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/comment-page-1/#comment-105856 Lisa Sun, 12 Jul 2009 22:50:22 +0000 http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/#comment-105856 I am paying for a 2002 Kia spectra with 73,000 miles. It is a good car, but the payment of 303 a month is killing me. I moved back to my home town, and took a $5 an hour cut in pay. With this slow economy, I need to get this payment off my shoulders. I could make a rent payment with this money. I also have a low credit score in the low 500's. Please advise. I am paying for a 2002 Kia spectra with 73,000 miles. It is a good car, but the payment of 303 a month is killing me. I moved back to my home town, and took a $5 an hour cut in pay. With this slow economy, I need to get this payment off my shoulders. I could make a rent payment with this money. I also have a low credit score in the low 500’s. Please advise.

]]> By: LYN http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/comment-page-1/#comment-94885 LYN Fri, 17 Apr 2009 01:07:35 +0000 http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/#comment-94885 i have a 2006 pontiac grand prix w/ 17,000 or more left on it. like most people i just needed a car at the time. well now i am having to pay for repairs on it that leave me choosing between paying the monthly car note 450-500 or paying for repairs. my credit is not the greatest low 500. would it be wise to trade in for something cheaper or should i keep my vehicle and just deal with it. the repairs are things like a new rac and pinion (i think i spelled that right). i'll need brakes soon as well. or would it be more beneficial to me to refinance. please help i have a 2006 pontiac grand prix w/ 17,000 or more left on it. like most people i just needed a car at the time. well now i am having to pay for repairs on it that leave me choosing between paying the monthly car note 450-500 or paying for repairs. my credit is not the greatest low 500. would it be wise to trade in for something cheaper or should i keep my vehicle and just deal with it. the repairs are things like a new rac and pinion (i think i spelled that right). i’ll need brakes soon as well. or would it be more beneficial to me to refinance. please help

]]> By: mario http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/comment-page-1/#comment-93701 mario Fri, 10 Apr 2009 05:12:06 +0000 http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/#comment-93701 i have a 2005 ford focus, i bought it in april of 2006 my interest rate is 10% for seven years i bought it for 17,000 and as of today i still owe 11,000. the value of the car is about 4,000. is there any way i can lower my rate or trade it in without a negative. i have a 2005 ford focus, i bought it in april of 2006 my interest rate is 10% for seven years i bought it for 17,000 and as of today i still owe 11,000. the value of the car is about 4,000. is there any way i can lower my rate or trade it in without a negative.

]]> By: Kay http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/comment-page-1/#comment-89682 Kay Wed, 18 Mar 2009 02:22:59 +0000 http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/#comment-89682 I have a question regarding loan to value financing on automobiles. I have a 2007 Nissan Murano S that I purchased in April 2007. It was a used vehicle with 7000 miles on it. There were several fraudulent aspects of my transaction and the dealer has been shut down with the owners spending time in prison. At the time I had bad credit and felt I had no other options. The payment on this vehicle is $903.74 for 72 months. The interest rate is 20.72%. I originally financed $37081.18. The current payoff is $31436.51. I have been current and on time until recently when my work slowed down to the point I am earning 2/3 less than I was. Before December 2008 I was only late on one payment. Because of my work deteriorating I decided I could no longer afford this astronomical payment so I began shopping for another car. I quickly learned that the current LTV on this car is 230%. The value of this car now is around 13k with 45k miles on it and in good condition. There was no trade in involved in the purchase. I have figured approximately when I originally purchased the car the LTV must have been close to 160%. Along with so many other fraudulent activities that took place during the transaction I now have to wonder if such a high LTV was even legal. I can see being a little upside down in a car loan especially if there is a trade in involved but am learning as I shop for another vehicle this is unheard of. One dealer after another has told me that I have been taken in a major way. As you can see without having about $15000-19000 cash there is no way I can trade this car in, sell it outright, or refinance it. In December I did a deferred payment with the bank. I have since been told I have no options left for help with this payment. I have tried at least 10 times to talk with them about this matter and it is always the same answer. Can you please tell me if there are any banking laws or regulations that state how high the LTV can be on a loan? If so, can you please also tell me if I have any recourse at this stage? Thanks you so much for your help. I have a question regarding loan to value financing on automobiles. I have a 2007 Nissan Murano S that I purchased in April 2007. It was a used vehicle with 7000 miles on it. There were several fraudulent aspects of my transaction and the dealer has been shut down with the owners spending time in prison. At the time I had bad credit and felt I had no other options.

The payment on this vehicle is $903.74 for 72 months. The interest rate is 20.72%. I originally financed $37081.18. The current payoff is $31436.51. I have been current and on time until recently when my work slowed down to the point I am earning 2/3 less than I was. Before December 2008 I was only late on one payment. Because of my work deteriorating I decided I could no longer afford this astronomical payment so I began shopping for another car. I quickly learned that the current LTV on this car is 230%. The value of this car now is around 13k with 45k miles on it and in good condition. There was no trade in involved in the purchase. I have figured approximately when I originally purchased the car the LTV must have been close to 160%.

Along with so many other fraudulent activities that took place during the transaction I now have to wonder if such a high LTV was even legal. I can see being a little upside down in a car loan especially if there is a trade in involved but am learning as I shop for another vehicle this is unheard of. One dealer after another has told me that I have been taken in a major way. As you can see without having about $15000-19000 cash there is no way I can trade this car in, sell it outright, or refinance it.

In December I did a deferred payment with the bank. I have since been told I have no options left for help with this payment. I have tried at least 10 times to talk with them about this matter and it is always the same answer. Can you please tell me if there are any banking laws or regulations that state how high the LTV can be on a loan? If so, can you please also tell me if I have any recourse at this stage?

Thanks you so much for your help.

]]>