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This loan was done through a Consumer Finance Company. It works like a credit card.
New vehicle loan, $13,981.26 financed.
Interest rate 16.99%
Minimum payments $200 monthly.
This person has been making a $200 payment for 2 years.
The balance is still over $13,000.
I just broke the bad news to them. Aren't auto dealers great at confusing people.
Message Edited by ilovepizza on 07-21-2007 05:13 PM
New vehicle loan, $13,981.26 financed.
Interest rate 16.99%
Minimum payments $200 monthly.
This person has been making a $200 payment for 2 years.
The balance is still over $13,000.I just broke the bad news to them. Aren't auto dealers great at confusing people.
Message Edited by ilovepizza on 07-21-2007 05:13 PM
Has your friend checked his FICO credit score? Has he missed any payments? What does the rest of his profile look like? If he has not missed any payments on the loan, he may have a good chance at re-financing the loan with a more reputable company at a better rate. Have him look into a credit union account.
ilovepizza wrote:
This loan was done through a Consumer Finance Company. It works like a credit card.
New vehicle loan, $13,981.26 financed.
Interest rate 16.99%
Minimum payments $200 monthly.
This person has been making a $200 payment for 2 years.
I just broke the bad news to them. Aren't auto dealers great at confusing people.
Message Edited by ilovepizza on 07-21-2007 05:13 PM
ilovepizza wrote:
This loan was done through a Consumer Finance Company. It works like a credit card.
New vehicle loan, $13,981.26 financed.
Interest rate 16.99%
Minimum payments $200 monthly.
This person has been making a $200 payment for 2 years.
I just broke the bad news to them. Aren't auto dealers great at confusing people.
Message Edited by ilovepizza on 07-21-2007 05:13 PM
Bummer...
Rob
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