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Special Report on

Auto Loan Prepayment Penalties

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I would like to prepay on my auto loan. My payments are $261 each month with a very high interest rate of 13.9%. I have paid all my other debts off and want to start getting the car paid early. I called the finance company and they told me all prepayments go to interest first. How does this work? Why prepay if I am just giving to interest? This extra payment would be above the normal payment. Example: Pay the payment of $261 and then write a separate check for $500 each month directed to go to principal only. Could you explain this to me? Carol Carol has been caught in the auto ...
Compare Different Car Loan Quotes to Choose the Best Rates
Often driving a new car is a fabulous experience but then selecting your car and negotiating upon the price of the car with the salesman is a headache. Above all if you have less than perfect credit, finding finance for your car makes it a dreadful experience. People often apply for the car loan with whichever rates they are offered first without taking into account the available rates in the market whereby they ultimately end up paying much higher rates. Thus comparing car loan rates makes a point while financing your car. Getting best interest rates requires a great deal of analysis; which has been in short provided to you in ... market research, surveys and trends
Repair Your Credit With A Bad Credit Auto Loan
If you’re suffering with bad credit, poor credit, blemished or damaged credit, or have recently declared bankruptcy, you know it can be hard to get creditors to extend credit. It’s a myth however that you won’t qualify for credit after bankruptcy, or with a bad credit history. You can find secured loan products, and secured credit is the easiest route to rebuilding your credit history and improving your credit score. What is secured debt? Secured debt is any form of credit that is backed by an asset, called “collateral”, the security for your loan. One example is a mortgage, which is secured by ... market research, surveys and trends


Library Subject Index
True, it's still a used car but a dealer's certified car is better than an uncertified car and a manufacturer's certification is better yet. (2/20/09) Off-rental cars can be good buys - Looking for a used car? Newer models used as rentals have low mileage, a good price and excellent maintenance. (1/23/09) 7 ways to avoid buying a used-car lemon - Some 40 million used cars will change hands this year. How can you be sure the one you buy is not a lemon? (12/05/08) Terms in used car purchase sound fishy - A driver who bought a used car should not be restricted from trading in the vehicle for 18 months. (11/07/08) ... industry trends, business articles and survey research
Better Home Loans - paying off mortgage with 401k on Shine
industry trends, business articles and survey research
Financial overhaul and you: mortgages, debit cards, more...
You're not a bank president and you wouldn't know a derivative if someone served you one for dinner. No matter. There are several provisions in the financial overhaul bill that could affect you, especially if you plan to buy a home. "Consumers have been pounded by the financial crisis, not just from job losses, but from punishing credit-card fees and skyrocketing interest rates," says Pamela Banks, senior policy counsel for Consumers Union. "The bill gives consumers a fighting chance." Here's a rundown of consumer measures in the bill that's headed to House and Senate for a final vote: ... market trends, news research and surveys resources
Wall Street Reform: A Summary of What's In the Bill
Here is a summary of the The Wall Street Reform and Consumer Protection Act, the long-awaited financial reform overhaul that passed out of conference committee at 5:39 a.m this morning. Both the House and Senate are expected to pass the conference report next week so that it is on President Obama's desk by the July 4th recess. The provisions below are broken into two groups -- those that mainly affect consumers and those that mainly affect financial institutions. Consumers: Bureau of Consumer Financial Protection: House conferees agreed to the Senate language that creates a bureau within the Federal Reserve to regulate ... market trends, news research and surveys resources


Auto Loan Asset-Backed Securitization Industry: Market Update
Jun 4, 2009 ... have no prepayment penalties, and can be fixed or floating rate. .... only the 3rd issuer in S&P's history of rating auto loan ABS to have ... technology research, surveys study and trend statistics
Job Loss - Money Matters from the Federal Trade Commission
The headlines tell the story: lay-offs and furloughs, reorganizations, and closings. If you’ve recently lost your job, your first thoughts may be, “What do I do now? How will I pay my bills?” Contact your organization’s personnel department. Find out how long you will have health insurance, if you’re entitled to a severance package and what it covers, and when and how to apply for unemployment benefits. Contact your creditors. Try to work out a modified payment plan that reduces your payments to a more manageable level. Don’t wait until your accounts have been turned over to a debt ... technology research, surveys study and trend statistics
Auto Loan Rates And Giveaways - Saving and Finance Forum
We offer "Corporate Restructuring" The objective of this course is to familiarize students with the financial, legal, and strategic issues associated with the corporate restructuring process. Direct lender, no pre-payment fees, low down payments. That means lots of envelopes to be addressed, cards to filled out and stuffed, stamps to be applied, and then a trip to the post office to send off the pile of cards. Compare the costs and advantages of each, and discover which is right for you. You purchased a home recently with a 1st and 2nd mortgage and want to refinance your loan to consolidate both loans into one new ...
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Does paying off a new 6 year 9% auto loan too early affect your ...
I do not like having an extra payment and would like to pay it off as fast as I can. The salesman informed me not to pay it off before the first year or it could affect my credit rating. Is this true or is he just trying to make sure they get paid enough interest. Pay it off. If anything, your credit would go up. The only factor that I can see that this would possibly effect is the "age of your accounts" factor, which takes into account the average age of all of your accounts, but since you already opened the account, it's kind of too late to think about that anyway. I would say that your salesman is a bozo and pay ...
Financing -- Loans: add on interest, add on interest, rule of 78ths
Interest that is added to the principal of a loan. The amount of interest for all years is computed on the original amount borrowed. Example: Abel borrows $1,000 at 8% add-on interest for 4 years. Total interest is $320 (8% of $1,000 for 4 years). Abel will repay the $1,320 total in equal monthly installments. Steer clear of the perilous 'Rule of 78s' By Lucy Lazarony Some auto lenders still use the archaic and costly "Rule of 78s" formula to calculate a rebate of finance charges when a customer pays off a loan early. This rebate is actually a sneaky prepayment penalty. - advertisement - "The Rule of 78s ...