 Capital One Platinum Visa credit card? |
I have a capital one Planity credit card, they gave me a $2000 limit, I'm a college student. My interest is around 20%.
Does anyone else have the Captial one Visa Plantium Credit card and ... |
|
 Help - A collection agency is trying to strong arm me!? |
| I've been trying to improve my credit, but with lots of old bills and living paycheck to paycheck, I have a ways to go and it's going to take some time. An old Visa account of mine was ... |
|
 Would open up a new line of credit, i.e. credit card, loan, etc. hurt my credit score? |
| My current credit score is mid-500. We are planning to purchase our first home in the near future.... |
|
 Is it bad to sign up for credit cards just to get rewards points? |
| I sign up for 5-10 credit cards a year solely based on the fact that they'll give me $50-$100 in rewards points for using it once. I pay my balance in full every month. Is it hurting my credit ... |
|
 Bankruptcy? |
| i have recently been imformed that the tsb are gonna try and file for my bankruptcy,if they get it does that mean al my other debts will be non payable as i would be ... |
|
 If i get a £6,000 loan out NOW will it affect me getting a mortgage in 18 months? |
| I may have to get a loan out but i will be able to apply for a mortgage on the keyworkers scheme in 18 months. I was taking out the loan to pay off some bills abroad. I only have one credit card with ... |
|
 Credit score issue? |
| I need to buy a car ASAP and im scared my interest rate could be high b/c i have an unpaid charge from years ago due to a bill never arriving (i was living in someones home and they said they never ... |
|
 Have you ever maxed out your credit card? |
| If so, how long did it take you to pay it off ?... |
|
 I want to get a bunch of credit cards, which ones? |
| i want to apply and get like 10 credit cards, what are some of the best places to get them?... |
|
 Where do I cash this check at? |
| I was wrote a check from someone who lives in Vermont & I live in Oklahoma so we don't have that bank down here. Can I cash the check at any bank or what?... |
|
 Will paying my credit card in advance not improve my credit rating? |
| I generally like putting money on my credit card before making expenditures, as this ensures I won't get charged any interest on any amount and that I can actually afford whatever it is I'm ... |
|
 Why do credit collectors have to be rude? |
When I answer the phone and they are rude, I just write it off and refuse to pay. It seems if I could have paid on time I would have - however once they are rude, I am basically done.
I ... |
|
 Whats the fastest and guarenteed way to get a loan? with bad credit....? |
| i went to court the other day and they said i had to pay some tickets off within 2 months. the total i have to pay is about 4000.00 dollars. is there somewhere i can go and get a laon? i tried my ... |
|
 Does too many credit checks affect your credit scoring? |
| I've had a few credit checks done recently when shopping for loans and stuff - can that affect your overall credit scoring - cos other than that my history is near on perfect so i don't ... |
|
| Why do people struggle financially after christmas...is it because they got everything on credit for xmas? |
I'm confused here..all my friends are saying they are so hard up financially now christmas is over.
They got everything on credit for christmas is that why?
I started buying in F... |
|
|  |
Tammy D | How should I handle my upside down car loan? |
I owe 11,000 on my 2007 car that I bought new, it is worth only 8K to sell privately and 7K or less for trade in. Obviously I bought it from a crook of a car salesman while I had bad credit, big surprise. Well, my credit is much better now, but I'm unsure if I should just pay it down or sell it? Anyone with experience out there? I could use some advice.
Thanks!
Additional Details
I think I will run it into the ground. Thanks guys :-) |
 |
 
ichyedad
 |
If it makes you feel any better, everyone who bought a vehicle in the past couple of years is upside down now because of what has happened in the auto industry. Employee pricing and big rebates on current year new cars have driven the used values down.
The question you should ask yourself is why do you need a new car if yours is only 1 year or so old? I'm sure if you are at a high rate of interest on your existing loan, it sounds good to be able to buy a new car and get a lower rate, but if you consider that you are going to lose $4K on your trade, that does not seem to be a good move. Pay your current auto down as soon as you can by making bigger payments. Once you get it in line with its value, if your credit has improved like you claim, you should be able to get it refinanced at a credit union (they have lower rates than most banks) and reduce your interest rate.
A car is a tool. We use it for getting us from point A to point B. As long as it is reliable transportation, you should keep driving it and not jump into the market for a newer model. That's is what has gotten most of us in financial trouble over the years because vehicles are not good investments -- they depreciate. Keep your car longer and put your extra money into appreciating assets. You will be better off over the long haul.
Good Luck. |
|
mjghunter
|
Here is a hint. No matter what type of NEW car you buy you will never have a vehicle that is worth more than you owe if you take a loan for more than 36 months. If you dont believe me do the math on your current vehicle. |
|
andy
|
For me, when I bought my current car I decided to drive it into the ground. All new cars become upside down once driven off of the lot unless you have a large down payment. If you like the car then drive it into the ground but make sure that you put routine maintenance into it or it will die sooner than it should. |
|
OC1999
|
Cars are not an investment, your NEW car probably lost $2000 the day you drove it off the lot. Unless you put down a huge down-payment you are always going to be upside down for a majority of the loan. So it would probably be better to just keep this car.
However, if your credit has improved you may be able to Re-Finance to a lower interest rate. You can't do it with your same bank, but check others and see what they could offer you. |
|
wildbirdie
 |
All car new car loans go upside down unless you put up a large down payment. This is due to the rapid depreciation in the first few years compared to the small amount of principal being accrued in the first years of payments. As soon as the dealer gives up title, it is no longer a "new" car, but a one year old used car. |
|
Pretty Girl
|
Just pay it off or you'll be even more upside down with another loan. They're only going to add the balance that you owe to your new car loan. Pay it off as fast as you can. |
|
William
|
Well you don't have much choice in this matter. If you sell it privately you will have to come up with $3K to pay it off. You might get a new car at a good discount with better rates though but 3K is a lot to make up with rates alone. I think you probably should hold it at least one more year before trying to sell it. Since your credit is better you might want to refinance it at a lower rate although since you are so upside down you might not be able to refinance it all. |
|
doodlebug
|
Unless you pay it off, you will be further upside down in your next car. Pay it off then save and pay cash for the next one. |
|
SPIFIMAN1
|
Auto finance is what I do for a living and there are only 3 ways out of being upside down.
1. Keep making the payments until your right side up or paid off.
2. Sell the vehicle and take out a personal loan to pay the balance.
3. Trade for something that will suck up the negative equity. Note this will raise you payment since the negative will have to be rolled into the new loan.
Most people choose number 3 even though they end up even more upside down then before.
And just so you will know you were not taken advantage of by a salesman, the banks have very strict guidelines as far as how much they will loan on vehicles. When you bought the vehicle it was worth what you paid for it or the lender would not have approved the loan in the first place.
I look at credit every day and most people are upside down due to the market, the fact that they financed for to long and did not make a large enough down payment. |
|
src50
|
You didn't buy it "from a crook." All new cars depreciate rapidly in the first few years. If you put little down, you should expect the loan balance to exceed the current value. |
|
Judy
|
The car is only a year old and its worth 8K?
That does not sound right.
Have you looked in kelly blue book?
Don't sell it. Run it to the ground. Just pay that sucker off aggressively.
/ |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
6 | 39 minutes(s) ago
| | | |
10 | 2 hour(s) ago
| | | |
10 | 4 hour(s) ago
| | | |
10 | 7 hour(s) ago
| | | |
11 | 9 hour(s) ago
| | | |
11 | 2 day(s) ago
| | | |
11 | 1 week(s) ago
| | | |
12 | 2 week(s) ago
| | | |
11 | 1 month(s) ago
| | | |
11 | 2 month(s) ago
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
