Auto Loan Nightmare that won't end

[mynameainttracy]

Just based on the information you have given I am assuming that you financed this and not leased it. How many payments do you have left?

[sccredit]

This makes no sense.  Your balance should be in the mid twenties right now on a 6 year loan that is 4 years in.  Who is the lender on it?

[Anonymous]

Weathergirl,  Both DCU and Penfed allow you to join affiliate type organizations, charities where for about 10 bucks you become a member of the organization and then you are eligible to join their credit unions.  Both have that information on thier sites.

[settleordelete]

It sounds as if the monthly payments aren't being applied towards the account or the loan balance correctly. You should call them first or visit a branch location if possible to resolve this.

Even if you financed it up to 84 months at 16% your loan balance should be half of what you posted.

[Anonymous]

OP, is this a ballon payment loan?  My guess is yes.  If so that will make it even tougher.

[settleordelete]

That's a pretty big balloon... A "hot air" one perhaps?

[nycplayboy78]

What sort of LIES and WITCHCRAFT is this??!! The numbers are not adding up...You have been paying on a car for 4 YEARS with a 16% APR on your loan...DaFuQ??!! Now you are saying that you cannot refi due to LTV? You need to look into joining DCU and/or PenFed and they will most definitely help you out. Your scores are in the high 600s and low 700s you are in a great position to refi......

[bada_bing]

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@Anonymous wrote:

My current loan amount was for 62k. Monthly payment is 1232. My current scores are 703 (TU) , 695 (EX), and 670 (EQ). My monthly payments all go to interest and i am just throwing money away every month. Balance is at 51k now. 

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You should double check your loan balance.

Backing out the numbers from what you've posted, your loan should be a 84 month term, 16%, $1232 per month.

At the 48 month mark the (the 4 years you posted), the amortization table says you should owe $35,781, if you

have made just the required payments on time. A $51K remaining balance would be more like 2 years into the

loan, not 4. Have you checked the current market value of your car ? You may be close to a LTV that allows for

a refi with no more money lumped in.

No need to harp on "water under the bridge", but it is important to recognize what went wrong

here just so you don't repeat it. This appears to be a very bad, bad deal for several reasons. A

luxury car on a subprime loan for an extended term. Not a good situation. Very likely you didn't

get a good price on the vehicle either, because you had little bargaining leverage. Good news is,

you should be close to right side up now (car is worth at least the outstanding balance). That will

open some options to refi or sell the car.

[Anonymous]

Don't know about everyone else but I will never take out a 62000 loan for 16% interest alone is almost 10k a year

[Anonymous]

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@Anonymous wrote:

Don't know about everyone else but I will never take out a 62000 loan for 16% interest alone is almost 10k a year

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The OP has admitted it wasnt their best decision, no reason to pile on.  You were just posting about a 30k plus loan for a pair of watercraft, most of us wouldnt do that either.  We all value what we spend on differently.