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Found 7 results

  1. Greetings, I need help! I have an auto loan that is in the process of being charged off. The bank (wellsfargo) has been attempting to repossess the vehicle for some time, however I've managed to keep it in my possession. I owe roughly 16k on the vehicle but got WF to agree to a 10k settlement offer. I don't have 10k or the means to gain that money in a lump sum. My credit score is terrible (480) but my personal habits and financial habits have drastically improved since I put myself in this situation. I am attempting to get a 10k loan to pay off the settlement (and get my credit/my consigners credit back on track) but I am having difficulty finding a place that will consider my situation. I've attempted to arrange a payment plan with WF to pick up where I left off with the loan but they won't have it. I am at a loss of what to do and am open to suggestions!
  2. Hello, I fell far behind on my bills a few months ago. And was living in my car. While this was happening, the car loan was written off as noncollectable. I am now trying to repair my credit. I've joined the us military and have a steady income. The auto loan provider called me a few days ago and said that they are willing to do a debt settlement at about $7500. I owe ~$10,000 on the car. The car is worth $8000. They also said that they would be willing help me sell the car. Alternatively, they said I can pay them about $350.00 a month until the car is paid off. At this point, I just want the car and the debt gone. However, I don't want to do even more damage to my credit. If I choose to do a debt settlement will this hurt my credit further? Or would it be beneficial in the long run because it will allow me to repay the debt sooner? Should I pay the $350 for a few months before I sell the car so that I can repay the debt without doing a debt settlement? Or should I get this loan off my credit history as quickly as possible? Thank you,
  3. I took an auto loan in 2014 and have been making monthly payments to the auto loan financing company for over 2 years. In February 2016 I discovered that the financing company has NEVER reported the payments to the 3 CRAs - Experian, TransUnion, and Equifax. I made several calls and they initially denied my findings, but after sending them proof of reports from 2 CSRs they acknowledged that they had never reported any of my payments to the 3 CSRs. In April I wrote them a letter requesting that they " correct what appears to be a mistake" or else I would file a claim against the company for violation of the Fair Credit Reporting Act, including entitled to recover statutory damages, as well as any actual damages sustained as a result of diminished credit score. They have done nothing to correct this issue I'd like to file a claim against this company but I have not been able to find anything on where to file. The FCRA website doesn't have it there as well. Of course the most obvious route is to get an attorney but at this point I do not have the finances to pay for one. Does anyone know how else I can report this to the proper authorites? **PS - I blame myself for not keeping track of my credit. I have a lot of medical bills incurred since 2012 resulting in a damaged credit score Regards, langaclarry
  4. All, thank you for your help in advance and if I've breached any etiquette of the forum, please let me know. Here are the current details on my car loan: Loan Balance: $10,927 Remaining Term: 54 months Current APR: 10.73% Monthly Payment: $255 From what little I understand about financing, this seems bad. I'd like to really clean up my credit so I signed up for Credit Karma to see an estimate of my credit score. According to Transunion, it's 606; according to VantageScore (with which I am unfamiliar), it's 654. I looked under the Recommendations tab in Credit Karma and they are advertising a loan refinance from Innovative Funding Services (IFS) with the following details: Loan Balance: $10,927 Remaining Term: 72 months Current APR: 7.49% Monthly Payment: $189 I don't really know if this is a good deal due to the extended term length. I also just did some simple math: on my current loan, I owe 54 more monthly payments of $255.52, which totals $13,798.08. If I take the new loan, I owe 72 monthly payments of $189, which totals $13,608, which is less than $200.00 less. I would think a lower APR would make a much more significant difference than that, so why is the difference so small? I also find it perplexing that I originally financed the amount of $13,495.53 and yet I will stay pay $13,798.08 over the next 54 months. However, I have already made 19 payments of $255.52. Does this mean I have been paying just the interest for the past 19 months? I am really fretting if that's the case. I clearly need to better understand how loans work, but in my desperation to buy a car after totaling my previous one, I foolishly did not pay enough attention to the paperwork. I vaguely remember getting a service plan and GAP insurance with the loan too. Thank you again for your assistance.
  5. Hey everyone, Long story short, last year I took on an auto loan through TD Auto Finance at an interest rate of 19%. My monthly payments on the car are around 300, which is easily manageable for me, and I have had no late or missed payments in the last year on the loan. I was contacted by the company I purchased the car through to let me know they can get me a lower interest rate if I refinance by purchasing a newer car. My current loan has around $10,000 left on it, and it's on a car that's currently worth about $5,000 - due to the extremely high interest rate. My main concern at this point is management all of my expenses and continuing to rebuilt my credit. I have periodically checked Equifax, and my score has slowly been going up since i've taken on the loan. I'm just looking for some advice on whether I should take on a new car loan, which would include carrying over the negative equity on my current loan after selling the current car - to take the lower interest rate (do higher monthly payments help build my rating faster?). The only issue is that the company has told me the bank won't approve less expensive cars, as they won't carry over the negative equity. With the cars that will "work" with TD Finance - i'd be looking at a monthly payment increase of over $200, which is insane. My question is, what is the best route from here? Should I just continue paying off my current loan at 19%? Even though most of the money is going directly to the bank, it appears to be helping me rebuild my credit. Is there any other solution here? Any advice would be greatly appreciated! Thanks in advance.
  6. I'm wondering if there is a way to predetermine (ballpark) what sort of APR you would qualify for on a used auto loan based on your credit score? I went to my bank, Chase, and was told there is a range on used auto loans between 3.09% to 8+% based on your credit score, however the worker bee there wasn't able to be any more specific than that. I would like to have at least a general idea, before I have my credit pulled only to find out they (or anyone else) can't offer me what I'm looking for. I'm not interested in paying more than 5.5%. MAX. I know they can't tell me definitively before they pull my credit but they should be able to say, with a credit score of X you qualify for this percentage rate. Am I going about this the wrong way? Any advice would be most appreciated. Thanks!
  7. I live in Washington state and purchased a used vehicle last month. The used car dealership & I sign a contract which is already sold to a local credit union. On the contact I made a $2100 deposit. 500 was on a check, 1000 was cash and 600 was on the debit card. Now the used car dealership gave me a letter that i still owe them 1000 on the down payment and wants proof of payment. How can i prove I paid them in cash?