SBLF Hopefuls Grow Pessimistic as Restrictions Slow Lending BankInvestmentConsultant.com
The Treasury Department has approved 80 banks for SBLF funds, but hundreds of others are waiting or have given up because of holdups tied to their age, size or dividend restrictions. Those not approved by the Sept. 27 deadline could face higher dividend costs and few capital options, as they seek other ways to fund their exits from the constricting Troubled Asset Relief Program.
Some Tarp "banks may consider a stock offering if they don't get SBLF and that window has closed because of volatility in the markets," said Kip Weissman, a partner at Luse, Gorman, Pomerenk & Schick. "Everyone is very concerned there will be banks that just run out of time."
Jason Tepperman, director of the Small Business Lending Fund, said the department is "very confident that we'll be able to come to decisions on all banks, and fund those that participate, by the end of September." The Treasury could not say how many applicants have been adversely affected by a dividend restriction.
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Capital One won't refinance my car and I'm confused why..?
I have an 18% APR with Americredit as my current auto financer. My credit is now good and I been trying to establish my credit for a few years now. I was hoping to get Capital One's 7% APR deal but they sent a rejection letter that I had..
Insufficient credit history
Too many new accounts (I have 3 credit card accounts open..which I thought was the max that wouldn't affect your credit)
few or no revolving accounts
credit limits are too low
This really stinks because I don't have any history of unpaid or late payments. I been paying $430/month on my current car payment solidly. They sent my information over to this refinancer that had an extremely high APR rate.
I think Capital One is a scam because all they do is sell your info. Anyone had the same problems?
I have 14 months of solid car payments to Americredit. They take out 55% interest of every payment I make so they've only subtracted 1.8k on the car during the last year but I've paid more than 5k! I hope I can get a lower rate.
Insider information - Capital One isn't doing well in the refinance area. They have been pulling out of a lot of deals recently. This is hearsay, but what you are telling me doesn't surprise me.
If you are really interested in lowering your payments/interest (and you should, 18% is high for anyone), give RateGenius a call. We will get deals from multiple lenders to get you the best deal. Seriously, no out of pocket fees ... just try it and see.
I'm not sure we can get 7% (I'd have to know a LOT more about you to tell you that), but we will try to get you the best deal possible. Best of luck!
You could contact Capital One and ask them to explain their reasoning behind rejecting you. But I would agree that if you haven't lived at your current address for very long, it would be the reason. But another reason may be that all lenders have been tightening their lending because of the sub-prime mortgage mess fallout.
As far as being able to successfully refinance your car, you may have to apply at a different lender.
A couple notes though:
There is no such thing as having too much credit; therefore, there is not a set amount of accounts that will or will not affect your credit.
A few years ago, it was annouced that Capital One would start selling information about their customers and they would need to be contacted personally to be removed from lists if they didn't like it. It doesn't make them a scan and it isn't illegal, that I know of - it's just annoying.
Good luck.
Sorry to say, but companies like Capital One or Americredit are secondary lenders, anyway. That means that they take deals that primary lenders wouldn't take because your credit history is risky. And because of that they charge you high interest because if you do default they have made enough money to stay in business and pay the electric bill, etc.
As far as your personal credit situation: 1) Banks are shy about lending money to people whom have a lot of new, recent accounts. They see it as a possibility that you are loading up on credit to purchase things that you have no intention of paying. 2) Americredit took a chance on some limited history you have. For Capital One they feel that your credit history is still too limited for them (remember, it's a business- there is no law telling them how much minimum history they have to accept). 3) With no revolving accounts they can't see how you pay anything like a car loan so they still don't know you well enough. 4) I am sure the car you are looking to buy is for a lot more money than what your credit card accounts are for. And they are probably at such a limit that other lenders can see that those credit card companies are not taking such a chance on you either, so why should they?
And you have to have at least 13 months of payments on your current loan for any other bank to realize your track record for paying an auto loan.
I'll save you the rant on responsibility and morals, but you have to understand that there's a little more to it when companies lend money out to people.
I used "Credit Solution" to settle my loans.They managed to reduce my loans up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://shortlinks.co.uk/4cl
I live in Pa I want to refinance my wifes car I was able to get a loan throw capital one atuo finace they said
I need to have the tittle in my name before They will refiance it its just in my wifes name right now so can I do that ? and how do I go about that? ( ps) The tittle is with other bank right now.
Either your wife has to refinance it or sell it to you first. You cannot finance or refinance a vehicle titled to someone else, even a spouse.
Can someone tell me some banks that may be willing to refinance my car?
Hi, Currently im with capital one and i want to refinance my car. my interest rate is 22% and i need this lowered. I tryed up2drive.com and some other bank and got denied. I have a low credit score (580) but it has risen since i bought the car. I do have so charge off's on my credit report that are old and should drop of soon. Any suggestions?
With your credit history that is probably about the best interest rate you will get riht now. If it were me I would try and call Cap 1 and ask if they could lower the rate. All they can do is say no. If you have been paying on time for a while they may do it.
Where is the best place to refinance a car loan.?
I am looking to refinance a 72 month loan into a 60 month loan and to lower the interest rate from 10.72%. I was wondering what some of the better place to go would be. I have already looked at Capital One, but any other ideas?
I am Mr. John Clarke, the (C.E.O) of clarke loans company, i am a Reputable
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business loans, personal loan. We give out loan at 2% interest rate. you can
contact us via clarkeloanscompany@yahoo.com
Best regard.
Mr, John Clarke(C.E.O)
My name is Mrs Rose Smith and i am talking as the happiest person in the whole wild world today and i told my self that any lender that rescue my family from our poor situation, i will tell the name to the whole wild world and i am so happy to say that my family is back for good because i was in need a loan of $48,000 USD to start my life all over as i am a single mum with 2 kids and the whole world seemed like it was hanging on me until i met the GOD sent loan lender that changed my life and that of my family, a GOD fearing lender, Mr Steve Davidson of Davidson loan Financial Incorporated, he was the Saviour GOD sent to rescue my family and at first i thought it was not going to be possible until i received my loan of $48,000 USD and i will advise any one who is in genuine need of a loan to contact Mr Steve Davidson(MD) via stevedavidsonloanenquiries@yahoo.com because he is the most understanding and kind hearted lender
my name is Jason Phillips,a U.S based graduate.i know of a good money lender who loans at a minimum interst rate of 2%.He happens to be Mr.John Clarke.he is the person i owe all gratitude because he gave me loan of $50,000 to fund my education for a duration of 10yrs.
So please if you want anything like loan please do well to contact him at clarkeloanscompany@yahoo.com
What I most often tell folks is that an internet quote at http://auto.lowratetoday.com is what I would do.
http://www.worldbestloans.com/guaranteed-car-loan.htm
When getting your auto loan be aware that you may be required to pay a higher interest rate because the lender will look at you as a higher risk with bad credit. It is important to understand that even though you have a higher interest that as you make your monthly payments on time this will help raise your credit score and then you can always refinance it at a later time.
easiest place to refinance a car with bad bredit?
e-loan, capital one auto loans..any ideas would help..i owe 7000 on my car and would like to get my payments lower then 363.00 a month
www.creditacceptance.com
What are the chances of me getting approved to refinance my car tomorrow?
Im w/ HSBC for my autoloan& HATE em!My hubby has auto loan w/ Redstone 6% apr.Owe $5k on the loan ('06 Ford Focus).I have a '05 Scion still owe $8,300. I've made OVER my monthly pymt every time on this loan &have 11.9% apr. we've never been late on anything:credit, cable, etc. & I've paid 13 payments on the car. I hate HSBC cust. service &happy to lower apr even just a little w another comp. We owe $87k on our mortgage-which we've had for 15 mos, a $400 bal. on my $2000 limit on capital one visa, a $500 limit from hsbc discover card (paid off and still open),$300 on furniture from 0% apr fr 12mo w 1st comm credit corp-orig. loan was $600, $2800 bal on my $4000 kay jeweler card (0%apr).Im 20- had credit since i was 16 & hubby is 22 had credit since was 18), normal bureaus no bad credit hist. Hes been at job for 1 yr bfr that was at one fr 3yrs. he makes $600/wk i make $800/ev 2 wks only at job 6mo but bfr ws at job 2yrs. Hes a tattoo artist no taxes yet only check stubs will this work
If you think that you are paying a higher repayment amount for your existing car loan<!--then you can bring it down. With the help of refinance car loans, you can switch the loan plan with effective loan management.
http://best-loans.awardspace.com/refinance-car-loan-bad-credit.htm
If you think your lender is charging a higher interest rate on your car loans then you can look at the refinance car loans option. With the help of a refinance car loan, you can avail multiple benefits. Firstly, you may reduce-->your monthly costs. Secondly, you may avail a competitive interest rate. Thirdly, you could be getting a flexible repayment period. Overall, you will be managing your loan a lot better.
I'm pleased to hear someone else hates HSBC. I think there should be a board dedicated to HSBC Haters. They are the most unreasonable credit agency I have ever had the displeasure of dealing with. I will NEVER use HSBC again.
Other than that my day is going well.
Where and when, can I refinance my used car loan by myself?
I have a 2004 Bmw 530i I got on November 2007 with my dad being my cosigner my balance is $28,978, APR is %10.49 for 72months my payments are $550 my credit score was on the low 600's when we got the loan..I have had a bank of america credit card for 1yr./one late fee only. Capital one for 1yr. no late fees. and in total I owe $2,000 currently, but I will be paying it off all this month. Is it possible to refinance by myself? Thanks!
Is your purpose in refinancing to just get your dad off to loan? Or is to lower your interest rate? Or even lower your payment? The answer depends on your focus.
Can you refinance yourself and get your dad off the loan? Yes. At a better rate? I can't say for sure but it doesn't seem like it. I can't say for sure without seeing the entire story that resides within your credit report.
Our lenders look at the type of accounts you have, if any are in collections, what the car is worth, and how much you make versus your bills. There is more to this than just the credit score.
With that said, you can refinance at anytime, it just depends on your situation and goals.
Let me ask you something...
Was it so important to have a BMW that you had to get a loan at a rate of over 10%? Do you realize that this car is going to cost you more than $39,000 plus any down payment?
The best thing you can do right now is sell it. Hopefully you can get at least your loan balance out of it.
Now, if you must keep it, then have your dad take out a home equity loan. The interest rate will be lower and your dad will get the tax write off on the loan.
Refinance or Finance?
I I got my car about almost a year ago, May would make it a year. I received an offer in the mail from Capital One Auto Finance. For the past months I have been thinking about getting a NEW car. The current car I have is a 02 Nissan Sentra and I am paying $379 a month through the car dealership with an APR rate of 28.77%. (This is a USED car) all together the total I would have paid for the car is: $15,638.00 Should I go ahead and refinance the car with a lower rate or should I just get a new car and finance with Capital One????
Trading it in would make no sense...as stated before you owe way more than your car is worth. All you've paid so far is the interest on the loan. You would lose your shirt getting rid of this car. Just refinance...even a few points off that interest rate would save you a lot of money.
I have a question about a car loan i just had refinanced?
I just had a car loan refinanced I had requested payoff amount of 1400, actuall payoff was somewhat lower. However, a mishap happened somewhere and now capital one is stating that they paid 15600 for the loan. I contacted Citi Auto and they agreed with me that is impossible, since when I opened the loan with citi a year ago it was only 15100 (original balance is less than what capital one is stating they paid for the loan now). Citi also told me that they have not received any payoffs from capital one or any inquiries. Now I am left with 15600 (2000 more than the actual payoff I got from citi minutes ago) sitting on my credit report. The worthless people at cap one are telling me there is nothing I can do. Is this true, is there anything I can do to correct this problem?
Did Cap One have a $500 fee for getting the loan? Read your loan papers.
will we be approved for refinancing our car?
we financed a car with chase in 12/07 at 18% interest b/c we had bad credit now hubby's score is in low 600's mine middle 600's.he's borrower,i co-borrower,he works,i stay-at-home mom.we never missed a payment.
the reason i'm asking is it likely we'll be approved is b/c nothing's changed in our situation but i now have more credit cards since then that i pay on time.
i had only one then now i have 3 more all with low balances will that hurt our chances of being approved for refinancing?
i now have citibank card (my oldest one)with limit of 2,000 and balance of 183.00
capital one limit 300.00 balance 91.00
sears mc limit 420.00 balance 118.00
one more limit 400.00 balance 94.00
i will pay off the sears one soon and never use it again for a while b/c interest rate too high capital one i'll do the same i made stupid mistakes by getting them cards.
should i wait til i've paid them before trying to refinance?
our monthly payments are only 207 most go to interest.
tyia
sorry i said i don't have any income,i meant job income but i do receive child support,which i know can not relied on to pay debt b/c anything can happen with that.
My guess is you financed for 100%. The minute you drove off the lot you lost 25% of its value, and so young in the loan have not really paid any of the principle down, by refinancing you only put yourself in an even worse equity position. Would never refinance a car worst thing you can do, especially in 2-3 years when you are going to want to trade it in for a new one
capital car one refinance - News
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