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Author: admin | Category: Lease Car Calculator | Date: 09.11.2014

An upside down car loan (a negative equity loan) often results from low down payments, long payment terms and other factors. Another way a person gets into a negative equity situation is by purchasing a car with no money down. Another problem is excessively long loan terms, which stretch payments out so far that the payments don't keep up with the depreciation. In an upside down car loan situation, there are a couple of ways that one can combat such a troubling situation.
Some lending institutions will call the entire loan due at the sale of the vehicle, so you would need to work with your lender to turn the loan into a personal or signature loan.
For those trying to find a creative way to get out of an upside down car loan, you should avoid anything illegal that tries to get the insurance company to pay the debt. Insufficient down payment.One of the greatest marketing ploys is the No Money Down (or very little) option that attracts consumers to an auto lot thinking this is the best way to get into a new auto. Payment terms.Consumers think that spreading payments out over 5 years or longer is a great idea when buying a new car. Roll over.Consumers motivated by a desire to trade a vehicle in on a new choice are tempted to roll over the original balance into another loan that can not only increase a monthly payment but keeps the buyer in an upside down loan situation. Excessive interest rates.Consumers seeking a quick transaction on a new car loan sometimes settle for the offered interest rate on a loan thus accepting a higher than desired rate.
One thing that you can do to manage your loan is to include extra money with each monthly payment. If you have been suckered into a car loan in which you owe more money to the lender than the car you bought with the loan is worth, otherwise known as an upside down car loan, a good way to get yourself out of this hole is to refinance your upside down auto loan. If you have an upside down car loan, you should refinance it as soon as possible to save as much money as you can.
It's worth calling the company who owns your current auto loan to see if you're eligible to refinance your current car loan for a lower interest rate. Unlike larger banks and finance companies, a local bank or credit union is more flexible in working with customers to creatively refinance your current loan. Loan approval is not guranteed and is subject to credit application and approval of the lender.
Patriot Federal Credit Union offers a multitude of financial services to customers in the Cumberland Valley area.
In addition, Patriot Federal customers can apply for an auto loan directly through the credit union’s preferred list of participating new and used car dealerships throughout the Cumberland Valley area.
Customers of Patriot Federal Credit Union have access to favorable terms and flexible options, such as title secured loans and up to 100 percent financing. Established in 1985, Patriot Federal Credit Union has remained committed to offering a wide array of financial services and supportive customer service. Neither the service provider nor the domain owner maintain any relationship with the advertisers.
The nature of car purchasing, depreciation and sales tactics at dealerships often lead to people who are upside down in a car loan, meaning they own more money on the loan that the vehicle is worth. This term means that instead of having equity in the car, or a portion of the car value that is already paid for and would return to the owner in case of a sale, the owner instead would owe the bank or lending institution money if the car were sold. The dealer merely tells the buyer that they can arrange for a payment that is not much more or is no more than the current payment, without the buyer understanding that they are folding the loan on the old vehicle into the price of the new vehicle. If you sell the car and don't have to buy a new one right away, you can use the amount you get from a sale to pay down the loan, and then work for the next several months until you pay off the difference. By doubling or tripling up on payments, you can reduce outstanding terms on the principle owed.
Examine any opportunity to refinance the car to reduce interest rates by reducing payment term lengths or increasing monthly payments that can help get you out from under an upside down loan situation. However, without sufficient money down you create two situations-greater interest and larger payments. However, this only helps to increase the amount of interest on the total principle which usually winds up with total payments greater than the vehicle's worth.


This can leave a consumer in an upside down situation where payments amount to much more than the car's worth.
Consumers are always susceptible to emotional buys limiting any comparison shopping to negotiate the best price possible. If the money you owe to the bank for your car is far more than what it's worth, you should do your best to pay an extra $50 to $100 each month, or more if you can afford it. If you get into an accident and the car is totaled by the insurance company, you are going to be expected to pay the difference in value on your own.
Many people are often tempted to stick with new cars they can use as trade in leverage, but with an upside down loan, it really is not a very good idea.
Many new car buyers each year are mislead by auto loan companies that try to take advantage of them by getting them to take out a loan that has a high percentage rate. You can easily find a list of financial institutions in your area that offer refinancing for auto loans with Google, and you can apply for quotes from these companies at their websites.
Once you have quotes for auto loan refinancing from many different lenders, you can compare them in order to find the best deal for you.
Once you have found the best possible deal for you, go to the website of the company that offers that deal and apply for your loan.
There is no reason why you should stick with the plan you have if you can save money by switching to another one. Paying less in interest will help you to bridge the gap between what you owe and what the car is worth on the market.
Often they have limits as to how much they can loan, however they may be able to help extend a line of credit at a lower interest rate or offer home equity loans to help pay down the gap in what you owe and what they can finance. At Patriot Federal, customers have access to services and products such as checking and savings accounts, automated banking, investment accounts, real estate loans, insurance policies, auto loans and lines of credit. Pre-approval for a new auto loan or auto loan refinance is available via three methods: online, over the phone or at any of their local branches.
This application option allows customers to apply for a loan on the spot, even when the credit union is closed.
Patriot Federal is cooperatively owned by all credit union members and strives to “earn your trust every day.” Membership is geographically based and open to members for life even if they move, retire or change jobs.
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In case of trademark issues please contact the domain owner directly (contact information can be found in whois). Sometimes a car dealer acts unethically and doesn't fully disclose terms in this situation, but other times it is the responsibility of the consumer, who doesn't take the time to understand loan documents or buyer's agreements.
Don't buy a new vehicle, because any dealer who would help you buy a new vehicle when you are already upside down is only going to make your situation worse.
When the lease is up, you will still have negative equity unless you have made substantial extra payments. You will still owe the extra on the loan anyway, because the insurance only pays current market value of the car, not the entire amount owed on the loan. First, however, make sure your loan agreement does not contain prepayment penalties that finance companies usually place in terms to counter any effect prepayment would have on their profits.
Additionally, you may qualify for a home equity loan which is typically a loan secured at much lower rates than an auto loan.
This can really make a big difference and it will help lower the negative equity a lot quicker. The insurance company is only going to pay the loan company what they think the car is actually worth, not the amount of money that is actually owed on the car. If you do this, the lender will take the negative equity you have on your trade in and tack it onto the price of your new car.
Your auto loan can also go upside down if your car suddenly depreciates in value, such that if you sold it, you wouldn't be able to pay off your loan.


It will be easy to apply, and you will be given simple instructions throughout the process.
In some cases, the company may allow you to extend the loan terms for an additional year which would lower your payment as well.
Credit unions in general, have competitive car refinance rates and often have promotions for refinancing new loans for automobiles. When customers apply online, they can track their application and contact a loan officer at any time. The dealer will submit the application to the credit union, and once the loan is approved, the customer can sign the loan documents at the dealership.
A customer’s actual rate will depend on their most recent credit report and credit history. If you buy a new car with no money down, you are in a negative equity situation as soon as you drive off of the lot. Then you will be practically back in the same spot you originally found yourself in with your new car.
To lower the total amount of money you will have to pay for your loan, you can take out a loan from another insurance company that has a lower interest rate to pay off your original loan all at once. To use this type of website, you fill out a single form with information about yourself and the car you are refinancing the loan for, and the website uses it to provide quotes from a whole list of lenders at once. Decide for yourself if you want high monthly payments, which will cost you a lot initially, but will save you money in the long run, or if you want lower monthly payments, which are easier to pay off individually, but will eventually end up costing you more money. If your application is accepted, the company will then pay off your loan and you will now make monthly payments to them, instead of your original lender.
Negotiating the terms to that happy place where you'd be paying more on your principle than you are in interest will help mitigate the upside down loan effect.
The following is a guide that will help you apply for a loan to refinance your upside down car loan. HNIs who have direct investments in NCDs are now grappling with irregular interest payments," Pan added. Most funds have a one-year moratorium immediately after the launch, during which period it is not obliged to make any pay-backs. From the second year onwards, funds start repaying interests every quarter, along with some principal amount. But unless there's an actual default, there's good probability of money coming back to investors, albeit a bit delayed and a bit lower returns than promised by these funds," Purkayastha added. To secure their money, funds gathered 2 - 4 times collateral and tagged along 'desra' clauses which took care of immediate payout to investors. As per the latest data, unsold housing stock across top eight property markets in the country rose 18 per cent to over 1.1 billion sq ft as on June 30.
Barring Hyderabad, all other cities have shown a rise in the unsold inventory, with Bengaluru showing maximum increase of 55 per cent compared to a year ago.
The whole pay-out in structured debt funding is dependent on cash-flows of the project." According to analysts, funds deployed between 2010 and 2012 are phasing through a lot of stress. Project cash-flows have also declined significantly as there's limited consumer interest at the aggregate industry level, analysts opine. Tepid demand for commercial real estate has flattened rental yields; several funds operating in this space have not exercised escalation clauses which allow them to charge a higher rent after a specific time-period. Rental yield funds are returning 7 - 9 per cent PA - about 11 - 13 per cent lower than the promised yields.
But rather than reducing prices outright to drive sales volumes, developers are modifying products configuration and offering incentives to prop up sales momentum.



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