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Hi
I bought a used Pontiac one year ago, because some financial problems I experienced in the past I needed a co-signer (my sister-in law), so the loan was made under her name and I'm figuring as a co-signer the dealership financing manager told me that after a few months of paying on time my in-law can go off from the loan and 1 year after paying on time I called GMAC to ask about it and they said the only thing I can do is to pay off the loan.
I have an interest rate so high 15%. I really need help please.
The dealership wanted to make a sale so are you surprised they lied? I've never heard of a finance company making a change to the interest rate unless it was in the contract you signed. I would have rather bought a $5k used car for mostly cash then pay credit card interest rates on a better car.
What I would suggest is join a credit union and apply for a car loan with them. Ask them what kind of scores you need before you allow them to pull your CRs so you don't waste an inquiry.
If you want more specific advise, you'll need to post information about your credit scores and what negatives are on it (especially collections, Charge offs, and any lates from the past 3 years).
Normally being able to refinance with the dealer 6 or 12 months in the future is offered a lot.
They didn't lie, they just had no idea that credit would turn this way.
I would look at Capital One, Road Loans or a Credit Union to refinance (assuming the car is worth more than what is owed on it) and you should be able to refinance.
@Anonymous wrote:
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They didn't lie, they just had no idea that credit would turn this way....
Many industry analysts predict that due to the combined effects of high fuel prices, a slowing economy, and the credit crunch around one in FIVE car dealerships won't be around a year from now.