Car payment question.?

Jay-C

Okay, let's say I put a down payment on a car and bought it in Tulsa, Oklahoma, but than I moved to California. How exactly would I make the montly payments?

Answer
who ever you financed it through should give you a payment booklet or send you a bill just make sure they have all your new info. If it was with one of those small town high interest places that finance it on the lot then you need to let them know you have moved and that you need to make some arrangement with getting payments to them!

Do you pay extra car payments?

pink_me

If you have a car loan, do you make extra payments on it, and if so, how much? What are the benefits of paying off your car early versus putting the money in your emergency fund?

I'm trying to determine the best thing to do in my situation (I owe $6,300 on my 2002 car at 4.39 percent and I'm earning 4.4% in ING, not including other funds in CDs making higher rates). In a couple of months when my personal debt is gone, I was planning to make extra payments on my car to retire it early. What would you do?

Answer
I just made an extra car payment today - am cutting out of debt and want to pay it off early.

If you have other debt, such as credit cards that have higher interst rates, and you've been paying on your car for a while, you may want to pay off the higher interest rate debt first since you probably pay the bulk of interest at the beginning of a car loan. So put the extra money toward higher interest debt first.

Congrats on wanting to be debt free - and on using places like ING for savings. I use ING for my emergency plan money.

For more info on getting completely out of debt and changing your life, check out the link below. Dave Ramsey's Financial Peace University is offered in towns across the country, plus he does live shows as well. I guarantee you it will change your life!

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One day late on car payment?

Kay

What will happen if I am one day late paying my car payment? Will the bank charge me? Will it severly affect my credit? Any info is greatly appreciated. Thanks.

Answer
If your payment was due on the 1st and was paid on the 2nd, it's no big deal. If this will be an on going problem due to your pay period or whatever reason, and you made 12 payment, see if you could get a 2 month deferment which will put the account ahead 60 days. Just tell them you need due to medical expenses not covered by insurance.

Question about Car Title.?

Gokul

Hello Experts,
I am planning to buy a used car. But the seller still has around $3000 to pay for his Car Loan. He wants me to takeover the loan and pay the balance amount to him. Will this create me any problem? When will I get the Title from the loan company? How should I proceed in this case? Please help.
---Thanks for the response. He actually wants me to visit the Loan company along with him and take over the loan. So I will pay the rest of the amount to the loan company by monthly payments. Once I complete the loan, the company will the return the title.

Answer
Bad idea. You cannot simply take over loan payments on a car and still have the title transferred to you properly. The first thing I would do is run a car-fax on the car at www.carfax.com. This will tell you a few things such as lien, mileage, salvage and flood info. With this knowledge in hand call your DMV office to see if there are any "stops" on the title. If everything comes up clean and you still want to go through with this do the following:

1. Have the seller contact his lender for a loan payoff on his car through the date you will be paying off the loan.

2. Find out where the lender holds the title. If the title is not held at the location where you will be paying off the loan, stop right here. If the title has to be sent from another location, they will only send it to the registered owner.

3. If the title is at the payoff location, go to his loan company with the owner with cash in the amount of the loan. Before you hand over your money ask the lender if they will release the title and give it to you immediately. If they can't do this don't procede thank your friend but you may never see a title if the bank doesn't release it immediately.

4. If everything is right with the world, you have paid off the loan, the lender releases the lien on the title and hands over the title you are almost home. Have the seller sign off the title as seller in the first assignment of title. Fill in your name and address in the purchasers area, date the title and it should be yours.

5. Take the title to the DMV office immediately to have the title transferred into your name.

Buying a car privately can save you alot of money, but I could cost you a lot of money in the long run if you are unfamiliar with titling laws in your state. You may also want to log on to www.dmv.org and click on your state for further information.

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How much would a house like this cost in Iowa next summer?

car payment info image

Hi There.

My brother and i will both be done with college this spring, starting jobs where we would both make $15 per hour. I have a $300 car payment for another 2 years, and he will need a car within a year, of a similar payment.

We want to get a small house here in Iowa, area code 50613, that has a large workspace such as either a very large garage, or a seperate workshop, perhaps made from a pole barn. Neither of us plan on raising families there, so a 2-bedroom house with 1 bath and a small kitchen, just a bachelor pad, would fit quite well. We'd like to be near town, but rural enough to not have to worry too much about neighbors, since we've grown up in the country and are used to being able to shoot firearms, and work on our cars without worrying about leaving a tool laying out, for a passing kid to steal if we were in town. Darn tool-stealing kids.

Honestly, i think we would both live in a large RV if the price was right, and if we could find an empty lot for dirt cheap to build a simple workshop on. We have welding equipment, an air compressor, stuff that just doesn't fit into a small house's garage in the middle of town. Our parents are selling the acreage to move into a condo in town, and my brother and i cannot afford the huge house or property it's on, when the large workshop and rural setting are all we really need.

I thought about maybe just living in an apartment in town, and renting somebody's unused barn outside of town, for my brother to rebuild a muscle car, and myself to build a dune buggy.

Okay so this is a ton of extra info... Any advice or thoughts on how much we could get a small rural house for?

Answer
Depends on how far out of town you are willing to live. Cedar Falls-Waterloo is a college town, with an industrial base. Farther East and South, the more expensive. You get 75-100 West Wright/Hamilton/Franklin county areas, you can buy what you are looking for within $50-60,000 range. 30 year loan, you're talking $600-700 month including property tax and insurance. Should be able to rent around $400-500 month

Who else has Geico auto insueance and have you ever had a problem with them?

Q. I got a bank loan to buy a car, and I had to put the leinholder on the policy. Geico keeps sending me policy documents 2 at a rime about twice a week with different info on them. Some have the leinholfer listed and some have them deleted. They're driving me nuts. They're going to cause my car payment to double if they don't quit monkeying around.
Geico won't double the car payment. They're the ones that told me the lender would take out their own policy on the car if I don't have colision on it, which I do. I would then have to pay the lender the policy premium, then raising the payment. And don't call me stupid. The problem I'm most concerned about is Geico keeps deleting the lender from the policy.

Answer
I have to ask, how is this going to double your car payment. If you have paid for insurance coverage, and can prove it, who will be raising your car payment and how? Contact Geico and ask for the office manager to get the paperwork straightened out.

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