Having bad credit, regardless of the reason, is a difficult financial situation to be in. Many aspects of your life are affected by your credit rating. Often, it can feel like you cannot escape that score. Getting car insurance with bad credit is just one area that may be a bit of a struggle. Why … Read more
Even if you plan to get a loan, you may not want to get one for the full amount. Generally, the more you can put down on a car, the less you’ll need to borrow, the lower your interest rate, and the lower your monthly payments will be. While saving up a sizeable down payment … Read more
The following information guides you through dealing with a car lost through repossession. It is critical that you understand if your vehicle is repossessed, the car will be sold at a dealer price at auction. You will be responsible for the difference you owed on the car plus repossession expenses minus the meager sales price. … Read more
Question: Dear Steve, I am upside down on my Nissan financial loan – I owe 17,000 – 2017 Altima is worth about 5000 per my research – payment is 560 month – I am 63 yo – I am no longer concerned about my credit – I get widow benefits from social security and on … Read more
Yesterday the Consumer Financial Protection Bureau (Bureau) issued a consent order against Santander Consumer USA Inc. (Santander) to address the Bureau’s finding that it violated the Fair Credit Reporting Act (FCRA). The consent order was issued in connection with Santander providing erroneous consumer loan data to consumer reporting agencies (CRAs). Santander, a subsidiary of Banco … Read more
Question: Dear Steve, I have 2014 Nissan Sentra that I’m still paying Ally Financial. I owe them about $8,000. At the moment I am out of work due to a work-related injury. I’ve missed two payments and I called Ally trying to see if I can get an early payoff but they want me to … Read more
the Consumer Financial Protection Bureau (Bureau) settled with Lobel Financial Corporation, an auto-loan servicer based in Anaheim, California. The Bureau found that Lobel engaged in unfair practices with respect to its Loss Damage Waiver (LDW) product, in violation of the Consumer Financial Protection Act (CFPA). When a borrower has insufficient insurance, rather than force-placing collateral-protection … Read more
Here’s the short answer. Yes, you can buy a car with a credit card. The better question may be whether or not this is the best way for you to purchase your vehicle — and this post will take you through the pros and cons of this method of car buying, as well as provide … Read more
An investigation by Motherboard has published details on how state Department of Motor Vehicle (DMV) offices are selling data that is of a benefit to private investigators, collectors, and skiptracers who are looking for people. I think many would assume the data you give to your state government DMV is secure but apparently it is … Read more
Question: Dear Steve, I have a 2008 Chrysler Sebring I bought from CarHop that is in every way a piece of junk. I haven’t driven it in over 3 months as the transmission is out after getting replaced just recently. I want out of the loan, I mean out. I want them to take back … Read more
The Urban League has put out a great interactive tool that shows debt in America. When you look at the maps showing the most amount of different types of debts, there is a strong correlation between those parts of the country where medical or auto loan debt is higher than average. The darker the color, … Read more
Question: Dear Steve, I purchased from Drivetime in July 2015 a 2008 Ford. When I purchased the vehicle I asked for a bumper to bumper warranty that covers everything because I’ve had vehicle problems before not covered. They assured me the warranty I purchase covers everything, including even a burned out tail light. My Bad, … Read more
Attorney General Josh Stein recently announced the Department of Justice has resolved a lawsuit against predatory auto title lenders in North Carolina. Liquidation, LLC made illegal loans to more than 700 North Carolinians under many names and charged interest rates of 161 percent to 571 percent, which far exceed legal limits in North Carolina. Loan … Read more
If you had one of those online title loans that was illegal in your state because the lender was not authorized to make loans in your state, today you’d want to live in Massachusetts. The Massachusetts Attorney General took action against an illegal online title loan lender and dispatched them. The AG office said, “Pursuant … Read more
By Eric Olsen, Executive Director HELPS Nonprofit Law Firm, www.helpsishere.org Some people mistakenly think that the only way to buy a car is from a dealer and it must be financed. For many seniors even if they are able to finance a car, a payment might be simply too much on an already tight budget. … Read more