i went to a dealership to trade my vehicle. due to the negative equity the dealer said it would be a good idea to buy a new car today and give my current vehicle back to my current lender. i have never heard of anything such as this before, and wondered if anyone else had either.
Posts Tagged ‘auto loans’
should i buy a 2nd car then give my current car back to lender due to negative equity?
Wednesday, March 3rd, 2010What do you know about Option Arms and Altay loans, this is what's next to fail?
Thursday, February 11th, 2010First wave of sub-prime mortgage defaults over.
Second wave of mortgage defaults coming now to higher quality credit risks. These are people who have bought homes in the last five years and who have taken out home equity loans. Mortgages now going under water owe more than house is worth. This wave of defaults will take upwards of 10 to 12 months to clear.
Third wave of mortgage defaults due to begin this year and continue through 2011 are Option Arms and Altay; as payments are automatically resetting to higher rates. We saw some fail last month because of a 3% rate hike, next month is the beginning of the end as rates start to climb even higher.
Estimated – 8 million defaults in next four years.
As if this is not enough we have the next huge failure to come in the commercial real estate market, that will make the sub-prime fiasco look like kids play!
Then comes credit cards and auto loans in the end.
I am in major trouble with my credit cards.?
Wednesday, February 10th, 2010I am three months behind on making a payment and I do not have the money to pay them. What should I do and should I consider calling a Credit counselor and if so can anyone suggest one.
I have a home equity loan, car loan, three credit cards and my bank account is over drawn. All of my house bills come stright out of my bank account so now my account is being charged 35.00 everytime this happens. For this month I owe approx. 2500.00 and have no way of coming up with that money. Someone please help me I am desperate.
Calculation question, what is better to pay off overall with consideration to tax deductions…?
Sunday, November 15th, 2009I am trying to decide what is best to start using my extra money to pay off…a student loan at 5.4%, an auto loan at 4.99% or a heloc at 7.75% I know student loans and heloc interest is tax deductible, but assuming these deductions don’t affect a change in bracket (tax rate) what is the calculated difference in interest saved (assuming 15% bracket) on whether to pay which of these three….(I guess I’ve always been told pay non-deductible first, but with these numbers I just don’t see how that adds up…and most importantly how do I actually calculate the real interest I’m paying on tax deductible interest so I can compare it to nondeductible rates…) thanks in advance for any help!
Late payment of home loan?
Wednesday, October 14th, 2009I have been late due to a death of a spouse. Each time I call or talk to a representative I am NEVER given the same answer. I was even told "don’t call until you are 120 days late and then we will repossess. They refuse to work with you and offer no help except..can’t wait to get your house. Well, I can’t wait to get rid of this bank. Unfortunately bad credit but I do have alot of equity in the house. What am I to do?
Buying a home and needing money to renovate?
Monday, September 28th, 2009I am trying to sell my house and I want to buy a fixer upper that is liveable, but needs extensive renovation work. How can I get money on top of the loan to use to do repairs? I was told I wouldn’t qualify for a home equity loan because I will not have lived in the new house long enough.
What does it mean when the FED slashes the interest rate.?
Thursday, September 24th, 2009i know it impacts how much consumers pay on credit card debt, home equity lines of credit and car loans but what else. Thanks
i met my girlfriend when she was in the rears on her 1st or 2nd mortgages. she could not qualify for a?
Tuesday, September 8th, 2009in the state of california
refinance loan due to lack of income and credit. she used my income to help secure the re-fi loan in september of 2005. If she doesn’t get someone to help her, she losess all of the equity in the property if it forecloses. She owed a combined 141K on both loans. The house appraises for then at the time 310K.
we refinaced the house with both of us listed as joint tenants, with both parties on title and deed. She wants to file a partition, and have a judge divide everything based on time and equity in the property. On this scenerio, she would probably get everything.
Can i sue her for using me to keep from her lossing the equity in her house? Can i go after 50% of ownership of the property.
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