I let myself be pressured into a really bad car deal which put me into an 8 year loan. Can I rectify this?

Question

I am willing to keep the car, but would like to refinance it at a lower rate (now 8%) and a shorter time.

Answer 1

Just contact a couple of banks. They can pay off the remaining balance on your current loan and refinance you into a new one.

Answer 2

1

Answer 3

You have 72 hours to stop the deal, but see a lawyer 1st to make sure the deal can be stopped and if it cant just go tell the dipshit car dealer you are going to try to ruin his business /// Dont tell him how but one way is take a sharpie marking pen in public areas that are crowded and put his "name and # is a lying car dealer and the name of his business" rest rooms a piece of folded important paper in the floor like walmart,J C Penney,Krogers make a copy of a $20.00 bill one side only and paper clip it to the message that way you're almost granteed someone will pick it up and read it... Be careful not to get caught// Put the maessages in with the items for sale about a 2-3 inch size folded nice looking paper with the fake $20.00 bill , also you could say this person want to be called and he or she will give a ******** or she will sell some leg because she's real horny/// Just use your imagination /// Then you can get on the computer and type in bold letters DON"T YOU WISHED YOU HAD TREATED SOME OF YOUR CUSTOMERS NICER ******** I"M GOIN TO TORMENT THE HELL OUT OF YOU PECKER BREATH and send it to them dont lick the envolope and mail it from a remote area from where you live// he will probably leave and go some other place and if you can find out and start it all over again by saying Hey ******** i'm your worst nitemare and i'm back/// Don't make any threats its agaisnt the law// Never let him suspect you or he will turn the tables on you he will not know which one of his clients is the culprit/// You may be able to go back and get a good deal after he's had a dose of this///Just say in a nice sweet voice now----------you took advantage of me the last time and dont you think its time to make it up to me so life can be a little more peaceful??? He'll never know for sure it was you///

Answer 4

by law you have 3 business days to back out of a big loan. you need to call the dealer and tell him you don't want to make the deal. then go to another dealer and buy the same car and a better rate or don't buy it . if its over 3 days you have to keep the deal but you should be able to refinance after a few months if you pay on time and theres no clause in your terms that say you cant refinance the loan

Answer 5

You can do two things: You can give the car back and let it hit your credit as a voluntary repo, or you can make double payments on it.

Let's say your payment is $300/mo. Send $300 on the15th and an extra $50 to $100 on the 25th, whatever, every two weeks. The first payment will pay on the principle, and the extra hundred will pay off the interest, which means over time, you will owe a hell of a lot less on that car than the contract amount.

The extra bit of money at the end of the month may seem like a lot, but it will help you to pay off that car in probably half the time.

Answer 6

When did you buy the car? Do you have a law in your state that would let you return the car during the first 3 days if you changed your mind? Not sure if they even do that with cars... Other option would be to join a credit union and try to refinance. Credit unions always have great rates.

Answer 7

In some States in some cases you have a short amount of time to back out of a contract. Is this possible? It is like 3 days generaly.
That could be buisness days. Read the fine print on the sales contract. ASAP

Pay off in less time but payments will be more. Its possible the interest might be less. Shop for a better loan else where.

Answer 8

Yes, secure another loan to pay off this one. Check the terms of your loan to see if there is an early payment penalty. Most do not have one. If there is a penalty, You'll need to calculate if going with the new loan saves more money than you loose with the penalty.

Answer 9

Get an attorney, or join prepaidlegal and ask an attorney there. Depends on your state and what kind of crap you agreed to. Get the refi ASAP if you are being reamed.

Answer 10

many states have a short period of time for you to reconsider sales contracts.

Otherwise pay the loan off ASAP even if you have to take another (cheaper) loan to do it.