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Who Has My Old Car Loan So I Can Phone Them We Had A Arrangement But I Lost Their Information I

How do I get out of an auto loan on a car that cost more than it s worth to fix major problems?

I own a 10 year old Audi that I still owe $7,460 to the bank and it needs around $4,600 of MAJOR mechanical work done to it. if I don t get the car fixed it will die very soon. The car still runs but I ve taken it to 5 different mechanics the Audi Dealer being one of them, and they all came up with the same report and money to fix it. The car itself is only worth $6,000. So the question I have, is there a way to get out of my loan free and clear because of the numbers and situation? I don t want to do a voluntary repo and I own way to much on it to trade it in. So is there a special process banks can do for these kind of situations, or am I just stuck. It just cost WAY TO MUCH to fix it for what it s worth, the age and what I owe on it.

I lost my drivers licence, can I get out of my car finance contract?

Your option is to keep paying on the car or you can take it back to the dealer and do a voluntary repossession. Of course that will go against your credit rating (FICO score) and the finance company will sue you for their loss. Call the finance company and try to come to some type of agreement with them were they don't sue you and they don't report the issue to the credit reporting bureaus. That will mean that you have to give them cash up front to settle their claim against you.

Can I sell my financed car before I finish making all my payments? If so, how?

Sure. You can sell it. However, you'll need to do a few things:

1. Find the payoff amount for the car. Contact the bank to get this number.

2. Get the Kelly bluebook value for the car. Not sure where on the net you can get this, but you can get this information from a dealer as well.

3. When you DO sell, you will want to make the difference between the payoff amount of the loan and the bluebook value and small as possible. This will be the amount you lose in the deal. Most cars do lose value and are "upside down" with the value vs. outstanding loan amount.

4. Sometimes someone will take over payments. You'd need to have that person re-finance the car in their name and you'll need to transfer title to do this. (You'd transfer title anyway when you'd sell it.) Not a lot of people from my experience wnat to do this because they will do their own research and value the car accordingly.

Good luck!

If I sign on a car loan agreement for 4-6 years, can I break the contract to buy the car outright after 8 months when I have gathered enough money?

As long as your loan is through a “normal” banking source; bank, credit union etc. in almost all cases the agreement will state a prepayment penalty. Although financed at the dealer's location, these contract are placed with their various lending sources and the contract is in effect purchased from the dealer. After that stated period (usually about 90 days, but varies) you in effect can “break the contract” by paying the full balance due. Pay the full balance, the title is sent to you and you have full and complete ownership. The 90 days or payment of the prepayment penalty allows the bank to recover their expense in processing the loan.The EXCEPTIONS are a “buy here, pay here contract” or one in the same, in the case of the dealer doing his own financing. These contracts often will require payment of the full finance charges at payoff. You're paying the interest in full no matter how long or how quickly the note is paid.The above (full or near full payment of interest) is also true for secondary finance sources. These are sources that handle less than stellar credit. The dealer will know what type of contract to write (as they have an idea who they’ll place it with) or have gotten approval in advance of signing from one of their sources.Asking a dealer to insert wording about prepaying your loan is a no no. Dealers can not alter (bank or secondary sources) contracts, unless it’s their own “in-house” paper. Just check, BEFORE SIGNING for a paragraph titled Prepayment or Prepayment Penalty. It will pretty much state in plain english the terms concerning an early payoff.

How can i return the car? i lost my job and i can't pay for it anymore?

yes it is possible to do this,an you might not get a penalty charge for it,you can do what is called d a voluntary repossession an this way they wont have to take it,,and what they,ll do is sell it and pay off the loan you owe on it,usually the car will bring enough to pay off what you owe,and in some cases if it don't they might hold you responsible for the difference in the loan amount,or you can try to sell it before the next payment comes due,just sell it as, need someone to take over payments on it,and this will help save your credit,there's a lot of ways to do this ,and it not hurt your credit none,but just think about which method you need to use,,in sure you,ll think of a good way to handle this situation,,good luck,i hope this help,s.and have a good thanksgiving.

How many car payments can I miss without having my car repossessed?

They have the right to start repossession even after you miss one payment, but usually they go after you after two missed payments.
If I were in your shoes, I'd call the financial company and try to make arrangements. If you were always on time with your payments in the past, they might be willing to work with you (let you "postpone" a couple of payments or something like this.) What do you have to loose, if you try?

What happens if I got into an accident and can’t pay for financing or insurance?

When you sign the financial agreement, you take responsibility for paying for the vehicle. The finance company requires you to have insurance to cover loss of value. Insurance usually has to pay unless mitigating circumstances arise wherein the accident is questionable and they decide to not cover the loss. Unusual, but not uncommon. In America, carriers are required to pay unless there’s special conditions.That being said, you’re liable for paying for the vehicle regardless of your situation. Even if the vehicle is repossessed, you can be charged interest and other fees until there is a settlement on the account. The debt never goes away, even after the company has “written it off”, it’s bought and sold and continues until settled one way or another.The good news is that if you have nothing, they can’t get anything. The debtors can attempt to collect for a period of time determined by your state’s laws, and after that they can only carry it on your credit report for some time longer. Eventually it drops off your credit report as long as you don’t make any silly mistakes and try to make payments when you can’t and re-age the debt legally.For help like this, this is a great site; Do It Yourself Credit Repair It covers all forms of debt and can empower people to resolve their problem without having to get lawyers or other “for fee” based companies involved. I’ve used this information to educate myself on what creditors can, and can’t, do. Using this information, I contacted a creditor and had the collection agency hired by the original creditor fired. They lost the account (worth millions, I heard). The person who I had been in touch with on the matter notified me that the agency’s services were terminated due to their practices, and then I worked with the original creditor to remove the debt. I actually never paid anything. They were so embarrassed by the actions of a company that represented them, they removed the debt and issued statements to that effect.Knowledge is power. Best of luck.

If I still owe a couple of years on a car loan, can I keep paying the loan if my car was totaled and I bought a new car with the money I received from my car insurance?

If you have an auto loan, the lender will hold title to the vehicle until the loan is paid off. If the insurance company declares it a total loss, they take title to the vehicle, and can use what’s left of it as they see fit, such as selling it to a salvage company. They can’t get the title without paying off the loan. Your loan is secured by collateral and the collateral is no longer yours.The insurance company would have to give money equal to the balance of the loan, or the value they gave to the car, whichever is lower, to the lender. If there’s money left, they give it to you. If the fair market value of the car in the condition it was in prior to the accident was lower than the amount you owed on the loan, the bank has the right to ask you to pay the difference. But it’s more likely that the insurance settlement will be for more than the amount you owe, so some will go to the lender and some will go to you. You can take the part that goes to you and use it as a down payment on a new car and get a new loan.Since you are stipulating that the insurance company will have given you money, then it should be a given that the loan was paid off.

Can I get a car loan? im 16, I have a job but no credit?

Auto finance is what I do for a living and I can tell you flat out in the United States you must be 18-years old to sign a legal contract.

Plus you income is well below the minimum required for any major lender.

Income aside you simply are not old enough to enter into a legally binding contract.

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