How to Protect Your Credit During Divorce Fox Business
Confucius say: Beware scorned spouse with shared credit.
Maybe the Chinese thinker and philosopher didn't quote those lines, but he should have. Your credit sits on dangerous ground when you and your spouse split up.
"People do unpredictable things during emotional times," says Jennifer Wallis, vice president of Consumer Credit Counseling Service of Central Oklahoma.
One of her clients found out that her soon-to-be-ex-husband had ruined her credit while they were finalizing their divorce. Her husband had agreed to pay the Citi, Bank of America and Chase credit card accounts, but never did.
What's worse, the sabotage came when the wife needed to establish her own financial identity. Bad credit hurt her chances of getting good terms on credit cards, mortgages and auto loans, while landlords, utilities and insurance companies used it to establish security deposits and premiums.
"It's a bad position to be in if someone has control over your credit," Wallis says. Bankrate outlines five ways to protect credit during a divorce.
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Auto Loan Advice : How to Refinance a Car
Refinancing a car for a good interest rate can be done at a bank or credit union but can depend on an individual's credit score. Use secondary ...
Are there any good banks or insurance companies that will refinance your auto loan with good rates?
I am tring to refinance my auto loan , but the only place that I came across is StateFarm. Are there any other places that I can look into?
Local banks, credit unions.
How long do you have to wait to refinance your auto loan?
I recently financed a voltswagon jetta 2007 in November 2006 when the dealership was starting to sell the 2007 vehicals, and at that time I was able to make the monthly payments with no problem, but now that my job is cutting back on hours it is becoming a bit difficult to pay the monthly notes, and also I am vaery unhappy about the performance of the car. I was wondering would it be to early on to try to refinance or trade it in for another vehical that would be a little cheaper or would I have to wait a little longer to trade in or refinance?
They say about as little as 8 months or long as 24 months. It really depends on your credit, how it was before for example. Did you get a warrenty? If so take it in to the dealership, they can also talk to you about your options with refinaceing and trade in's.
For example....
If you own more on the car than the used value, the bank will not refinance the note without a downayment to offset your negative equity. If you are in an equitable position on the car and your credit standing has not changed, you should be able to refinance, but it may not lower your payemtns much unless you can refinance for a longer term than you originally financed it for..)
Second Example
If you trade it in on a car and owe more than it is worth (which you probably do) then you have to carry that negative equity into your next loan, which will also raise your payments.
If you would like to email me the VIN of the vehicle you bought, the current mileage, the amount you originally financed and the amount you currently owe, as well as your current payment and the payment you would like, I would be happy to try and cruch the numbers for you.
cadillaccricket@yahoo.com
If you refinance your auto loan, will you receive the pink slip?
What about if you apply for a personal loan and pay off your vehicle? Will that result in you receiving the pink slip?
no, if you refinance youre just getting a new loan at a new rate. but if you get a personal loan and pay off the car you will get the pick slip and now owe the bank who gave you the loan.
If you pay off the car through a personal loan and the lender doesn't know what you're using the money for, then the pink slip would be sent to you. However, if the band knew you were going to use the money for a car, they might ask you to bring the pink slip to them. But I'm not 100% sure in this case.
When you refinance your auto loan, does the old finance company show your debt as paid in full?
I am curious as to how a refi is reported to the credit bureaus.
When you refinance your vehicle, your upcoming finance company will have paid off the balance of your loan from your old creditor and assumed the loan according to the conditions you agreed to. ( ie...new interest rates, length of loan, etc. ) So you will show your previous account as being "paid off", and it will reflect so on your credit report.
how do you refinance your auto loan?
my auto finace company does not have the option to refi.
Depending on where you live, you may have a credit union nearby. Many credit unions will allow you to join if you live in their area. See this website for a directory: http://www.creditunion.net/
Once you open an account, they will refinace your loan up to the full retail value, and their rates are far less than national banks. Even if you have questionable credit. All you need to do is see them, get approved, and have your insurance changed. It's the easiest way to save some money.
Good Luck!!
If you have good credit, you should have no problem.
how do you refinance a auto can you borrow money off your house and add to your morgage?
Yes, but only if the equity in your house is (quite a bit) greater than the balance of the mortgage. It is called a "home equity loan."
The equity in your house is equal to the current value of the house less the balance of your mortgage.
For example, let's say the current value of your house is $150,000 and you owe $100,000 on your mortgage. The equity in your house would be $50,000. But since house values, in general, are falling the bank would probably not let you borrow anywhere near the amount of equity. The only way to find out what you can, in fact, borrow is to ask several banks.
Is it wise to refinance your home mortgage to consolidate auto loans?
My gut answer to this is no. I tend to think that a refi on my home mortgage for 30 years to consolidate a 4 -5 year auto loan only extends my payments and in another 5 years or so I will have to get another auto. Would a 2nd mtg or line of credit for the auto loan be wiser?
NO.
Cars depreciate in value - if you owe more than you can comfortably pay - sell it and get a cheaper car, preferrably one you can pay cash for.
Best case is to never finance cars, and buy good, dependable used vehicles.
SO, I guess we would need more info into your situation to give a informed answer.
1- the difference between the rate of refinancing and the average rate of your auto loans
2- your ability to make the payments of the new loan.
Don't get fooled by promising sales lines you only pay ### (for life) and the likes. Compare simple annual fixed rates, no fancies, no options. One way people deceive consumers is by comparing apple and oranges. So make sure you're not sold a lemon!
Second, if your financial situation is tight, it maybe better NOT to mortgage your house and risking to be thrown out!
The best is cut out (at least momentarily) what you do not NEED to survive: do you need the car? do you need cable? do you need a phone? a cell phone?
Make your bugdet based on what you CAN spend, NOT on what you WANT to spend.
Paying interest, any interest is never good.
You would never finance a car for 15-30 years.
You said you need to buy another car in 5 yrs? To replace the one you're making payments on right now or as an additional vehicle? Because I'd think, if you take good care of your car now, you could make it run long enough to not have to borrow to buy in 5 yrs. Besides, having two years of not having to make car payments is a nice break to have.
There are things to consider before determining whehter or not it is a good idea...
when someone says that you take a car and spread it over 30 years, it makes no sense... For instance, if you owe $10k on your car, and you roll it into a mortgage, how long will it take you to pay off the $10k????
It sure wont take you 30 years!!!
You will most likely pay it off in 7 years or less...
People get the idea that because a mortgage is 30 years then it is going to take the full 30 years to pay off the debt... its ridiculous... If you have a mortagge of $100k, and add a $10k car loan, and in 30 years you pay off the entire $110k, how did it take you 30 years to pay off the $10k car????
I hope that makes a little more sense, because its ont of the most common misperceptions in the mortgage industry...
Now, the things you need to take in to account is why would you wnat to pay off the car????
Is the payment to high for you to afford right now????
If that is the case, then it only makes ssense to pay offf the car into a 30 year mortgage in order to bring your payments down...
If you arent worried about the payments, then what is the interest rate on the car loan?
If it is over 7%, then it may make sense as well to roll it into your mortgage...
The main thing to realixze is that a doing a refinance is simply using "equity" in your home to your benefit..
You have earned this equity... You chose this house as an investment, and between paying payments, and an appreciatinig value, you have earned money in this house (equity)(
So, if by refinancing, it can lower your payments/rate, and allow you to live more comfortably... then it absolutely makes sense to refinance the auto loan into the mortgae...
The main thing people do wrong when tryin gto get advice about a mortgage is ask friends family, and even worse strangers that have no experience other then what is best for "THEIR SITUATION"
What i mean by that is EVERYONE IN AMERICA IS IN A DIFFERENT SITUATION FINANCIALLY, EMPLOYMENT WISE, CREDIT WISE, ETC...
We all have different situations, therefore something that maikes sense for one person, may make NO SENSE for another... Also somethingt hat is the best idea for you, may be the absolute worst idea for someone else...
Just because one person found a benefit in doins a specific type of mortgage loan, it doesnt mean that that same program will be right for you...
WHat you need to do is have a LICENSED professional look at your finances, and credit and give you accurate advice on whats best for you..
From there you can then make a more informed and educated decision on what is the best idea, and mortgage option for you...
I work with Providential Bancorp, we are a Mortgae lender serving most of the US...
I would be happy to give you more advice..
Feel free to call or email me at any time!
Jason Fry
Licensed Mortgage Banker
Providential Bancorp
jasonf@providential.com
312-264-6448
Does Chevy Chase bank refinance auto loans?
If I look under "personal loans" on their website, I see they offer auto financing. But what about REfinancing, or does this count as the same thing?
If not, can you recommend any reputable companies through which I can refinance my car?
Thanks!
Any bank that does auto financing will do auto refinancing.
Also check into Capital One. they offer great rates and good service.
Will I be able to get cash back with an auto refinance?
I just purchased a vehicle $15,000 bellow its Kelly blue book value. With an auto refinance will I be able to access that cash or get any cash back? Also any information on companies that has this cash back option will be helpful. Thank you!
Auto finance is what I do for a living and the answer is yes you can access the equity in your vehicle by refinancing it.
One of the things car loans are based on is the loan to value, if your $15,000.00 back of Kelly Blue Book you should have no problem getting at least $10,000.00.
The reason I say this is banks use N.A.D.A. not Kelly and they go by loan or wholesale value not retail.
The best time to have done this was when you bought the vehicle, but you should still be able to do it.
How and when can you refinance a auto?
Is it a good practice to refinance a car or truck. I recently purchased a home and the payment is somewhat large. I was in need of transportation before I purchased the home. I was thinking It would hinder the mortgage process if I bought a new vehicle before the house. I want to know is it worth refinancing the auto to make my money and budget work out. I did not buy this auto just to be buying, I bought it because of need and the condition of my 92 van is horrible. There is no heat and many other things.
Any advice is appreciated.
You may not be able to cash out when you refinance your auto. Becuase it has a declining value the only thing you would benefit from is smaller monthly payments by shopping for a better rate and getting a longer term. I am curious about the mortgage you have. You may be in the wrong product. There are so many mortgage options availbale that you could refinance to have a more suitable payment plan for your current financial situation. Feel free to email me if you have any questions or are looking for details geared towords your situation. Just remember you have to decide if your priority is a lower monthly payment and higher interest in the long term.
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