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RE: short of buying off the car, is there any way to ge... - 8/30/2013 7:26:41 PM   
LittleGirlHeart


Posts: 1427
Joined: 4/4/2013
Status: offline 		ford explorer sport, 2001, and miles are something like 150.000
quote:

ORIGINAL: MasterCaneman



Nothing is truly impossible to a good lawyer, but that could get very expensive in its own right. Just for shits and giggles, what's the make, model, year, and miles on it?



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Profile   Post #: 21
RE: short of buying off the car, is there any way to ge... - 8/31/2013 6:41:23 AM   
MasterCaneman


Posts: 3842
Joined: 3/21/2013
Status: offline
quote:

ORIGINAL: LittleGirlHeart

ford explorer sport, 2001, and miles are something like 150.000
quote:

ORIGINAL: MasterCaneman



Nothing is truly impossible to a good lawyer, but that could get very expensive in its own right. Just for shits and giggles, what's the make, model, year, and miles on it?



Offhand, I'd say you are seriously upside-down on that one. 150K and you still have nine thousand to pay on it? I should have asked what your interest is, too. That truck is worth, at best, 4500-6500 on the curb, maybe a titch more depending on the bells and whistles.

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Profile   Post #: 22
RE: short of buying off the car, is there any way to ge... - 8/31/2013 7:02:07 AM   
DarkSteven


Posts: 28072
Joined: 5/2/2008
Status: offline 		That's the issue.

The loan company would either have never made the loan, or would have charged a higher interest rate, without the cosigner. Go ahead and ask them. If the payments have been made on time, and the amount owed is far less than the value of the car, they may refinance the car and take the cosigner's name off.

Keep in mind that they don't want to do this. It costs them time and effort to do it, and they have one fewer party to collect from should the loan go into default. So you'd have to give them something in return, such as a higher rate.


quote:

ORIGINAL: LittleGirlHeart

Yup. He wouldn't qualify for the car otherwise with out a co signer.

quote:

ORIGINAL: MasterCaneman


99.9 % of the time. Most times a cosigner is needed on a loan in order to get the income high enough to justify the time/rate/credit history of both signers. And, depending on the state the note is drawn in, they may have to adjust the interest rate in order to make the loan/payments work.

It's also a shit-ton of work because many times, in order to get a new note, the vehicle has to meet certain criteria in order to determine its actual value. That could mean anything from a plain old state inspection to a near-total rebuild, depending on condition. I speak as a former car salesman who attempted this a couple of times without success.

You're in it for the long haul, I'm afraid, unless you pay off the car in one shot. Call the finance company and see what the principal remaining is. Most lenders have an unadvertised policy that allows you to pay that, and then the interest on zero is zero.

quote:

in order to get the income high enough to justify the time/rate/credit history of both signers. And, depending on the state the note is drawn in, they may have t




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Profile   Post #: 23
RE: short of buying off the car, is there any way to ge... - 8/31/2013 7:53:20 AM   
Hillwilliam


Posts: 19394
Joined: 8/27/2008
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quote:

ORIGINAL: LittleGirlHeart

200 a month. got it at carmax.


quote:

ORIGINAL: MasterCaneman

What's your monthly payment? You can probably speed up the process by doubling up and sending one in marked
"For Principal Only". That way, it isn't paying off the interest, which is the first half of your loan payment schedule. You can save some serious money by doing that. Other than that, you've pretty much married that car.

Lord knows how many times I've had boyfriend/girlfriend combos come in and one signs with the other and I just know in a couple months one of them will be back asking the exact same question. I wasn't allowed to (nor did I really want) tell them that unless they were married, it was a monumentally bad idea to do that.

If anyone out there is considering doing just that,DON'T! Seriously, don't do it. If your SO can't swing a loan on their own, they either are trying to buy too much car or they shouldn't be financing in the first place. Did you buy the car at a "buy here, pay here" lot or one that carried their own contracts?



Why is someone who can only afford 200/month taking out a 9,000+ loan?

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Profile   Post #: 24
RE: short of buying off the car, is there any way to ge... - 8/31/2013 9:54:49 AM   
LittleGirlHeart


Posts: 1427
Joined: 4/4/2013
Status: offline 		He needed a car, and it couldn't wait, and that was the cheapest car we found, it was 7k, but by time all said and done it was 11k.and after getting seriously fucked over from buying a car from an individual selling a personal car, we refuse to go any route but buying from a dealer. Like Carmax, or Roseville auto mall, no more buying from individuals selling a personal car.

If we hadn't bought his previous car, we wouldn't be so bad off as we are, but we did, and it was one big headache after another.
quote:

ORIGINAL: Hillwilliam

Why is someone who can only afford 200/month taking out a 9,000+ loan?



_____________________________


We'll fight, not out of spite
For someone must stand up for what's right
'Cause where there's a man who has no voice
There ours shall go singing

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Profile   Post #: 25
RE: short of buying off the car, is there any way to ge... - 8/31/2013 10:28:00 AM   
Hillwilliam


Posts: 19394
Joined: 8/27/2008
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quote:

ORIGINAL: LittleGirlHeart

He needed a car, and it couldn't wait, and that was the cheapest car we found

Get REAL OK.


It seems like you have spent the last month enabling your friends and neighbors who have done foolish things.
The crazy cat lady first who did thousands in damage to another person's property and now this.

Would you like to bet I could drop down to any buy here/pay here no credit check necessary place on the main drag in town and find over 2 dozen good serviceable autos for well under 5,000 at ANY of them and I live in a small town of about 13,000?

It wasn't the cheapest car you found, it was the cheapest car with all the bells and whistles that they wanted and looks hot that you found.

You say you bought his previous car too and it was a headache. What ever happened to learning from your mistakes?

I'm sorry lgh but I get really sick of people who have to have the fastest laptop, the $300 smartphone and a car that costs twice what they can afford but they can't afford the basics of life.

ETA. If it cost 7K and you had 4,000 of add-ons, you got MASSIVELY ripped off.
Closing costs on a decent home loan are typically less than that.

< Message edited by Hillwilliam -- 8/31/2013 10:29:29 AM >

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Kinkier than a cheap garden hose.

Whoever said "Religion is the opiate of the masses" never heard Right Wing talk radio.

Don't blame me, I voted for Gary Johnson.

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Profile   Post #: 26
RE: short of buying off the car, is there any way to ge... - 8/31/2013 10:32:36 AM   
kalikshama


Posts: 14805
Joined: 8/8/2010
Status: offline 		So he's the signer - who is the cosigner?

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Profile   Post #: 27
RE: short of buying off the car, is there any way to ge... - 8/31/2013 10:57:51 AM   
freedomdwarf1


Posts: 6845
Joined: 10/23/2012
Status: offline
quote:

ORIGINAL: kalikshama

So he's the signer - who is the cosigner?


Apparently, OP is.

She hasn't learned from her other mistakes either.

When we desperately needed money, we went to a half-decent loan company - not a loan shark.
Our son wanted a loan but he's unreliable and we wouldn't stand guarantor for him.
He didn't like it but we won't stand his debt.

The same reasoning applies here.
If OP's friend couldn't get the finance on his own, find a much cheaper car.
There's no way I'd be a cosigner unless I was married to the person.

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Profile   Post #: 28
RE: short of buying off the car, is there any way to ge... - 8/31/2013 11:11:11 AM   
LittleGirlHeart


Posts: 1427
Joined: 4/4/2013
Status: offline 		We went to 5 different places, and we looked online. 7 k was the cheapest we found at a dealership. One dealership even claimed to have a couple cars for 4 k I called they said yes come on down , and we went to see and the cheapest they had was 14k.then once we were there, they kept trying t upsell us to cars that were 20k, because after all, couldn't we just borrow the 20k, it was well worth it.

This car he drives has no bells and whistles, not the ones you're implying at least that I know of. It has a CD player in it, but that didn't entice us or deter us it just was there. It was also a compromise, I originally insisted any car had to be 4 door because I despise 2 door it's a bitch to get in and out of, when I or anyone else has to get in the back. It does Not make us feel hot and sexy. Well I do feel hot in the back, as in hot, uncomfortable and cranky.

The add ons were things like a warranty guarantee for a year, if anything went wrong at all, you pay 50 at least and Carmax pays the rest.

The other car was a nightmare because it was a piece of shit that kept breaking down, and after spending 1360 to get it fixed, not more than 3 weeks later, it broke down again. Only this time we both agreed it was time to sell the pos for scrap. Not repair it again. Not because of anything James did, or did not do financially.

And we don't have a 300 dollar smart phone, I don't know where you dreamed that up.
quote:

ORIGINAL: Hillwilliam

quote:

ORIGINAL: LittleGirlHeart

He needed a car, and it couldn't wait, and that was the cheapest car we found

Get REAL OK.


It seems like you have spent the last month enabling your friends and neighbors who have done foolish things.
The crazy cat lady first who did thousands in damage to another person's property and now this.

Would you like to bet I could drop down to any buy here/pay here no credit check necessary place on the main drag in town and find over 2 dozen good serviceable autos for well under 5,000 at ANY of them and I live in a small town of about 13,000?

It wasn't the cheapest car you found, it was the cheapest car with all the bells and whistles that they wanted and looks hot that you found.

You say you bought his previous car too and it was a headache. What ever happened to learning from your mistakes?

I'm sorry lgh but I get really sick of people who have to have the fastest laptop, the $300 smartphone and a car that costs twice what they can afford but they can't afford the basics of life.

ETA. If it cost 7K and you had 4,000 of add-ons, you got MASSIVELY ripped off.
Closing costs on a decent home loan are typically less than that.



< Message edited by LittleGirlHeart -- 8/31/2013 11:14:55 AM >

_____________________________


We'll fight, not out of spite
For someone must stand up for what's right
'Cause where there's a man who has no voice
There ours shall go singing

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Profile   Post #: 29
RE: short of buying off the car, is there any way to ge... - 8/31/2013 11:13:11 AM   
LittleGirlHeart


Posts: 1427
Joined: 4/4/2013
Status: offline 		My dad is. I don't have the finances and clout to be a co signer.
quote:

ORIGINAL: kalikshama

So he's the signer - who is the cosigner?



_____________________________


We'll fight, not out of spite
For someone must stand up for what's right
'Cause where there's a man who has no voice
There ours shall go singing

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Profile   Post #: 30
RE: short of buying off the car, is there any way to ge... - 8/31/2013 11:19:26 AM   
LittleGirlHeart


Posts: 1427
Joined: 4/4/2013
Status: offline 		Well we certainly learned not to buy from a friend, or a neighbor, or any independent person, who is selling their car. I /we will only deal with dealerships or businesses.


quote:

ORIGINAL: freedomdwarf

She hasn't learned from her other mistakes either.






_____________________________


We'll fight, not out of spite
For someone must stand up for what's right
'Cause where there's a man who has no voice
There ours shall go singing

(in reply to freedomdwarf1)
Profile   Post #: 31
RE: short of buying off the car, is there any way to ge... - 8/31/2013 11:20:58 AM   
freedomdwarf1


Posts: 6845
Joined: 10/23/2012
Status: offline 		You went for an expensive sports model on an expensive type car.
That was your problem.
You didn't need to have an SUV or the sporty version.

You needed to have set your sights much much lower.
Any decent set of 4 wheels would have done the job.
You just went overboard and incurred a huge debt as a result.

Sorry.  No sympathy.


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Profile   Post #: 32
RE: short of buying off the car, is there any way to ge... - 8/31/2013 11:33:07 AM   
freedomdwarf1


Posts: 6845
Joined: 10/23/2012
Status: offline 		Just thought I'd add.....

When I couldn't afford dealership prices or any sort of decent car, I bought from ebay.
I've had 6 cars that have been dreams.... for the price I paid.
I took a mechanic friend of mine along to check things I wasn't sure about.

I never paid more than £500 ($750) for a pretty decent 2nd-hand car and all but one was £300 ($450) or less.
Yes, they needed a bit of tarting up - but nothing major or expensive.
All passed an MOT test and didn't cost a fortune in insurance either.
And yes, I've had Mitsubishi people carriers, a Ford Galaxy, a Vovlo 750, and a Daimler Sovreign in that lot.
All very tidy looking and ran like almost new.
Every single one of them lasted more than 2 years too.
The minute any repair bill was likely to be more than what I paid for the car - it went for scrap or got sold on ebay for peanuts.

OP, I think you got taken for a ride and they saw you coming.
You need to re-think your strategy on only buying from dealerships.
Most dealerships, unless you're buying brand new, are just as crooked as most private sellers IMHO.


< Message edited by freedomdwarf1 -- 8/31/2013 11:36:41 AM >

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Profile   Post #: 33
RE: short of buying off the car, is there any way to ge... - 8/31/2013 11:37:30 AM   
LittleGirlHeart


Posts: 1427
Joined: 4/4/2013
Status: offline 		Ok. Hill, I have gone to 4 dealerships in my town online. Just now. One was 15k one was 18k almost 19k one was 19 almost 20 k and one, a 2001, was 30k almost. And these are all small basic cars. I have all day. I can dig up more cars that cost way more than ours did, and prove that 11k was the cheapest we found, in the tight frame we had from a reputable dealer, and not a random stranger who was selling a car.



< Message edited by LittleGirlHeart -- 8/31/2013 11:39:47 AM >

_____________________________


We'll fight, not out of spite
For someone must stand up for what's right
'Cause where there's a man who has no voice
There ours shall go singing

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Profile   Post #: 34
RE: short of buying off the car, is there any way to ge... - 8/31/2013 11:38:56 AM   
ThatDaveGuy69


Posts: 978
Joined: 6/22/2007
Status: offline 		There's nothing wrong with buying a used car from an individual - or a dealer - so long as you have a trusted mechanic give the car a clean bill of health. That is part of Used Car Buying 101 - ALWAYS have it checked-out BEFORE you commit. With virtually everyone having some sort of access to the internet there is absolutely no excuse for not learning the basics of car buying.

As for your specific case, does your father have a mortgage? Many home-lenders will happily re-finance a car for their customers. The terms may not be 5-star but if it's so important to remove the co-signer then something is going to give. Assuming a lender will take the note they will get a high interest rate and (probably) a longer term to keep the payments low.

That's another rule for buying a car, new or used: NEVER buy based on monthly payments. The finance dept can play all sorts of games to get you out the door for the amount you can pay each month but you end up paying 3 or 4 times the sales price for 60 or 72 months. Most cars will begin to need serious maint in the 4th or 5th year, depending how you drive and if the car was designed/built well in the 1st place. So you end up with payments AND repair bills. If you must finance a car, avoid going over 36 or 48 months. If it's not in your budget, don't extend the terms to make it fit.

Best of luck, sounds like you'll need it.


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Profile   Post #: 35
RE: short of buying off the car, is there any way to ge... - 8/31/2013 11:42:51 AM   
LittleGirlHeart


Posts: 1427
Joined: 4/4/2013
Status: offline 		He wanted safe credit union to refinance the loan, but it was to old. They won't refinance on cars older than 10 years old.

But, that doesn't mean that maybe the mortgage ppl won't.
quote:

ORIGINAL: ThatDaveGuy69

There's nothing wrong with buying a used car from an individual - or a dealer - so long as you have a trusted mechanic give the car a clean bill of health. That is part of Used Car Buying 101 - ALWAYS have it checked-out BEFORE you commit. With virtually everyone having some sort of access to the internet there is absolutely no excuse for not learning the basics of car buying.

As for your specific case, does your father have a mortgage? Many home-lenders will happily re-finance a car for their customers. The terms may not be 5-star but if it's so important to remove the co-signer then something is going to give. Assuming a lender will take the note they will get a high interest rate and (probably) a longer term to keep the payments low.

That's another rule for buying a car, new or used: NEVER buy based on monthly payments. The finance dept can play all sorts of games to get you out the door for the amount you can pay each month but you end up paying 3 or 4 times the sales price for 60 or 72 months. Most cars will begin to need serious maint in the 4th or 5th year, depending how you drive and if the car was designed/built well in the 1st place. So you end up with payments AND repair bills. If you must finance a car, avoid going over 36 or 48 months. If it's not in your budget, don't extend the terms to make it fit.

Best of luck, sounds like you'll need it.




_____________________________


We'll fight, not out of spite
For someone must stand up for what's right
'Cause where there's a man who has no voice
There ours shall go singing

(in reply to ThatDaveGuy69)
Profile   Post #: 36
RE: short of buying off the car, is there any way to ge... - 8/31/2013 11:50:00 AM   
Hillwilliam


Posts: 19394
Joined: 8/27/2008
Status: offline
quote:

ORIGINAL: LittleGirlHeart

Ok. Hill, I have gone to 4 dealerships in my town online. Just now. One was 15k one was 18k almost 19k one was 19 almost 20 k. And these are all small basic cars. I have all day. I can dig up more cars that cost way more than ours did, and prove that 11k was the cheapest we found, in the tight frame we had from a reputable dealer, and not a random stranger who was selling a car.



I didn't say dealerships, I said buy here/pay here place. That's used car lots.

It's all about living within your means. I was 30 and owned a house before I ever paid over $600 for a car. I drove old beaters because that's what I could afford. Hell, some of them were free (make it run and get it the hell out of my driveway and I'll sign the title) They looked like shit and one didn't have AC and they were usually uncomfortable but they got me to work and back.
I was over 40 before I ever decided to buy a new car because what the hell, it's about time.
I've never paid more than $10 for a phone.

Broke people are broke for a reason. They don't understand the difference between "Wants" and "Needs" and they have a whole line of people who are willing to pat their back and tell them "You poor Dear".

Sometimes, people need tough love to better themselves. Will you be happy in 40 years if you are still living the way you are now?

ETA. I googled Elizabethton used cars and clicked one at random.

http://www.lewisusedcars.com/inventory.aspx

20 available under 5K asking price, and there are well over a dozen dealers in this small town.

That means that in this little podunk town, there are probably over 200 cars available under 5K within 3 miles of me.

< Message edited by Hillwilliam -- 8/31/2013 11:56:59 AM >

_____________________________

Kinkier than a cheap garden hose.

Whoever said "Religion is the opiate of the masses" never heard Right Wing talk radio.

Don't blame me, I voted for Gary Johnson.

(in reply to LittleGirlHeart)
Profile   Post #: 37
RE: short of buying off the car, is there any way to ge... - 8/31/2013 11:53:23 AM   
freedomdwarf1


Posts: 6845
Joined: 10/23/2012
Status: offline 		Love the sentiments Hilly.... man of my own heart.

Some people really don't understand the difference between "I want" and "I need".

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Profile   Post #: 38
RE: short of buying off the car, is there any way to ge... - 8/31/2013 12:34:44 PM   
LittleGirlHeart


Posts: 1427
Joined: 4/4/2013
Status: offline 		I think we have a different idea when I say dealerships, and you say used car lots. All the cars ARE used, we only looked for used cars, and we found them buy googling Sacramento used car sales, ans Sacramento used car dealerships. Carmax, roseville auto mall, hertz, enterprise Folsom Chevy, all are used car places. They did not have non used cars.


Now, perhaps I do not know the difference between used car dealers, and used car lots.
quote:

ORIGINAL: Hillwilliam

quote:

ORIGINAL: LittleGirlHeart

Ok. Hill, I have gone to 4 dealerships in my town online. Just now. One was 15k one was 18k almost 19k one was 19 almost 20 k.



I didn't say dealerships, I said buy here/pay here place. That's used car lots.

It's all about living within your means. I was 30 and owned a house before I ever paid over $600 for a car. I drove old beaters because that's what I could afford. Hell, some of them were free (make it run and get it the hell out of my driveway and I'll sign the title) They looked like shit and one didn't have AC and they were usually uncomfortable but they got me to work and back.
I was over 40 before I ever decided to buy a new car because what the hell, it's about time.
I've never paid more than $10 for a phone.

Broke people are broke for a reason. They don't understand the difference between "Wants" and "Needs" and they have a whole line of people who are willing to pat their back and tell them "You poor Dear".

Sometimes, people need tough love to better themselves. Will you be happy in 40 years if you are still living the way you are now?

ETA. I googled Elizabethton used cars and clicked one at random.

http://www.lewisusedcars.com/inventory.aspx

20 available under 5K asking price, and there are well over a dozen dealers in this small town.

That means that in this little podunk town, there are probably over 200 cars available under 5K within 3 miles of me.



< Message edited by LittleGirlHeart -- 8/31/2013 12:37:12 PM >

_____________________________


We'll fight, not out of spite
For someone must stand up for what's right
'Cause where there's a man who has no voice
There ours shall go singing

(in reply to Hillwilliam)
Profile   Post #: 39
RE: short of buying off the car, is there any way to ge... - 8/31/2013 12:35:03 PM   
kalikshama


Posts: 14805
Joined: 8/8/2010
Status: offline 		Why does your Dad want off the loan?

quote:

ORIGINAL: LittleGirlHeart

My dad is. I don't have the finances and clout to be a co signer.
quote:

ORIGINAL: kalikshama

So he's the signer - who is the cosigner?


(in reply to LittleGirlHeart)
Profile   Post #: 40
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