Cap 1 Auto ? (sorry if it's a repeat)

[Anonymous]

Hey Tex - thanks a bunch!  What is your honest take on this - I have a crap loan for 23.25% per DAY right now - is it worth having Cap 1 see if they'll re-fi or should I try a different way or live with it?  This stinking company already made almost $8k off me in interest - yes, almost twice the amount, and if I continue until the loan end, I will pay them yet another $1500, which just makes me want to puke.

Thanks!

[Anonymous]

Sure!

If your loan is an auto loan, Cap1 WILL NOT REFI it. They don't refi their own loans...Are you able to get a refi elsewhere -CU or bank?

[Anonymous]

PS: I know I saw accounts at 24% interest - but it was APR. If you think about it, if that interest was compounding daily, every fourth day your loan balance would double.

Example: $10k @ 24% per day = $2,400 PER DAY in interest x 4 days = $9,600 interest accrued in four days.

I think what your are paying is an annual percentage rate -

Example:  $10k @24% APR= $2,400 per year divided by 12 months= $200 per month in interest + your principal.

What I recommend, if a refi seems undoable, make your payment as far in advance of the due date as possible. The minute your payment post, is the minute whatever principal you paid that month STOPS accruing interest. You would be AMAZED at how adding $10 towards principal helps, too. I'm a fan, personally, of making bi-weekly payments. Cap1 will accept them!

Godspeed!

[Anonymous]

Unfortunately, my bank will not re-fi because the vehicle is one year older than they allow now  I am however going to join a CU, it sounds like they are the best method at this point.

As I said, I just can't stomach paying that much more when I know what happened, granted it's my own fault but still...it bites

As for paying additional - guess what, I did that the first 11 months I owned the car, and they misapplied - I've been through the ringer on this one.  They never accepted my Dec. payment then blamed it on my bank - trust me I fought on that one with documentation up the whazoo and it was resolved 5 months later.  I watch that account ALL the time.  That's why I went to my own bank's billpay, even if I'm within the 10 day grace, I can track.

It's BS that they still say allow 7 days to post when you KNOW dang well it takes 2 seconds in this day & age...A new fight perhaps

Message Edited by beach123 on 07-20-2007 08:01 PM

[Anonymous]

"

"As for paying additional - guess what, I did that the first 11 months I owned the car, and they misapplied - I've been through the ringer on this one.  They never accepted my Dec. payment then blamed it on my bank - trust me I fought on that one with documentation up the whazoo and it was resolved 5 months later.  I watch that account ALL the time.  That's why I went to my own bank's billpay, even if I'm within the 10 day grace, I can track."

Yeah - I had to deal with misapplied payments ALL THE TIME! The mail system @Cap1 is fully automated, so whenever I would give out the mailing address, I always gave out corporate (hee-hee!) so that I knew a human being would actually LOOK at it!

Message Edited by TexMontana on 07-21-2007 11:23 AM

[Anonymous]

My car was financed through CAP1 and though the interest rate was astronomical, I never had a problem with them. I also never ever paid late in those 60 months. On the other hand, my ex also had CAP1 and never ever paid anything on time. They would call him at least a dozen times a day starting within two days of the due date until he actually made the payment. Well, like I said he is my ex...but I can tell you this...his statements still come to my house and he is four months behind and still has his car...So I gotta say there is some leniency somewhere in there.....lol

[Anonymous]

THanks!  I am not currently financed through Cap One - it used to be Bank One "custom" written then bought out by Chase "custom" - if one knows there rights and babysits then you should be ok, but it's ridiculous to have to babysit a company that's trying to keep people DOWN!

Maybe I'll take Tex's advice and change my address to work