I believe it was 11%
When I was in the call, I assume they expected the loan amount to be less as I went through Credit Karma and maybe they messed with the figures and they stated the LTV amount is too high for them to approve refinancing
~100 miles
100 miles a week to and from work?
Will definitely do, since I’m young (22m) I already have a feeling what that insurance might be off the top of my head, I already pay $250 alone for full coverage on this
Yes, that’s 100 miles altogether if I go to my far job only twice that week which doesn’t always happen
That’s not too bad. So assume you could qualify for a decent lease on an EV, 10k miles/year would be more than enough.
As far as your financial situation, there has been a lot of great advice shared here already. You had mentioned that you had to take out a personal loan to pay for some repairs. Is that loan paid off? If not how much $$ is remaining and what is the interest rate?
1 Like
Well this was a recent loan (about 2 months ago) so a principal of $3,800 at 19%
I can understand if you don’t want to go into too much details, but did your state’s Attorney General (AG) office get involved? If not, I would recommend contacting them.
Since OP mentioned they are currently paying off a personal loan at a rate of 19% off, it does not look like taking out another high interest personal will be a feasible option.
2 Likes
The first thing you should be doing here is to check on refinancing rates.
2 Likes
You will want Tier 1 financing to pull this off, being under ~720 on a FICO Auto score is going to severely limit which brands you can even target.
This is still a great resource for learning about your credit score and how it affects leasing/insurance
Ok
If you don’t belong to a credit union, join one after checking their auto loan programs.
You ideally want to refi this ASAP, if you had to bring a modest amount to get the LTV right to secure the refi, consider that. Give the new loan 60 days to report on time and see what happens to your score.
You also can’t rush your search because whatever you insure will be worth more and likely cost to insure more. A high MSRP vehicle with lots of incentives can still cost a lot to insure (plenty of posts if you search). You need to check that each step of the way, and you can start shopping for the best coverage now:
I understand not wanting to put more into this car, but if it’s not imminently going to incur a multi-thousand repair I would ride it until your credit can fully support whatever replaces it.
5 Likes
Oh believe me I’ve tried getting in contact with them but to no avail, I got a voicemail and left one with no response. I can try again.
I already tried the DMV, opened a case for “Misuse of Vehicle Credentials” and when reaching out for any response they kicked me over to the State Police who kicked me back to the DMV who then kicked me over to the Vehicle Inspection Department who even agreed that the odometer is wrong based on previous inspections who then kicked me back to the State Police vise versa and now I’m stuck without any answers.
Brought it to small claims and got absolutely obliterated since I had to represent myself since I couldn’t afford a lawyer. So believe me when I said to cut a extremely long story short lol.
1 Like
If I were in your shoes, I would keep calling them every day. Also if there is an email address, email them every day.
I just did a quick Google search and found the following contact form.
https://www.attorneygeneral.gov/submit-a-complaint/consumer-complaint/
I also found their general contact us form.
https://www.attorneygeneral.gov/contact/
EDIT: Worse case, you can always contact your local news station. Some news stations have an investigative department that might be able to get some answers for you.
3 Likes
OP, maybe your parents can lend you some $$$ and try getting an extra side job if possible…to tackle that debt-maybe down the road in about 6mo-year try and refinance, otherwise your chances are slim for a lease… also if you have a CC and can do a 0% for 12 months cash advance, US Bank has some good cards lately… just a thought
1 Like
OP already has a second job. However, I totally get your point. As I stated, OP’s best option is to reach out to their AG’s office and contact their local TV station. I am sure they are not the first or last person to have been scammed by the dealer who sold them the car.
4 Likes
That is terrible and unfortunate and I’m sorry you went through all that.
My question remains though, it’s shady past aside, what does the Ford full circle inspection on this 14 Taurus currently read like? Is the maintenance current? When was it last at a dealer for a $39 oil change (coupons ftw) where they could complete the 54 open recalls on it?
Until it’s not your problem, it needs to stay in good working order for all this driving.
1 Like
It’s cool lol. I’ve accepted that at this point, I just submitted a request for the AG office, not that I’m expecting anything really from it at this point but fingers crossed.
I haven’t had an inspection done recently on the car but I definitely will when I’m allowed to drive it again.
The maintenance has been kept up, I wrench cars so I pretty much do all the maintenance. Attempting to fix it when it broke however…the engine doesn’t look too happy inside (rust, buildup of carbon, etc) as to why I’m very weary of driving it much
There’s 54 recalls on the car? Dang I wasn’t aware. Definitely gonna check up on all this when I can drive it
Given OP’s credit score, car loan obligations, and $3800 personal loan, I would not recommend that they take on any additional debt at this time.
6 Likes
I’m exaggerating but I leased 2 Fords, there are always recalls.
Get a service coupon off the dealer website and get the oil changed there next time, they’ll check recalls/TSBs and usually do a full circle inspection (ask).
3 Likes
That’s a start. Keep your head up.
Just to confirm, is the car drivable?
Or is this the case?
1 Like
Yep car is drivable and fully operational!
I just can’t DRIVE it until the registration suspension is lifted and that’s until next Tuesday. Besides that no other pressing problems that I’m aware of
1 Like