can not get even payment plan and amortization from loaner

[mustangy]

thanks already for replies

Last year i bought a Mercedes s calss paid down 20k and cuz of its my first car and corp account is new been charged 10.75% and this company is 1 of only 2 company in new york state that they loan to black car business (kind of taxi)

total money principle was 70587.00$

this is included tax check

i didn't care to much about because after a year i was thing close account and do not mind about 5-10k$ just walk way pay all debt

and after year because accident hospitals wife's problems i even didin't worked enough can not close all debt plus budget is not sustainable any more

start to dig this really suck deal and learned from my accounting guy tax check never been used and he paid from my bank account

call back the loaner guess waht after arguing 3 months finally ok we will deduct from next 3 payments ? nothing deduct from interest etc.

now for 63k loan i m paying

48x1938= 92640 plus 15k down

107640 in 4 years for 63k principle

and guy is really rude when i try contact

what can i do he even do not send me my payment plan ?

107k for 63k 48 months is screwing up

[Remember0]

I apologize, but I don't fully understand what's going on. You bought an S Class but don't want to continue paying it because you haven't been able to drive enough?

I'd go take it to a Carmax or something and see what it's valued at. You might not be that underwater depending on what model it was in the first place. You could always let it be repo'ed but that is obviously less than ideal...

Who is this lender anyways? I don't think lenders are required to send an amortization schedule. You can make one for yourself too. Just google amortization schedule.

I don't really understand what you mean by deduct from next 3 payments or nothing deduct from interest. I just don't get it...If your initial loan term was 48 months for 70587 @ 10.75%, monthly payment should have been $1816, not $1938. I think you're getting a lot of things confused to be honest.

[mustangy]

thanks for answer remember

i bought this for business not personel use

and usually this 4th car i clear it in first year and about 8-9k damage extra pays and close debt

but now for personel reasons i coulndt close debt in first year

the problem is the check i got from loaner never used by my accountant 7k and interest of this 7k of course been charged from me this is the money i never used.

at least they can deduct it like early payment from a year ago but they do not deduct even this 3.5 months (cuz it is look like i paid in front)

and payment as you said must be 1816 but this loaner claim no its not 1938.66

now at this point what can i do

its on my busines name can i go bankcrupcy for corp or what

the loaner really pist me for being rude

who pays for 63k in 48 months bases 107.k thats insane

thanks remember0

[Remember0]

You didn't personally guarantee the loan? Often for business loans, you have to personally guarantee. I'd look into seeing if you personally guaranteed that loan. If so, you'd also have to do a personal bk, not just a corporate bk.

[mustangy]

thanks alot rememebr0

yes i did already thinking of both of them just mariired

and hard to pay

1938 car loan

1500 company fee

900 insuarnece

1000 gas and e-zpass

1500 rent

1500 etc

this is how you live in new york

[Remember0]

Keep in mind if you do a personal bk, it'll stay on your credit for 7-10 years. Also depending on your income and debts, you may not be allowed to file a Ch. 7 BK meaning you'd have to pay you creditors your disposable income over the next three years. Best to speak with an attorney (and to be honest more than 1...some BK attorneys can be over eager to do a BK even if it's not the best solution).

Also like I suggested before looking into BK, bring that car to Carmax and get it appraised! If you're only 5k underwater for example, it does not make sense to BK over 5k and take that credit hit unless you have a lot of other debts.