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post #1 of 19 Old 05-28-2003, 11:07 AM Thread Starter
 
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Re: signed the papers on refinancing

The zo6 got refinanced yesterday for 4 points less. I'm saving almost 300 a month in interest. Something I read in all the legal documentation was that the bank would own any improvements if the loan went into default.

Never thought about this before, but what if you put thousands of dollars into a car like a turbo and got behind on it... not happy...

There was a lot of other onerous stuff in the agreement as well. Banks have us over a barrel and you really need a lawyer to decipher most of the jargon.

Oh well, happy to be at a better rate now.
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post #2 of 19 Old 05-28-2003, 11:12 AM
 
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Re: signed the papers on refinancing

Sweetness! Yeah, Figment, you really cannot beat the APRs right now. I was so lucky and bought my house and got a stoopid deal 2 years ago, I know I could unload it for a crazy ammount right now! sometimes it does work in your favor....

Its nice to loosen the payment necktie a bit I bet!

Team Honda - well sorta...
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post #3 of 19 Old 05-28-2003, 11:19 AM
 
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Re: signed the papers on refinancing

Good deal! :-) Sooooo...whatcha' gonna buy with the $$ you're 'saving'?
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post #4 of 19 Old 05-28-2003, 11:25 AM Thread Starter
 
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Re: signed the papers on refinancing

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HondaGal : Good deal! *:-) * Sooooo...whatcha' gonna buy with the $$ you're 'saving'?
you've got me figured out pretty good
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post #5 of 19 Old 05-28-2003, 11:28 AM
 
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Re: signed the papers on refinancing

must be gearing up for the new blade!

Team Honda - well sorta...
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post #6 of 19 Old 05-28-2003, 11:32 AM
 
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Re: signed the papers on refinancing

LOL!
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post #7 of 19 Old 05-28-2003, 11:53 AM
 
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Re: signed the papers on refinancing

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figment : The zo6 got refinanced yesterday for 4 points less. I'm saving almost 300 a month in interest. Something I read in all the legal documentation was that the bank would own any improvements if the loan went into default.

Never thought about this before, but what if you put thousands of dollars into a car like a turbo *and got behind on it... not happy...

There was a lot of other onerous stuff in the agreement as well. Banks have us over a barrel and you really need a lawyer to decipher most of the jargon.

Oh well, happy to be at a better rate now.
Ya but what if the improvements are removing the engine and trans, taking off the wheels and brakes, putting it up on blocks in front of your house? you know, for art. So when they pick it up...Do they get the blocks???

Ride Red
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post #8 of 19 Old 05-28-2003, 12:56 PM
 
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Re: signed the papers on refinancing

I would love to refinance my truck, if for no other reason than to quit sending my coin to the pricks at my current loan company.

How did you do this Figment?



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post #9 of 19 Old 05-28-2003, 1:19 PM Thread Starter
 
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Re: signed the papers on refinancing

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luvtolean : I would love to refinance my truck, if for no other reason than to quit sending my coin to the pricks at my current loan company. *

How did you do this Figment?
Well, if your credit is good and you owe equal-to or less than retail value on the vehicle, as a rule refinance is OK for most banks. (Most banks wont pay off a car for more than it's worth...) If you meet this criteria, any bank should want your business. I was lucky to have a car that holds its value and paid enough of the ballance off in one year to do it so early. Most people need 2 years to get out from under (from being upside down) on the original loan.

Also if your car does not hold its value, you DONT want to extend the maturity of the loan.
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post #10 of 19 Old 05-28-2003, 3:18 PM
 
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Re: signed the papers on refinancing

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figment : Quote (luvtolean @ May 28 2003, 10:56am)I would love to refinance my truck, if for no other reason than to quit sending my coin to the pricks at my current loan company. *

How did you do this Figment?
Well, if your credit is good and you owe equal-to or less than retail value on the vehicle, as a rule refinance is OK for most banks. (Most banks wont pay off a car for more than it's worth...) If you meet this criteria, any bank should want your business. I was lucky to have a car that holds its value and paid enough of the ballance off in one year to do it so early. Most people need 2 years to get out from under (from being upside down) on the original loan.

Also if your car does not hold its value, you DONT want to extend the maturity of the loan.
Cool, thanks Figment.



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post #11 of 19 Old 05-28-2003, 3:33 PM Thread Starter
 
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Re: signed the papers on refinancing

call the bank that holds the note and ask for a ten day payoff. Also ask for the per diem. Then find out if the pay-off is more than the retail value. (bluebook) If so, you can STILL refinance if you want to make up the difference in the value by paying the difference on the new loan up front.
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post #12 of 19 Old 05-28-2003, 3:52 PM
 
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Re: signed the papers on refinancing

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figment : There was a lot of other onerous stuff in the agreement as well. Banks have us over a barrel and you really need a lawyer to decipher most of the jargon.
Dude, you are not kidding. I once got SCREWED on the Part 78 or 'Rule 78' clause common to contracts (at least on CA). Basically.. you are on the hook for all the interest no matter how or when you pay it off. It's 'front loaded'. Damn Bank of America and fook me for signing it.

Lesson learned. At least it was (crap.. 12 years ago!&#33 on a cheap car!

- DH

PS. That's funny man. I refinanced a house.. you refi'd a car!! Ouch.. that must be one hell of a car payment to save $300 per month! - then again I should talk the wife's car is $650 a month
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post #13 of 19 Old 05-28-2003, 3:53 PM
 
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Re: signed the papers on refinancing

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nedro : Ya but what if the improvements are removing the engine and trans, taking off the wheels and brakes, putting it up on blocks in front of your house? you know, for art. So when they pick it up...Do they get the blocks???
too funny!
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post #14 of 19 Old 05-28-2003, 3:55 PM
 
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Re: signed the papers on refinancing

BTW... what sort of rate did you get? *The car we have a note on is at 6.8% and the bike is 6.9% (but not much is owed). *Maybe we should do that!

To be honest.. never thought about it!!!! Duh..

- DH



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post #15 of 19 Old 05-28-2003, 3:57 PM Thread Starter
 
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Re: signed the papers on refinancing

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Holeshot : PS. That's funny man. *I refinanced a house.. you refi'd a car!! *Ouch.. that must be one hell of a car payment to save $300 per month! * - then again I should talk the wife's car is $650 a month
I did both the house and the car on the same day. Saving $100 /month on the house and paying it off ten years earlier (15yr refinance)
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