Car loans

I have a bit of a question for you all—I just finished paying off my car loan, and now I’m supposed to receive some kind of release document from the bank so I can clear the lien from the title. They’re telling me $90 I’ll need to pay a notary fee to get everything officially verified. Honestly, I was like, "No way," because I really don't feel like throwing money away if I don't have to! I recall reading somewhere—maybe it was a specific clause in consumer protection law—that once a debtor fulfills their obligations to the creditor, the creditor is actually responsible for restoring the status quo at their own expense. Now, I’m not entirely sure if I signed off on something specific in my original loan agreement—though, let's be real, it felt like I didn't exactly have much of a choice in the matter—but I definitely want to avoid this extra cost. I mean, I already paid those processing fees and various other charges during the life of the loan, so why more? Does anyone have any smart advice on how to handle this? If you could provide a little reasoning or context behind your suggestion, I would truly appreciate it!

We paid the $50 notary back last summer—can't even remember which month. Then, just about a month ago, we finally got word from the bank that the lien was cleared and we could actually go get a new vehicle title.

I’m honestly so happy to hear that—really, I am!—but I suppose that doesn't quite touch on the actual point of my question 🙂

That actually touches on your question
so we had to pay a moving fee 😉

We're thinking about picking up a new car... we'd probably put down more than half in cash and finance the rest...
I’d be the one taking out the loan, but I’m planning to have the car registered and insured in my wife's name—or whatever the standard process is when the bank holds the title and all that other paperwork🤷
Up until now, the car has always been in her name because I spend a good chunk of the year traveling for work, so she can handle the registration and everything without needing me there.

Since our current car is basically being traded in for this new one, and the registration still has about 10 months left on it, I was wondering how the registration works for a new vehicle compared to the old one? Does that 50% credit or whatever apply here?

Honestly, stay away from loans here in the States with interest rates this high. It’s better to just set that money aside every month into a high-yield savings account at Chase or something similar. In two years, you'll have saved up enough to buy a car outright, then you just keep saving what you can, sell the old one in a few years, and upgrade again...

That way, instead of handing the bank half the value of your car over those few years, you actually keep it.🤷

They actually seized my car because I fell behind on my auto loan from JPMorgan Chase!
Some private firm working on behalf of State Farm snatched it away. We did everything by the book—got all the paperwork notarized, picked up the vehicle, everything was totally legitimate... or so we thought. Now, the car is just sitting in some warehouse owned by REI, those guys who flip seized vehicles. I’ve called them so many times just trying to find out if they even appraised the car yet. I need to know how much I still owe so I can take advantage of that two-year payment plan they mentioned. Their response? "We're slammed, we haven't had time to get it into the shop, don't worry, we'll mail you something." Yeah, right. It’s been three months now. My car is already listed for sale on the REI website, and I haven't heard a single peep from them... nothing. Has anyone else dealt with these people? What am I supposed to do now?🙂

You’ve got zero leverage with that company. Honestly, your best bet is to get in touch with—or better yet, just walk into—your local Chase branch where you originally took out that auto loan.

Hmm, looking at this company's inventory—prices seem pretty low. Is that just the starting bid at auction, or can you actually pay and drive away? Also, does anyone know of any other outfits dealing in seized vehicles that an average person can actually access without being part of some insider circle?

Hey there,

I was hoping someone could point me in the right direction regarding car loans.
I’ve got a permanent position now, but I just started on January 20th of this year.
This is actually my first "real" job with a steady paycheck, so I'm wondering if there is ANY chance at all of getting
approved for an auto loan to pick up a vehicle?

Do you think I meet the requirements anywhere?
I'm looking to spend up to about $13.
My monthly take-home is around $3,500. I don't have any other debt or anything like that hanging over me.

Hey guys, listen up—I need some advice. I’m looking to pick up a used car, but I’ve got zero clue what my credit options look like. I want to keep my monthly payments somewhere between $500-$233, maybe stretching it out over 3 to 5 years max. Here's the catch: I've been at my job for a year now, but I'm stuck on these three-month contracts. Company policy won't let them give me a permanent position yet, so I'm worried no bank will touch me for an auto loan. Right now, I've got a VISA standard card through JPMorgan Chase with a monthly limit of $667 and a credit line for installments of $1333... My paycheck is $1033, but since I'm renting, I gotta shell out about $600 right away for rent and utilities. On top of that, I'm dealing with some leftover alimony issues from back when my dad wasn't paying for 15 years; for the next three years, I'll be getting $567 a month deposited into my account, but banks don't count that as income because it doesn't show up under a standard payroll code.
Can anyone tell me what age of vehicle I should even be looking at and how this whole process works? I don't have parents to ask for help, and a co-signer is totally out of the question—I don't know anyone with the credit score or the guts to jump into this mess with me.
Also, regarding that VISA standard card I have—how does that consumer credit stuff work? Does the age of the car even matter for that? That could be a solid option if I understood how they actually set those limits.
Please, just take me seriously here. I might be young (21), but I'm dead serious about this. I fully intend to pay my monthly car note just like I pay my rent, utilities, and credit card bills... I don't see any reason why I'd have trouble with the bank down the road.
Thanks in advance for the help and advice.

Look, I’m just going to be blunt here: I don't think you're actually creditworthy enough for this
Your best bet is probably to head down to your local Chase branch and see if they’ll even look at you twice, though honestly, I’d suggest taking a long, hard look in the mirror and rethinking this whole thing before you sign anything
The reality is that once you pull the trigger on a car, you aren't just stuck with that monthly payment; you've got gas, insurance, registration, and all those inevitable repairs hanging over your head, which is a massive amount of extra weight to carry if you're already struggling to make ends meet

If I might offer a bit of humble advice, I would suggest you stay as far away from taking on any kind of loan as possible, especially given your current salary; I honestly don't see how you'd manage to keep up with those payments, and besides, owning a car is really just a massive drain on your finances anyway

I signed the post from two spots up.

Forget the car; look at bikes. You can finance them through a few installments—maybe even use a Chase credit card if you’re careful. If you can handle those payments without breaking a sweat, then come back here and tell me how it feels to live with an extra $500$233 shaved off your paycheck every month.
Once you hit phase two, you'll be ready to pick up a scooter.

You don't even need to buy anything. Just take whatever savings you have sitting there, divide it by the number of months you'll be working, and that’s your monthly budget right there.

Look, I honestly think he could manage a small loan for a used car, assuming his child support payments actually show up on time,
but the real kicker is the cost of gas and upkeep—things people always overlook until they're staring at a repair bill.

$233Between the monthly payment and even just $333 keeping the thing legal and running (registration, tires, routine maintenance, those sudden repairs, and obviously fuel), he might be underwater. Even with the extra cash from child support, if those checks don't arrive consistently, he’s screwed.

He’s been working for a year, he’s young, and his desire for a car is clearly overriding his common sense.
If I were him, I’d save up and buy a car in cash. That way, if the child support ever dries up, he can just park the thing and walk away, knowing he still has something of value he can sell.

Honestly, forget about car loans and newer models. Just check Craigslist or Facebook Marketplace for something from the mid-to-late '90s. Look for a registered vehicle under $3.25, ideally a smaller gas engine with minimal electronics. If you need something bigger, check out some older Korean brands, a VW Vento, or a Passat (which often comes with 186 miles), and things like that.
Buy a car with cash, but make sure you have an extra 3-$ $1667 left over for a proper tune-up. You'll need to fix the suspension, brakes, belts, filters, and oil. Also, ensure the bodywork, tires, and exhaust are in good shape.
A car like that can reliably get you through several years until you've saved up for something newer.
For anyone who thinks only new cars are worth buying: just look around at any busy American highway. How many of those modern cars do you see out there? Most of them are older models like the ones I'm linking, which can still serve you well with a little maintenance.
If money is tight—and let’s be real, taking out a loan for a car is crazy because it’s a liability that drains cash rather than making it—this is your best move. Just don't buy anything until you have enough set aside for a serious service at a local mechanic you actually trust.
Without a real inspection and service, you could end up facing expensive repairs that were totally avoidable.
examples:
http://www.craigslist.org/autos/vw-golf-...-9083815
http://www.craigslist.org/autos/vw-golf-...-5087830
http://www.craigslist.org/autos/vw-golf-...-9449633
http://www.craigslist.org/autos/vw-vento-cl-7898675
http://www.craigslist.org/autos/mazda-32...-9461127 (suspension parts might cost a bit more, but it's a decent ride)
http://www.craigslist.org/autos/daewoo-n...-8859055
http://www.craigslist.org/autos/daewoo-l...-8480125
http://www.craigslist.org/autos/daewoo-n...-9434923

and so on... there are probably at least 200 solid vehicles out there, and maybe 50 of them are truly worth your time, though someone with more experience should probably go take a look with you.

I’d love to get your thoughts on something: which route actually makes more sense? I'm weighing up whether it's better to take out a standard personal auto loan or go with an operating lease as an individual. What do you think are the pros and cons of each when it comes to cost-effectiveness and overall simplicity?

Could someone give me a quick breakdown (in plain English 🙂 ) on the pros and cons of financing a car versus leasing?

Let’s say I’m looking at a vehicle worth about $25,000 including tax, with a 5-7 year term. If I need to put money down, I could probably swing a $4,000 to $5,000 down payment.
If I lease through my company (it's just a family car, nothing commercial), is there any direct benefit for the employer, or any way I can benefit through an arrangement with them—like write-offs, salary adjustments, or whatever else?

Basically, if I'm buying a $25,000 car, what’s the smartest move? I want to weigh all the options, whether it's a loan or a lease under my own name or through a business entity.

Thanks in advance.