Vince
Bayside,#2Consumer Comment
Fri, August 08, 2008
Not really sure. He said you could refinance, which you can, with any of the hundreds of banks out there offerring auto loans. The vast majority of banks will not refinance if you are upside down on the loan though. This isn't the dealers fault at all that you agreed to a large interest rate. Be smart and start paying more than your minimal payment to bring down the principal balance on the loan, which will bring you closer and closer to be able to refinance the car at a much lower rate given that your score is 700.
Cory
San Antonio,#3Consumer Suggestion
Thu, August 07, 2008
Went to legend mazda last weekend with the wife. With what they were gonna give her for her trade-in and try and sell their $15 to $16,000, it would have cost us $33,200. Told them to take a hike. THAT's why you ended up in bankruptcy 6 years ago. You ended up paying $30,000 for a $15,000 vehicle. You didn't need a new car, you wanted one. Your $15,000 vehicle is now worth $10,000. What term did you take out? 5 years or 6 years? IF you want to pay less in interest, get a second job and/or pay more then the monthly payment and pay the vehicle off in a lot less time. You'll save yourself a hell of a lot of money in interest. Why didn't you let your husband buy the vehicle if his credit is soo much better?