Auto Loan Nightmare that won't end

[Anonymous]

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@Anonymous wrote:

Thanks everyone! So i have 10k in cash available to me to dump on the loan, and a 0% interest card with a limit of 10k. This gives me about 20k to work with - i am confused on the BT option, how can you BT neg equity to a credit card?? should i dump cash on loan first and then transfer abother 10k balance? or no....decisions!

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@Anonymous wrote:

Lots of great advice here.  I think the theme here is get out of this loan and perhaps the car.  I like the idea of doing zero percent credit card transfers to get the negative equity brought down so you can refinance the car at a decent rate.  Clearly this APR and length of the loan is a terrible fit.  OP let us know what you decide to do.  I think everyone here is rooting for you.

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Some lenders will allow you to transfer money to your checking account as a BT, or send you checks that will post as a balance transfer but can be used like a regular check. Citi does this for linked checking accounts and BT offers for example. Depends on the lender and card. If it's an option, then you can just send them the check or make an online payment when the money posts to your checking account.

[Anonymous]

Hello, I am in a similar situation which I find to be dire as I am trapped in poverty to maintain a 500.00 a month auto loan financed through Regional Acceptance Corporation. After three and a half years, my balance for a Ford Fusion SEL (not a Mercedes-Benz GLK) is pretty much the same at approximately 19,000. Moreover, I have paid a total of almost 19,000 and counting. While I made this unfortunate decision to stay employed I honestly thought my credit score world rise from a mere 640. However with 3.5 years of on time payments it has dropped 41 points. My question is how can this be legal?

RAC preys on people in their most vulnerable moments; then TRAP YOU. Trapped as one doesn't want to have what is really a 'rent a car' repossessed thus what can an individual do- but refinance, which isn't an option as the credit score will never rise because of the debt to income ratio. Furthermore if refinancing is an option; how much longer do we pay on a loan for a car that depreciated in value once off the lot? Trying for another vehicle is also out; the upside down balance is too high.

Hopefully or you were able to get help, if so please share. Also if there is anyone in finance who can help victims with these disgusting loans please advise us.

IF YOU ARE A PERSON LIKE I WAS 3.5 YEARS AGO AND YOUR, CAR DIES & YOU NEED A CAR TO GET TO YOUR JOB; QUIT BEFORE ENTERTAINING REGIONAL ACCEPTANCE CORPORATION.

[Anonymous]

@Anonymous silver lining is @ least your credit score rose. Good luck!  

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@Anonymous wrote:

Got into a really bad car loan when i was younger and dummer and now i want out. 

I got a brand new lexus in 2012, which was a 2013 model, fresh off the truck. Purchased the car from NFCU with a 16% rate and a horribly high payment (over 1,000/month). I have paid it on time for the past 4 years but i am not hitting the balance enough and it wont die! I need to refi but not sure who wants it. My credit is sooo much better now, at least 100 points higher in each. what should i do? Since I am with the only credit union i have a relationship with, where could I go?  NFCU doesnt re-fi their own loans. HELP!!!

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@Anonymous wrote:

Got into a really bad car loan when i was younger and dummer and now i want out. 

I got a brand new lexus in 2012, which was a 2013 model, fresh off the truck. Purchased the car from NFCU with a 16% rate and a horribly high payment (over 1,000/month). I have paid it on time for the past 4 years but i am not hitting the balance enough and it wont die! I need to refi but not sure who wants it. My credit is sooo much better now, at least 100 points higher in each. what should i do? Since I am with the only credit union i have a relationship with, where could I go?  NFCU doesnt re-fi their own loans. HELP!!!

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[Anonymous]

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@Anonymous wrote:

Thanks everyone! So i have 10k in cash available to me to dump on the loan, and a 0% interest card with a limit of 10k. This gives me about 20k to work with - i am confused on the BT option, how can you BT neg equity to a credit card?? should i dump cash on loan first and then transfer abother 10k balance? or no....decisions!

---

@Anonymous wrote:

Lots of great advice here.  I think the theme here is get out of this loan and perhaps the car.  I like the idea of doing zero percent credit card transfers to get the negative equity brought down so you can refinance the car at a decent rate.  Clearly this APR and length of the loan is a terrible fit.  OP let us know what you decide to do.  I think everyone here is rooting for you.

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U get a blank check from credit card or u walk into a bank with ur card and ask for a cash Withdrawl. Deposit it into ur account and use to pay ur car note. I don't think u can really transfer car loan onto a credit card. Now if u can pay car payment with credit card u can even do that and not get hit with a 3-5% cash advance fee

[Anonymous]

UPDATE!! 

Thanks everyone for your help! I was able to refi successfully through Kinecta Credit Union at 4.9% interest rate! Hell of a difference. I did have to pay cash to get the balance down low enough to refi but they were able to approve at 130% over value through a 3rd party broker. The good thing about this loan, is i can pay extra and it will go towards the principal balance finally! I am thankful for all the great advice. Now i feel like i can move on with my life. WHOOOHOOO!!

[Appleman]

Very happy for you! I am sure it feels like a weight has been lifted.

Even though you remain upside down, now at least most of the check you send will go toward principal.

[Schoolbuskid]

grateful of the outcome, congrats!

[Anonymous]

oh absolutely! and since i am used to paying the higher note, i plan to keep it up just to get the principal balance down enough to trade out into something that takes regular gas!! 

[Anonymous]

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@Anonymous wrote:

oh absolutely! and since i am used to paying the higher note, i plan to keep it up just to get the principal balance down enough to trade out into something that takes regular gas!! 

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Way to go!! But 60k car and ur worry about the gas?? 😇😜

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

oh absolutely! and since i am used to paying the higher note, i plan to keep it up just to get the principal balance down enough to trade out into something that takes regular gas!! 

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Way to go!! But 60k car and ur worry about the gas?? 😇😜

HAHA! Lets just say as we get older, we get wiser, and priorities have changed! Gas and maintenance means more than flashy and fancy upgrades