Comments on: Should I Refinance My Auto Loan?

By: Jason Lancaster

Jason Lancaster — Sat, 03 Oct 2009 16:05:46 +0000

Kelly – The best thing to do is to make those payments. Repossessions can cripple your credit. First of all, having a Repo’ pretty much makes it impossible to get another car loan until the repossession is settled. Second, when you have a repo’ the bank takes your car, sells it at auction, and then sends you a bill for the difference between what you owed and what the car sold for. In other words, you have to pay for that car either way. If you can figure out a way to keep making payments, it’s in your best interest to do so.

By: Kelly

Kelly — Sat, 03 Oct 2009 00:58:17 +0000

I’ve had my car for a year and a half. I’m falling behind on my payments already. I keep going back and forth about just giving the car back or getting it repossess.I wanted to know if it is worth for me to try to refinance the car? I know my credit score isn’t to good anymore. Will my payments go down by much or not?

By: Jason

Jason — Tue, 10 Mar 2009 23:45:34 +0000

Paul – The best bet might be to contact some new vehicle dealers in the USA that are near your vehicle. They might not give you the best price, but they’ll buy your car and pay it off. Of course, you’ll have to send them some money for the difference between what you owe and what they’re willing to pay.

By: Paul Morgan

Paul Morgan — Wed, 04 Feb 2009 03:34:10 +0000

This is an unusual enquiry I think but I would be very grateful for any advice or direction you can offer. I am a UK resident and my American wife moved here to be with me, leaving behind a Mazda CX-7 bought under lien with $20,000 or so remaining. I’ve kept up the payments from the UK for it but can’t continue in this manner (the plummeting pound is not helping) and so Mazda USA have said I can transfer the lien but I have to find a suitable prospective customer. Now this really is my only option as I’m Royal Air Force so moving to the US anytime soon is not possible and simply letting Mazda repo’ the vehicle is not desirable. So how do I go about finding a possible transferee? I am terribly sorry if I’m barking up the wrong tree here but I’m at a loss at this point as to where to find direciton on the matter (I can understand that there’s a limit to Mazda USAs advice but there’s also a limit to a Corporal’s pay). I would be genuinely grateful if somebody could point me in the right direction.