24.9% APR on auto

[Anonymous]

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 twice

RE-FI!!!

[Anonymous]

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!

[Anonymous]

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.

[Takunda1]

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.

[Anonymous]

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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.

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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.

[Anonymous]

I prefer the first

[Tuscani]

IMO, you should pay the penalty and get out now.

[Anonymous]

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....

[Anonymous]

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

[Anonymous]

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.