Can You Trade In a Car If You Are Still Making Payments?

Many car dealerships claim to offer top dollar for your trade-in when you're ready to upgrade, but the exact terms of a trade-in can be a bit confusing. For instance, when you're ready to buy a new car, you may wonder if you can trade in your older one even though you still have a running loan balance. Trading in a Car When you trade in a car you give the car dealer the vehicle in exchange for a quoted value that the dealership deducts from your new car purchase. The amount that a dealer offers is commonly less than what the car is worth...

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Does California's Lemon Law Apply to a Car Bought From a Tow Company?

In California, the Car Buyer's Bill of Rights covers new and used vehicles purchased from car dealers in California on or after July 1, 2006. It does not cover transactions between private parties and does not cover off-road vehicles and motorcycles. Tow truck companies may have to comply with the Car Buyer's Bill of Rights, but must comply with the two-day sales contract rescission laws if they are covered by them. California's Lemon Law ...

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Facts About Financing a Car

Buying a new car generally requires having the financial condition to finance the vehicle. Most people don't walk around with thousands of dollars in their pocket or even in a bank account. Because of this, you need to understand how financing a car works and what is expected of you in the process. Financing facts not only make you a more educated consumer, but might also help you to get the most bang for your buck when you purchase a new vehicle....

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How Can I Add the Balance of My Old Car Loan to My New Car Loan?

You can elect to transfer your existing car loan balance to your new car loan. When this occurs, your new lender simply extends a larger loan than you need to purchase the new car. You can pay off your old loan with the outstanding balance, and you will then begin payments to the new lender. This process often happens without you even having to touch the money, making the process of adding the balance of your old car loan to your new car loan fairly...

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How Can I Check If There Is Still a Lien on My Car in New York?

A vehicle title lists a lienholder when an auto loan provider has a financial interest in a vehicle. New York does not send new titles once a borrower satisfies a lien, nor will it send a lien releases. The only way to remove a lien from a title is to submit a lien release to a motor vehicle office, which you can obtain from the listed lienholder. Since New York is one of the few states that allow title transfers when a lien exists, make sure the car's previous owner supplies you with a lien release if you're purchasing a car. Instructions ...

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Can I Buy the Car I Rent?

Sometimes, a person renting a car may wish to buy it. Whether the person will have the opportunity to do so will depend on the terms of the lease. Some leases allow a person to buy a car after the lease has been paid for a certain period of time. However, other leases will not afford the person this same opportunity, particularly if the lease is a short-term one. Car Leasing When a person leases a car, he is contracting to use the car for a set period time. The person does not take ownership of the car, but only pays for the privilege of...

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How Does APR on a Car Loan Work?

APR stands for annual percentage rate. The APR on a car loan is the interest rate of the loan. The APR is one of the factors that determines the amount of a car payment and is a factor that a buyer has significant control over. The APR a buyer receives on a car loan is based on several factors. Function The payments on a car loan are calculated with each payment comprised of part interest and part principal repayment. The amount of interest...

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Paperwork Needed to Donate a Vehicle in Texas

Charities that accept car donations try to make the process as easy as possible. In the state of Texas, you need the title of the vehicle, without any liens attached to it, to donate your car, truck or motor home. Ask for a receipt from the charity for your tax return, and you should submit a Vehicle Transfer Notification form to the Department of Motor Vehicles. Title The most important paperwork you need to donate your vehicle is the title. The vehicle's title documentation shows that you are the legal owner and have the right to dispose...

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How to Refinance a Car Under the Name of a Spouse

Several situations could lead you to refinance a car under your spouse's name instead of yours. One common situation is in a divorce when the spouse who is going to keep the car is not the one who has full legal responsibility for repaying the loan. Another reason for refinancing is if one spouse has better credit than the other and can get a lower interest rate on the car loan. Regardless of the reason, refinancing a car loan under a spouse's name requires a few major actions. Instructions 1 Call the current lender and ask for the loan...

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Can a Repo Be Removed From Your Credit Report in Florida?

Once you have a repossession on your credit report, you can only have it removed under specific conditions. Florida complies with the guidelines outlined in the Fair Credit Reporting Act for disputing information on your credit report. Florida's statute of limitation laws also impact your ability to have a repossession removed from your report. Definition The term "repo" generally refers to automobile or other vehicle repossession. Repossession is often the result of defaulting on a loan in which the vehicle was used as security. Specific...

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How Can I Lower My Monthly Car Payments?

Car payments can get overwhelming to the point of making you consider turning the car into the bank. Although the idea may be tempting, this will result in a blemish in your credit report, and you will also lose all the money you paid for the car up until that point. Instead of giving up the car, consider working toward lowering your monthly payments. Make Yourself Look Good The first step to lowering your car payments is to be a responsible...

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What Are the Consequences of Not Paying a Car Title Loan?

Car title lenders offer quick, easy-approval loans using a borrower's vehicle as collateral. Loan amounts are based on a fraction of the car's resale value. Expect to leave your title, spare keys and a signed contract to obtain your loan. The USA.gov website warns that interest rates for car title loans are as high as 25 percent for a one-month term and are often difficult to pay back for borrowers with limited resources. Vehicle Repossession If you don't pay the title loan company, it will likely repossess your vehicle without warning...

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What Happens to Your Deposit at the End of a Lease on an Auto?

The main difference between buying and leasing an auto is the type of financing you receive. When buying a vehicle, you secure purchase financing, while leasing results in use financing. All other differences are a direct result of this fact. One of these differences is the deposit you make at the lease inception, a fee that does not apply to purchase financing. Whether or not you receive all or a portion of your initial deposit at the end of your...

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A List of Cars Eligible for a Canadian Clean-Car Rebate

The ecoAUTO rebate plan, also known as the Clean-Car Rebate, was in effect in Canada from March 20, 2007 to Dec. 31, 2008. The plan gave rebates ranging from $1,000 to $2,000 to people who bought new, fuel-efficient cars. Qualifying vehicles needed to use 6.6 liters per 100 kilometers or better for cars and 8.3 liters or better for light trucks. Flexible-fuel vehicles had to have a rating of 13 liters per 100 kilometers. The government gave $191.2...

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What Can I Do When I No Longer Want to Make Payments on a Car Note?

Car payments are usually the second largest payment a person makes per month, after their rent or mortgage. In troubled economic times, many find it hard to make the payments on their cars. There are several options on things to do if you no longer want to make payments on a car note, but it all boils down to whether you want to keep the car or not. If You Want to Keep the Car The only way to get out of making payments for the car and to keep it is to pay the loan off in full. The bank does not care where the money comes from to pay off...

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How to Check the Financing on a Car

If you are about to purchase an automobile you may want to know about the financing, including the terms and conditions. The dealership may have their own financing department, and they will provide you with a rough idea of what your financing options are. The interest rate you receive will determine the amount of finance charges you pay over the term of the loan. You also pay more finance charges the longer your loan term is. If you dont want to...

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How to Get Financing for a Truck After Bankruptcy

Bankruptcy affects your ability to get credit, but a secured loan, such as financing for the purchase of a vehicle, is easier to get compared to an unsecured loan product like a credit card. You have several different options to try to get truck financing after a bankruptcy, and the effectiveness of these options depends on your personal financial situation. Instructions 1 Check local dealerships for "Buy Here, Pay Here" establishments that offer bad-credit loans. Some of these dealerships may offer loans specifically for post-bankruptcy...

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Alabama Car Repossession Rights

Vehicle repossessions occur when car buyers obtain vehicle loans to finance their car purchases. In exchange for the loan proceeds, banks retain their ownership rights to their security interests. When car buyers default on their loan agreements, banks typically have legal rights to reclaim their security interests or collateral after one missed payment. State laws determine what recourse buyers may have against repossession agencies hired to repossess...

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What Legal Actions Can I Take as a Co-signer on a Delinquent Car Loan?

A co-signer on a car loan is liable for the payment of the delinquent balance in the event the borrower defaults in his repayment obligations with the lender. In the absence of fraud on the part of the bank that issued the loan, the legal actions a co-signer can take in the event of delinquency are somewhat limited. Function In order to reduce their credit risk for loans to potential borrowers who either have a poor credit record and/or no credit or employment history, many lending institutions require a co-signer as a condition for making...

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Can I Buy the Car at the End of the Lease?

You can purchase your car at the end of its lease. The car's purchase price is stated in your lease contract as the last payment. To purchase the car, you can obtain financing at a lender of your choice; you don't have to use the same bank for financing as you did for your lease. Vehicle Value Before purchasing your lease, determine if its purchase price is fair. Just as you wouldn't purchase a used car for more than suggested retail value, you should not purchase a leased vehicle for a price higher than retail value. Research your car's...

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How Long Do I Have to Cancel a Car Purchase?

The right to cancel an automobile purchase usually ends once you sign your loan agreement or pay the dealership in full for the vehicle. Federal and state laws do not provide the same protection for returning a car for a full refund as with retail purchases of different types. Checking your dealership's policy on returns can help protect your finances in the event you change your mind. Dealer Discretion to Cancel No state law provides a "cooling-off" period for automobile sales where you can change your mind and return the vehicle without...

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What Is Needed When Purchasing a Vehicle From a Private Seller in Florida?

When purchasing a vehicle from a private party in the state of Florida, you must obtain the title, with the appropriate portion filled out and signed by the seller. In addition, you have to fill out the Application for Title. These two documents must be submitted to your local Department of Motor Vehicle Office, together with a receipt that shows payment of the mandatory fees. Title First and foremost, you must obtain the title of the vehicle....

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Tennessee Law on Title Loans

Title loan laws vary from state to state. Some states have heavy restrictions on title lenders, and others do not. In Tennessee, lenders must conduct their business according to the Tennessee Title Pledge Act. Benefits The Tennessee Title Pledge Act helps prevents lenders from taking advantage of borrowers. The law sets restrictions on licensing, rates and holding periods before a car faces repossession. If lenders do not follow the law,...

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How to Get a Loan on a Van

Van loans are available from a variety of different lenders. Most dealerships offer financing for the buyer at the time of the van purchase, but the buyer should check with other loan sources to try and find the lowest available interest rate. If the buyer is purchasing a van from a private seller, a local bank or credit union is usually the best source to check with for financing. Dealer Financing Once you finalize the purchase, apply for...

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Can You Trade in a Lease Early?

Almost any car lease or finance arrangement can be terminated early by trading in the vehicle. This does not mean a lease can be traded in with little or no out-of-pocket cost, however. The major considerations are the amount of money still due on the lease and the terms of the lease contract. Lease Function A leased car is actually owned by the leasing company. To trade in a lease, the dealer for the new car must pay off the lease termination cost to the leasing company. The dealer will allow the wholesale value of the car as a trade credit...

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How to Find Out If There Is a Loan on My Title

If you purchase a car from another private party it involves an immense amount of trust. You trust that the car is in acceptable working condition and not a "lemon." But you also trust that the car title you received from the previous owner is free and clear of any bank or title loans. Also, when you finally pay off your own car loan, you may want to verify that the department of motor vehicles has officially removed the bank's claim on the vehicle. Luckily, it is usually simple to figure out this information. Instructions 1 Review the title...

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