Lee355

[QUOTE]Originally posted by nastinupe
[B]They won't work with you if you are black.

nastinupe

Yes, the person can sell the car to another person and just pay off Honda. You have to see how much you owe honda on that particular day. Of course, the longer you have owned your car, the less you will owe honda.

I am not sure about sub-leasing though. If you can't sell it, and you can't pay for it... you loose it. Your credit will have a repo on it and you will probably not be able to get a car for under 17-20% interest. Everyone I know who has weak credit (never bought a car) or has been repoed ends up paying around this amount for interest.

nastinupe

Lee355, didn't mean to be "ugly" I have just had "bad" experiences dealing with finance companies and credit issues, when there weren't any issues to begin with. It really upsets me when I see how many minorities are taken advantage of by banks and finance companies. Institutions like check cashing establishments take advantage of people's situations. Can you imagine getting paid and having to cash your check at one of those places and they take 10% of your check just for the service charge? Add to that the high interest rates that banks like to charge minorities. I have seen interest rates as high as 25% on house mortgages! That is simply ridiculous.

joser

"Yes, the person can sell the car to another person and just pay off Honda."

Am I lost here? How can someone sell a car they do not have clear title to? Maybe that is a dumb question? Maybe the lease agreement covers that?

Joser
Silver/Red

StormBringer

Well if you have a lease you have the option at the end to buy the car outright. So if you take all your lease payments and add the residual you have your payout. Mine is around 30K from what I understand, their for if I get 30K for my car I can write a check to honda and I now have the title which I give to the new owner, but if I get only say 28K I have to make up the difference in the cost of the car. Now I am sure if I give the bank a big check like that they can let the smaller amount of or work something out for me. Now the big problem is finding someone to buy the car.

Thats one way to go about doing it, you can also trade the lease if you feels like it.

I am going to call the bank when the next payment goes in ~25 days or so and talk to them, If I don;t have any action finding a job I wil have to work it out with them.

DouglaS2000

[QUOTE]Originally posted by nastinupe
[B]I hope that you are able to keep the car.

ScottH

Nastinupe: I don't understand how a business charging a fee to cash a check makes them racist. A person of any color can go to a bank and open an account for free with no monthly service charge. The people that choose to use check cashing services are paying the fee for convenience and flexibility. Also, banks set the interest rates that they charge their customers based on the amount of risk that they associate with lending the money. If a person is a bad credit risk, they get a higher interest rate. If they also happen to be non-white, that does not make the lender racist.

Ldogdotcom

Nastinupe... your argument is dumb.

I work in a bank, I do loans, and I turn down people all the time with good beacon (that's the real lingo there) scores and good salaries. Why? It could be a bunch of things. Loan to Value comes to mind, so does Debt to Income. Those are the two biggies.

I really doubt that your credit is as clean as you say, and if you were turned down, it wasn't because you're black (if you really are). Chances are you have maxed out credit cards with high balances (even though you pay them on time) or you're looking to borrow $25,000 for a car whose loan value might only be $20,000. And banks make it a point to loan to minority groups, and if they don't, they are fined by the government... as a matter of fact, a certain percentage of loans are awarded every year to certain groups who otherwise wouldn't qualify for loans for one reason or another.

And as for the check-cashing stores? It's simple supply and demand. They put those up where they make money- plain as that. Unfortunately not everybody has the right to go to the bank and open an account (sorry ScottH, you're wrong). Banks are businesses and if someone shows an unsatisfactory history with their deposit accounts, that bank won't open up an account, savings or checking (I know I've done it... just yesterday as a matter of fact), but that depends on the bank. You show up on ChexSystems... no account with the Big 4 for you. You're either check-cashing store-ing it or going to the bank that issued the check to get your cash.

Anyway, sorry for the rant. Uneducated accusations of racism demand clarification. If you want me to pull your credit report and go over it at work Nastinupe, feel free to PM me and I'll call you tomorrow.

nastinupe

Many times, these people are people who have been denied a bank account due to certain circumstances, such as, they do not have a steady address, job, past credit history and so on. I understand that these people do present a higher risk to banking institutions, however, what finance companies do to these people is murder. It should be illegal to charge such large amounts of interest for a loan. I know people who have $350 payments for 60 months for a car that only cost $14,000. If you divide that out, that is basically $7,000 more than the cost of the car. And the tax on cars is 3.25% in Alabama. That is a hell of alot of money in finance charges. But the compneis know that these people have no other option if they want decent transportation.

I know that MOST white people are not racist. I would not be where I am today were in not for whites, as well as individual's of other nationalities, but I have overheard racist conversations and witnessed racist acts so I can say without a doubt that I know that people past jugement on others based on their nationality. If that weren't so, why would lending institutions even have to make comments like "we're an equal opportunity lender" if that type of stuff didn't exist? It's becasue of the fact that they KNOW that they have witnessed or been part of some shady racist plot to **** people of color over so they have to attempt to "assure" us that they don't do that kind of stuff... anymore.

I don't dislike white people, but I dislike racist people. It just so happens that the ones I usually run into are white. Kind of like the profiling of musulims and suicide bombers. I know many musulims and I don't believe that any of them will ever blow anything up in the name of Allah, however, that doesn't mean that Musulims don't go around blowing things up. They do blow things up, there are white people who are racist and do things to hold people of color back... and there is a generous amount of black folks that have bad credit and rob and steal. But it's not fair to assume anyone of these things on a person's nationality alone. You have to base that judgement on the person.

Ldogdotcom

I hate to break it to you, nastinupe, but in the good 'ol state of Alabama, you pay sales tax on a car based on the county in which you live. I grew up in Alabama, bought my first car outside Mobile county limits, because it was 5%, not 6.5% (at the time... it's about 9.5% now I think). Unless things changed, which knowing Alabama, it hasn't, that's it.

And $350 payments on $14,000? That's 17.9% (roughly). Chances are, your friend got rooked by the dealer (if he bought it from a dealer, they can markup the percentage rate, and they keep the difference) and if he got it a few years ago when interest rates were quite a bit higher, and he didn't have the best of credit/insufficient credit history, that's pretty much par for the course. Also, he could have traded in a car with negative equity. Or he could have borrowed more than the car was worth. Those things, even though it wouldn't fly in my bank (we'd just deny the loan) will get you a loan, albeit at a greater interest rate. You gotta pay to play. It's like the saying, "to the victor goes the spoils..." you have a good credit history, you get the benefits. And, at least in the state of Florida, the lending rate is capped at 18.9%. Even if interest rates go up to 22%, the most you'll pay in the state of Florida is 18.9%.

And as for the racism card. that's a lame, lame excuse. Sure there were bad things done in the past, and that's why the "Equal Opportunity Lender" disclaimer is there. If someone is qualified, they are qualified, color pays no part in the decision (any more). But then again, Jim Crow laws, separate water fountains... all of those things are part of an ignorant past. We've gotten past those ideas, much like the signs on Ft. Lauderdale beach in the 1950's that said "No Dogs or Jews Allowed on the beach." No more "the "Man" is keeping the black man down," speeches, please.

Take responsibility for your financial past, present and future. It's not "the Man's" fault that people rack up tens of thousands of dollars of credit card debt, or pay bills late, or get their accounts closed by the credit grantors or declare bankruptcy. It's your own fault. And if you're paying a high rate on your term (read: not revolving) loans it's something that you did.

Damn, that's a high soapbox that I just stepped down from.