Revving a Car Engine Yes, revving the engine causes a few things to happen. If it's a cold engine, you can cause friction wear on the cylinder walls, piston rings, and pistons. It can cause excess gas to go into the exhaust and ignite in your catalitic converter. Gas ignition in your exhaust melts…
I'm not sure about your area, but were I live(MN) most junk yards wont give you anything(pay for the towing to get it there at most). You are better of donating the car, usually a tech. college will take it and then you write it off for a tax rebait.
Go to the yellow pages. Call the auto recycle…
Usually on a supplemental sticker, the dealer sticker price for a new car is the Monroney sticker price (MSRP) plus the suggested retail price of dealer-installed options, such as additional dealer markup (ADM) or additional dealer profit (ADP), dealer preparation, and undercoa…
If you decide to finance your new car, be aware that the financing obtained by the dealer, even if the dealer contacts lenders on your behalf, may not be the best deal you can get. Contact lenders directly. Compare the financing they offer you with the financing the dealer offers you. Because offers…
Trading in your car
You should only discuss the possibility of a trade-in you've researched the value of your old car. Check the library for reference books or magazines that can tell you how much it is worth. This information may help you get a better price from the dealer. Though it may take lo…
In simple terms, an auto lease is a long-term rental.
When you lease a car, the lease agreement you sign specifies how
long you have the car and how many miles you can drive during this
time period. A popular lease term is 36 months (3 years) and 12,000
miles/year (36,000 miles). You are not preven…
The following information assumes you're talking about a closed-end lease, the most common type of vehicle lease. With a closed-end lease, you may return the vehicle at the end of the lease term, pay any end-of-lease costs, and walk away.
At the beginning of the lease, you may have…
Registering a car
You have several issues here. If you plan to drive the car in California it must be registered there, but your Military stautus exempts you from certain fees. If you plan to drive the car straight to Florida you may obtain a "One way Trip" permit from the DMV. On arrival in Fl…
The Kelly Blue Book is the "Bible" of the Car Industry. The "Lease-end" Value is a projection of what the car will be worth "Wholesale" (not Retail) at the end of the "Term" This assumes you stay within the miles allowed for the Lease. Generally 10-15K per year.This also assumes the condition of the…
Try asking the question a different way.I have been in the business for a long time and have never heard of substitute plans.
According to Texas's top seller of new and used car, SoloAutos, the
color white is the sought after color for new as well as used cars.
In the next section of this answer are a lot of responses about returning cars because you don't like the car, don't like the deal, whatever. The QUESTION, however, was about returning a lemon. Every state has a Lemon Law, which requires the dealer to take the car back if it can't be fixed in a "rea…
If you live in California and you sign any contract, you will be unable to return the vehicle. In a rare case, I practically begged the manager of a used car lot to unwind the deal. I told him that my wife purchased a car for me prior to my purchase of their car, …
This is certainly something that can be negotiated with a dealer. It will depend on how much equity you have in the deal, how much money you may be borrowing on your new vehicle, etc. But if you make a it a condition of the deal, yes, it can be done under the right circumstan…
I am assuming you bought this from a dealer. You need to go over your paperwork and see if the vehicle was listed as new or used. This would be on the purchase agreement, finance documents, odometer statements and title/registration paperwork. If the dealer represented the car as new and it is use…
Absolutely. The only issue will be how much equity you have in the car. In other words, if the car is worth $5,000 and you owe $4,000, you have $1,000 in equity. If the car is worth $5,000 and you owe $6,000, you have $1,000 in negative equity. Be sure to verify your pay-off amount before you begin…
Typically the rule of thumb is that you have three days to terminate your contract for anything. I would first consult with your dealer about these type of questions before you sign anything. There could be penalties envolved that you would have to pay.
If you live in California and you sig…
If you live in California and you sign any contract, you will be unable to return the vehicle. In a rare case, I practically begged the manager of a used car lot to unwind the deal. I told him that my wife purchased a car for me prior to my purchase of their car, but I was completely unaware of it. …
You do not have to go through a different lender. Many lending institutions have a program called "release of responsibility". They will require that you apply with them and will make sure that you are credit worthy and budget for the payment. If you do not qualify, you may want to try to re-finance…
Your credit score will go down.
Answer. This is known as a voluntary repossesion. It is not very different from a involuntary repossesion. You will ruin your credit score and also will not be eligable for other auto financing anytime in t…
No, the minute you've signed the contract, the vehicle is yours. "Buyer's Remorse" is a myth pertaining to the buyer's supposed legal right to change their mind and return a vehicle after signing the contract. Not at all based in reality! This myth probably stemmed from a stipulation called the "Rig…
of course again - but dealers are much less happy with that. With loan rates so low, and dealer incentives they want to move new cars not clog their lots with old ones. So 1+1 won't equal 2
Trades are more valuable than cash to any dealer. T…
You can trade it in the day after you buy it, but any vehicle depreciates at least $2000 after you take possession (drive it off the lot). As far as when you should trade a new car in, that depends on how much you owe on it and your wishes. Most 60-month payment schedules will get positive equity- t…
They don't sell cars to "couples" they sell cars to individuals. If there is one name on the contract, and that name has a signature, then the car is sold. They don't care if your spouse is in agreement. The spouse is not a factor in the contract.Yes, this is true provided that your spouses name is …
Paying cash for a new vehicle is one of the most stupid things you can do. New vehicles depreciate 15%-20% the first year and on average 50% after 3 years (average 3-yr lease residual) If you finance at a competitive rate, you will pay some interest, but if you put the money you were going to waste…
United StatesThe laws vary in different states and it can depend on the reason why you want to cancel. It is important that you check the rules in your particular state. Also, its not easy. For example, some states have Lemon Laws that cover the purchase of a car with unreasonable and costly repairs…
The first step to buying a used car is a detailed assessment of your transportation needs. It's a good idea to answer the following questions.
How will the car be used? The first thing to do is to decide on a class of vehicle that best fits your lifestyle.
Who will be driving the car? And wher…
Buying used car more complicated than buying new car. You have to put more effort on this .You need to select right sellers and should know the complete history of the car. If you want to know the more our experts tips kindly visit website WWW. dealerdemon.com.
Private Car Sales vs. Buying from a Dealer Buying a used car from a private seller is very different from buying a car from a dealer. Private sellers generally are not covered by the Federal Trade Commission's Used Car Rule and don't have to use the Used Car Buyers Guide. However, you can use the Gu…
In most instances the answer is NO. But there are some instances which you may. In general, if you buy from a private seller and the money transaction is complete and you have signed the back of the title, than the car is yours, even if 10 seconds later the engine blows. Buying…
AN older car with lower mileage beacause, even though and older car may be old you know it's still good because, it lasted this long and to purchase and older car with less miles mean from way back then the person never did any hard riding on the car and if it's still riding now then frankly it's a …
It depends on the car dealership. There is no requirement for them to offer any grace period for you to cancel your purchase. If possible, you should get the dealership's policy in writing before making a purchase. If you have already purchased, you may be stuck with it.(see http://www.pueblo.gsa.go…
Once you've got the car and the dealer/seller provides title (presumably received the money or the loan), the contract is "executed". And the first step in any question like this, is read the agreement you signed and made. Agreement may or may not be important. Go back to dealer or private party a…
No. The dealer (or bank that financed it)technically owns the car til it's paid for. If it's become a hard-ship for you, simply give it back. It becomes a 'voluntary repossession' for the person incarcerated, but that sounds like the least of their problems. Good luck.
FYI, a repo is going …
If the dealer doesn't require it, probably not, but you have to decide if you want to take the chance of continuing to make payments on a car that you can't use after an accident.
The financial institutions use auctions for such issues. They, for the most part, do not have lots where they will attempt to sell the vehicles.
They cut their loss and auction them off to recoup what they can prior to the end of any fiscal reporting for that quarter.
Yes, your car will be sold and if the price they sell it for is less than the balance left on the loan, plus the repossession fees, you will be responsible for that difference and will have to pay it.
Bottom line: YES it can.
Although many things could factor into this answer, such as, have they given you anything in written form stating the new terms? Have you renegotiated your loan terms?
When faced will something or nothing, most creditors are willing to wor…
Yes, you can voluntarily give up one of your vehicles but still
continue the payments on the other. It will, however, affect your
credit. No repossession on your credit record is positive, but you
can at least provide a better logical explanation to a voluntary
repossession than you can a forced one…
Personal Property in the Vehicle According to the FTC: Regardless of the method used to dispose of a repossessed car, a creditor may not keep or sell any personal property found inside. In some states, your creditor must tell you what personal items were found in your car and how you can retrieve t…
Yes, they can repo it it you have paid everything except one red cent. You put the car up for collertal. It doesn't matter if it's worth $100,000 and you borrow $100. If you don't pay, you lose it.However, in Mississippi, after the bank repo's it and sells it, they cannot make a profit.…
They generally do not keep the keys, as it would be too many keys to keep track of. Each vehicle usually has a special code that can be used to cut a duplicate key for your vehicle. They do not need an original key to do so.
They can keep it, and I'm sure they would feel just as uncomfortable gi…
RepossessionCall your local dispatching service for your law enforcement. The Repo man is required to report the repo immediately to them. You could also call the bank or company that has financed your loan.In Illinois, we are required to report repossessions immediately to the police. In some citie…
If they are accepting payments - that will reflect negatively on them if they try to take you to court on a deficiency balance, however they have the right to demand full payment of the loan at any time and take the car if you don't pay. Also - if you are just sending in partial p…
The law can come and remove anything from anywhere if it is on a no parking place, tresspassing, or if you haven't been paying your bills. If you signed the contract to the car saying the car could be repossessed, the government practically owns your car. If you didn't read a contract that you signe…
My car is about to be repossessed. I spoke to the lender who has the second mortgage on our house concerning how bad this would be on my credit report. This particular lender is CitiFinancial. I was told that car payments are not looked at as crucially as credit cards, rent or mortgage payments, and…
That is a case of damage to your property by them and you would have to make that claim against them. Obviously they can go on your property to get the vehicle, however they are not allowed to damage your property in the process. The bad part is considering the value of the trees/damag…
this can vary by state, but in most if they get a judgment against you by taking you to court, then can - but there are rules about this as well that vary by state for example where I live they can't garnish the head of household, can't leave less than a certain amount in the check, etc.
Cosigning a loan means that you are willing and able to ensure that loan payments are made in any situation in which the other party fails to pay. As a cosigner you are just as responsible for the loan as your adult child. If the bank repos and then auctions the car you are responsible for any bala…
Making Payments After Returning a Car No, you do not have to make payments HOWEVER.....once they sell the car you still owe the left over balance. Just because you don't have the car anymore DOSEN'T mean you didn't borrow the money #2 No you do not have to make payments after returning a car as lo…
Car buyers often get suckered into high interest or extended-term
loans which far exceed the value of the vehicle. This is especially
true for buyers with bad credit.
While debt relief and credit counseling agencies will tell you they
can help, many of these companies are scams and will do more dam…
As the vehicle owner, you can sell the car whenever you choose. You are liable for the car loan. If you are selling the vehicle for less than the loan (especially when you are upside-down on the loan - you owe more than the car is worth), you need to pay the difference to your lender. When trading …
I think you should get an auto loan instead of leasing a car. You can get an auto loan easily at a lower interest rate and you would get a new car which would be your own . Where as in leasing a car you would get a used car and there are many other problems in leasing a car.
There are many be…
Whenever looking for car loan deal you need to remember the following 4 point : 1)Lower rate: Compare the rate of interest of loan and select the lowest rate. 2)Hidden charges: See if there are any hidden charge. Ask for full details. 3)Loan amount: Compare how much loan amount you would get i.e.…
Its had many benefit for getting finance from a car dealer. Dealership loans are pretty common. In the past, a dealership car loan was one of the only ways to finance a new car. Now times have certainly got changed. One thing is absolutely certain, a dealership loan is convenient. While you sit ther…
Yes, but the money you still owe (negative equity) must still be paid. Example: you owe $10k on a car and the dealer will only offer you $8k in trade - the $2k difference must be paid. In some cases, your lender or dealer financing will allow you to roll the negative equity into the new payment as l…
Mainly, it's like trading in your old car for a new one. You'll have to be approved for a car and they may give you certain choices to choose from. And another thing is that your car note is most likely to go up, but you know what you're able to afford. And remember if you're thinking abou…
The other person would need to apply for a new loan to pay off your existing loan. You cannot simply switch the names on your loan. But check with your lender for details.
You just simply cannot switch the names on your loan.
Yes a person with very bad credit can get a car loan . If you do not happen to have enough money to buy a vehicle, then low car loan rates are easy options for helping you buy the car without having to pay from money directly out of your pocket. It's simply just a form of credit by lending party of…
Without seeing the sales agreement and/or loan agreement, it's impossible to answer your question with any certainty. But assuming that both agreements are fairly standard, boilerplate sorts of things, then here's the basic situation: If your husband, as co-signer, was smart enough to insist on fina…
There is dialouge that indicates how you should contact the creditor that has charged off the account, and indicate that you wish to settle the debt, though charged off, in exchange for a written promise to correct your credit report. There is even a form letter you can modify for your own use.
The age is 18 and with most dealerships you have to have good credit to buy a car. So if your son has a bill in his name or a credit card, the dealership can pull up his credit, and he must be approved. Also, he must have a job or a document showing that he has a steady income coming in…
I faced the same thing about a year ago. The insurance company did not want to give me what was needed. I got on-line and found many cars that were just like mine and showed them that my car was worth more than they were wanting to give me. They still did not want to give me what the car was worth. …
Trading a Car When More Owed than Value
You can't really trade it without staying in the hole. You can go to a car lot with about 8000.00 dollars and trade it but if your buying a new car that's 12995.00 and you trade a car you owe 9995.00 on they will just add the amount you owe minus what they …
No. It is nothing more than a myth that the "Buyer's Remorse" or "Cooling Off Period", laws apply to the purchase of an vehicle of any kind, new or used. Those type laws do not apply to vehicle purchases in any state. Once you purchase a vehicle you own it. Also once you purchase a new vehicle it be…
This happen to me;
I went to the car salesman that sold me the car and demaned to talk to the car dealership owner.
they told me it would not do any good to talk to him , I told them that they did not own the car but that he did after all it was his car lot, then I said …
SCAM SCAM, they ask you for any type of personal information such as social security number, delete it. When you take out a loan on anything, it is in good faith that you will repay the loan. The bank expects this agreement to be honored. There is no such thing as a free lunch and no one i…
A cosigner is obligated as long as the loan exisists. The loan must be paid off or refinanced into the primary borrower's name only to release the cosigner.
Yes you can. However, if the car is really for you, the lender probably won't do it. This is what is known as a "straw deal". One person with good credit buys a car for someone who doesn't have good credit.But if you just want to help him by letting him trade in your car, no problem.Find out what ca…
This just means they have not found it yet. They can pick it up and, they can take you to court and you will have to pay the amount owed plus court fees and fines for hiding the vehicle. If that's the case.
It is not a good idea to make such a trade.The dealer will offer you significantly less then you owe, and move the difference unto your cheaper car. The bank may not even want to finance your cheaper car because the collateral would not cover the entire loan balance. You may be able to get approved …
Only if they are also on the title of the car. Call the Bank they will explain you what to do in certain situation. I got a same issue I called a bank and they offered me a back message.
A co-signer is responsible for all provisions of the loan agreement. "Co" means equal. You and the primary borrower are equally responsible for the contract.
Find out more at www.dealertricks.com
Yes you can get a loan from dealer. If you are a student then there are student car loan available for you. See the link in the related link for more information
Depends on your credit history and what the lender is willing to provide. Ans : Sure You can buy a car.
You can't but your parents can take one out and then you just pay them.
You can sell it. Just call the finance company and see what the cash pay-off amount (the minimum cash amount that they will accept in order to give you the title free and clear) is. Sell the car for an amount equal to or more than the cash pay-off amount. Take the cash to the loan company and pay o…
Most lenders will view it as a one time thing and consider ALL your other credit experience. Some may require a larger downpayment.
seven years. and it will affect your credit badly for the first two to four years...regardless. If it has to be repossed let it be a willing repossession or tr…
In my experience they will repo your car, if you dont make other arrangements.
You can contact an insurance agent in your local yellow pages to request quotes, or use an online mortgage insurance quote provider that has access to a network of insurers to provide you with quotes.Most mortgage insurance companies have online mortgage insurance calculators. Google mortgage insura…
You do. Check with the Secretary of State, who monitors and licenses vehicle dealers.See the link to the right for the Illinois state page with the forms.
There are several ways of doing it but the most effective way is to WITHOLD the title first of all then draw up a formal legally binding contract specifying the conditions of the agreement, have all interested parties sign it, then have it notarized and whatever you do warn them (usually through the…
Breaking-In a New Car
Most manufacturers have recommendations in the handbooks. You should start off treating the engine very gently i.e. gentle revs and never more than 1/4 throttle. Over time you gradually use more revs and more throttle until you eventually end up using the full range of the …
In Texas, when your car is impounded, it is best to go immediately and retrieve your car. The towing charge and daily storage mounts up. The longer you let your car stay in impound the more you are charged. If you have a mortgage on the car, the company that has the mortgage is notified and they pay…
they can talk about your credit card number in the back of a bookstore and copy your number.
It can be: Revocable Credit Irrevocable Credit Confirmed Credit Payment Credit Negotiation Credit Deferred Payment Credit Acceptance Credit Back-to-Back Credit Transferable Credit Red Clause Cred…
The lender can require just about anything, but it is more likely that they will want every name on the title to be on the loan, not the other way around. If anyone should insist the cosigner's name be on the title, it would be the cosigner himself. That will give him a right to take possession of t…
The Annual Percentage Rate (APR) is a measure of the cost of credit, expressed as a yearly rate. It must be disclosed before you become obligated on the account and on your account statements.
The issuer also must disclose the "periodic rate" -- the rate applied to your outstanding…
Examples of computation methods include the following: The most common credit card balance calculation method credits your account from the day payment is received by the issuer. To figure the balance due, the issuer totals the beginning balance for each day in the billing period and subtracts any…
Check your local bankruptcy exemptions. Find out what the vehicle exeption is (In Ohio its $1,000). Buy a car that is worth around that much and then discharge everything else.You can also bank something equal to what you spend on the car (minus the exemption). Most bankruptcy Trustees will allow yo…
Chapter 7 Roughly, it takes 5-6 months after filing of the petition to get a discharge if it is a no-asset case. If there are assets or questions about the value of assets, it may take longer. More information:There is no court hearing in a no-asset case, and the discharge in Massachusetts is usuall…
The lender will consider the credit of the people that will be applying for the mortgage. Anyone with bad credit will only hurt the other person's chance of getting the mortgage. If they can apply by themselves they should. After the the closing of the mortgage and sale--anyone can be added to the t…
Lenders do not want you to default on your mortgage. As with any other mortgage, in the case of the balloon payment, your lender will try to work with you to refinance your mortgage into payments you can handle. If you can't refinance, you may be forced to sell the property (unless the ban…
Yes, you are responsible If the person you co-signed for is behind in payments and the insurance coverage expires you are responsible to insure the car until it is sold or the person gets the payments caught up and pays the insurance.
A co-signer is jointly and severally liable on the note, but
doesn't have any security interest in the vehicle. In other words
he has no rights to the vehicle, other than to pay off the note if
you fail to do so. A cosigner can ask that his name be added to the
title, which means he has equal owners…
First things first; find out who's name is on the registration and title. If it is only in one of your names, you could be in trouble. I suggest you call a lawyer and fast if that is the case and your name isn't on either of them.
A doubt very much if a lender will release a co…
Co-buyer = Name is on the title and has rights to the property. The lender will PROBABLY insist that this person also sign the loan as a co-signer or joint borrower.Co-signer = Name is on the loan and is obligated to make the payments if the primary borrower does not. This gives you N…
The fees described below are the charges that you are most likely to encounter when refinancing.
Application Fee. This charge imposed by your lender covers the initial costs of processing your loan refinance request and checking your credit report.
Title Search and Title Insurance. This …
For any car that is impounded (not available for release without a police OK) or stored (available for release to the registered owner without a police OK), a written or verbal notice must be given to the party from whom it was taken. If no verbal notice of the vehicle was given to the person who ha…
Lawsuits and the Names on a Car
An absolute answer depends on your state law.
Generally, the person/company suing you has no legal interest in your car until they get a judgment against you and file a lien against your property (unless they are the car finance company or you voluntarily gave…
Yes, the Trustee can and it does happen. Every creditor that has a secured lien must file the appropriate paperwork with the appropriate state agency and in most states, doing it within a certain number of days. Normally 20. If they don't do it timely, the Trustee can avoid the…
When You Turn 14 . . . You can work in an: office, grocery store, retail store, restaurant, movie theater, baseball park, amusement park, or gasoline service station.You generally may not work in: communications or public utilities jobs, construction or repair jobs, driving a motor vehicle or helpin…