Car loans

Henry Taylor12 said:Can he even sell it while there’s still an outstanding loan on it?

Well, if JPMorgan Chase holds the vehicle title, then no... especially in those cases where there isn't a co-signer involved.
I’ve also heard stories about a ton of people just handing their cars back to the bank lately... I'm not entirely sure how the whole process plays out from there.

The thing is, when folks are stuck with a loan that didn't require a guarantor, that vehicle title was essentially the only collateral. If the person can't pay, the bank can't simply sell the car off to cover everything immediately—so what happens next? 🤷

If the individual doesn't have much to their name—no house, no condo, no steady paycheck—there isn't much the bank can actually seize. At that point, it's really just a matter of returning the car. Honestly, that's not even in the bank's best interest. Most of the time, they'll try to work something out with the person, maybe agreeing to let them pay just $33 until they can get back on their feet with a new job... it's a tough spot to be in.🤷

I’m also wondering what happens when you take out a loan through a leasing company—specifically Enterprise Holdings.
Do they just take the car back, or do they go after you for the entire remaining balance of the lease?

mellowraven8 said:Not quite.

The bank’s first instinct is always to go after the co-signer or guarantor—basically trying to garnish wages.
If that fails, they take the car and auction it off for pennies on the dollar.
Whatever principal is left over? They'll come after you for that with an unsecured judgment.

I knew a guy who picked up a two-year-old Opel Astra Classic with only 28k miles on it for $13333.

Hey everyone... hmmmmm so I’m looking to get a car, and I'm planning on financing it—which brings me to a few questions for you all:

I currently have my checking account and all my cards set up over at JPMorgan Chase, and since I really need a vehicle for my commute, I've been thinking about my situation; my employment contracts are only renewed every three months, so I was wondering if I could ask my employer to switch me over to a permanent, full-time status instead? I've heard it might be possible to secure a loan even without a steady job, but I'm not sure how that works, and more importantly, what's the best way to go about buying a car that I absolutely need right now?

Also, I was curious if anyone could give me an idea of what my monthly payments might look like for a car priced at $30 if I were to stretch the loan out over either 5 or 7 years?

I would truly appreciate any advice or insight you can share...🙏

The interest rate they’re hitting you with at Chase for an auto loan is sitting at 11 percent... honestly, it’s the highest I’ve seen among all the big banks right now.

Does anyone know how long it usually takes to get a loan approved if you're buying a car directly from a dealership?

slybison88 said:Does anyone know how long it usually takes to get a loan approved if you're buying a car directly from a dealership?

If all the paperwork is in order, it typically takes about 2-3 days, plus a little extra time for the funds to clear. So, provided everything goes smoothly, you're looking at roughly a week until the money hits their account and you have the keys in your hand.😁

Awesome!😁 thanks so much!🙂

I’m looking to pick up a new car, but unfortunately, I’m going to have to take out a loan to make it happen. I’m feeling a bit lost on where to find the most competitive rates right now. What are your thoughts on this http://seebiz.eu/hr/banke/auto-kredi...nte,59012.html? Any advice would be appreciated.

So, what actually goes down when a bank makes a claim through insurance—specifically for an unsecured auto loan? Like, how does the whole settlement process work between the lender and the insurance provider once they get paid
...also, another thing on my mind—if we're talking about a loan that wasn't used for its intended purpose, still unsecured, but it's covered by a life insurance policy and the bank just goes after those funds... what happens then?

Quick question for the group.
I picked up a new car a few years back.
I paid for 60% of it upfront in cash and financed the remaining 40% through a loan.
The title doesn't show any liens on it, and I actually have the vehicle registration papers right here at my house.
Now, I’m looking to sell it. I'm wondering if there's some hidden database somewhere that flags this car as being under a loan, and is there any way for the new buyer to just take over my payments?

So, here’s the deal... I need to pick up a car ASAP, which means I’m looking at taking out a loan. I’m thinking about heading over to JPMorgan Chase to ask for one since I already have my checking and savings accounts set up there. Do you think being an existing customer gives me any kind of edge or special perks?
Any idea what the interest rates might look like right now? Also, based on a monthly salary of around $4,300–$4,400, how much do you think they’d actually approve me for?

So, what are you actually looking for then? Are you going after a general personal loan, or are you specifically eyeing an auto loan?

I’m looking to pick up a car, but honestly, the whole financing and credit thing makes zero sense to me. My biggest priority is making sure that once I sign the papers, I actually own the vehicle outright. I'm planning on going the used car route rather than buying new.

Regarding lease agreements and taxable fringe benefits, the claim that you just calculate 1% of the lease value is actually incorrect.

There are really two ways this is handled:

1. Using 1% of the original purchase price;
2. Or taking 20% of the monthly lease payment.

The second method applies directly to your monthly installments. So, if you’re paying $350 a month, your taxable income benefit would be $70—assuming that amount includes sales tax.🙂

I’ve been shopping around at different banks for used car loans lately, and honestly, the monthly payments look almost identical to just taking out a standard personal loan.

Anyone else run into this? It feels like those "special" auto loans only actually save you money if you’re buying straight from a big dealership like AutoNation. If I’m just buying a ride from someone on Facebook Marketplace, a personal loan seems way easier and just as cheap. Plus, the paperwork for an auto loan is such a headache compared to a simple personal loan.

Appreciate any advice you guys have!

Hey everyone,

My wife and I are trying to get our car situation sorted before the baby arrives. My paycheck is just the federal minimum wage: $733. We have enough to live on since we both bring in an extra $2,000 a month from various side hustles and other sources, so our actual cash flow is fine... unfortunately, the bank only looks at that base $733 amount.

I’m looking for a personal loan to buy a vehicle, ideally with monthly payments around $100—roughly a third of my take-home. If we look at the math, 100 x 12 x 7 equals $8,400. Given they need their cut, I’d assume getting a guaranteed $7,000 would be doable...?

Bank of America said no, and Zabiti wasn't an option either. Does anyone know of a bank where you can actually secure a loan while earning minimum wage? Has anyone here dealt with this before?

I have a permanent, full-time contract. Cheers.

Ask your manager to bump up your GPA for three months first. Once you’ve got that leverage, then you can start looking into whether you actually have the option to move up.

Starting this here so I don't clutter up another thread🙂

Can you actually lease a car if you don't have a permanent full-time job?
-Just asking for info since I can't seem to find a straight answer anywhere...🙂

Looking for some perspective here.
Let’s say I’m shopping for a car and my monthly payment can't top $1,200-$433. With that kind of monthly budget over an 84-month term—and factoring in my down payment—I could realistically afford a vehicle priced around $33, but the one I actually want is sitting at $40. Lately, I've been seeing these auto loan offers where you can negotiate a balloon payment at the end, capped at maybe 25% of the car's value. From what I gather, this means I get to drive my dream car for seven years while paying the same monthly amount as if I were buying the cheaper model. Of course, once those seven years are up, I have to cough up that final 25-$10 chunk to the bank. My theory is that the car will probably be worth roughly that much by then, so I could just find a buyer or something similar to cover it. If that fails, I’m left either taking out another loan to cover the balloon payment or praying I’ve saved enough cash in the meantime—who knows what life looks like in seven years, other than the fact that I'll be older and closer to the finish line. Anyone actually dealt with these types of loans before? I’m assuming banks have some predatory methodology for handling that final payment, but hey...