Credit Cards Center Credit cards from our partners
Reply
Established Contributor
Posts: 570
Registered: ‎05-02-2007
0

Re: 24.9% APR on auto

OMG - I thought I had it bad at 23.25% - I have 18 months to go on the 4 yr and they will have made $9k - makes me want to puke but I have no way to re-fi because it's a 1999; and I'm still trying to get something off my report that shows up twiceSmiley Sad
 
RE-FI!!!
Established Contributor
Posts: 570
Registered: ‎05-02-2007
0

Re: 24.9% APR on auto

BTW - I wouldn't even try to re-fi through them - they are going to get you again anyway - don't trust them, go to the CU or roadloans, get the check in hand - and pay them while smiling!
Frequent Contributor
Posts: 382
Registered: ‎05-15-2007
0

Re: 24.9% APR on auto

I am going to apply after my next payment goes through.  Seven months should be plenty.  One problem I have with applying for an auto loan through my Credit Union is that they denied me the first time.  Of course my credit was much lower.
Established Contributor
Posts: 512
Registered: ‎06-08-2007
0

Re: 24.9% APR on auto

Careful....Some companies have penalties for paying in full before the date that you agreed on. Make sure to read your contract thoroughly first, ir you can just call them and ask if there is a penalty involved if you pay off your loan in a lumpsum.
Frequent Contributor
Posts: 382
Registered: ‎05-15-2007
0

Re: 24.9% APR on auto



Takunda1 wrote:
Careful....Some companies have penalties for paying in full before the date that you agreed on. Make sure to read your contract thoroughly first, ir you can just call them and ask if there is a penalty involved if you pay off your loan in a lumpsum.



Yeah I thought about that.  I just weighed the fact that I can pay a penalty and get out of the loan or continue to pay their rediculous rate.
Frequent Contributor
Posts: 382
Registered: ‎05-15-2007
0

Re: 24.9% APR on auto

I prefer the first
 
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
0

Re: 24.9% APR on auto

IMO, you should pay the penalty and get out now.
Established Contributor
Posts: 560
Registered: ‎05-03-2007
0

Re: 24.9% APR on auto

there is no way that you wouldnt be better off refinancing, in my opinion.  and i will tell you right now that i bought my first new truck with a capone blank check, and refied it after only three months with hsbc auto finance....
Regular Contributor
Posts: 197
Registered: ‎06-08-2007
0

Re: 24.9% APR on auto

[ Edited ]
Hey Monro... you can also try Capital One Auto Finance or HSBC Auto Finance along with a local bank or credit union. If you have a bank or CU, I'm sure a loan officer or branch manager would gladly sit down with you to understand your situation... and even if they cut your rate in half to 12%, they're still making a very goot return on the loan and you just got yourself into a much better loan situation.

Also, if you have six or seven months of re-established auto loan credit you will have a better "auto-enhanced" score if that's what a new lender uses. "Auto-enhanced" scores are geared to give a lender a more "auto-loan" risk picture of a borrower, and it sounds like you've done a good job handling your loan even at such a punitive rate.

Oh... and read read READ that contract very carefully to see if there's a fee or penalty for paying it off early. I doubt there is one, but you want to be sure!

Dang those predatory car dealers and car loan companies... they oughta be shot for screwing you at 24%, but in the end, you signed the deal knowing what the rate was. Put it all behind you and GO GET THAT THING REFINANCED... run, don't walk! And let us know how you come out!!

Message Edited by CreditHawk on 07-07-2007 12:32 PM
Established Member
Posts: 20
Registered: ‎04-26-2007
0

Re: 24.9% APR on auto

wow thank god for this post!

i checked our truck loan and discovered that hubby and i have been paying 24.95% religiously for 21 MONTHS!!! i hate it when i've been had.

i just filled out the application on roadloans.com so hopefully we will get a better interest rate.

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.