I disputed some items on CR w/ Experian and found that my current car (bought in August 2001) says my "original amount is 22, XXX, but my balance is 19,XXX!!!!

I am trying to figure out what is possibly going on here. Did someone add something to it? Can anyone give me leads, input, suggestions on how to handle? Something, anything.

Not enough information provided!!!!!!

Original lender?
Original monthly payment?
Original term?

Did you call your lender to request a payoff quote, and if so what is that number in relation to the reported amount?

I haven't called the lender. The amount showed up on my credit report w/Experian. I recently disputed some items and saw it on there.

STill NEED INFORMATION.

Original lender?
Original amount of monthly payment?
Original term of the loan?

did you get my email? I just called and got a recorded pay off quote that's higher 20, XXX ( I am going to pass out!)

Extremely busy on this end!

Please be patient, I will get back.

I am in my office.

Can you please tell me what your APR was on the contract, Yes I got your PM.

I don't have it here with me, but it was between 15-17% (had marks on credit). If youneed the exact APR, I will bring in on Monday. I also traded in my 97 Dodge Neon (owed about 3840 on it at time of trade, which they were going to pay off.

Sometimes a loan will be listed with all the interest.

For example:

A car purchase for 20K - may list on your credit report as 25K because it is including all the interest you would pay over the loan.

Maybe that's what is going on.

ok, I think it is reporting accurately. based on your information provided if you term is 72 months and payment of 505, and your apr is 15-17%, then your actual loan amount was approximately somewhere around the $22,000.00 mark. As far as the $19,000.00 figure that is likely the NET declining loan balance as of the date it is reported.

It appears to be reporting correctly as far as the amounts are concerned if that is your question.

[b]That is my question because it just seems that it is high balance. Eventually, I'd like to trade this car off and it seems that I will have to keep it another year or two before doing so.[b]

I have one other question for you. I read a article that I found here thru a link about the "confessions of car salesman". While it was quite informative, It seems (based on some of his comments) that a good way to purchase a car at/or below invoice is thru the internet. Is that true?


Thank you for your help.

While I am not MarvBear, and have only limited experience (sold cars for CarMax),I can tell you as a consumer, armed with the correct information I have been able to purchase vehicles at or below invoice without using the internet. What the internet did for me was speed up the negotiating process of those dealers willing meet my price.

(Right now, looking at maybe getting a Honda, but have trouble finding invoice pricing on those.)

i TOTALLY agree with sbc64.

Depends on market conditions how close you can come to invoice.

I read the link pertaining to "confessions".

It appears to me that the article was decidedly lopsided and did not present an accurate picture of the car business in general.

I would think that article was decidedly biased and NOT generally representative of the business.

However, everyone is entitled to their own opinions and feelings, so I read it with a grain of salt.

JMHO

One other "trick" banks like to do is add "Force Placed" insurance cost to your loan. If for some reason, you cancel your policy, they have the right (if you signed the terms) to FORCE insurance on the vehicle. They tack on a monthly fee to insure the car.

I had this happen to me. Although I was insured the entire time, I switched from American Family to State Farm. The bank never had a record of new insurance and started adding something like $300 amonth in their insurance charges. It took MONTHS to get cleared up and it is nothing more than a big scam.

Although the bank needs to protect its interest in the loan, the rates are nothing more than criminal. Just a thought on why the balance is not decreasing.

Also, if the dealer promised to pay the $3840 in negative equity you carried over, trust me, you paid it, not the dealer. They simply tack on the amount to the new loan.

To be almost $4k in the hole to start is a lot to swallow because you are also paying interest on that amount for a car you dont even own anymore. Add to that the tax and depreciation on a new car, and you are well on your way to being $10k under and never getting out of the cycle.

Although it stinks, I was about $3k under with my car. I am simply holding on to it so I can at least break even when I dump it. I am almost there.

My advice, every body loves a new car and says they will run it till the rims fall off. Nobody does anymore. Hold on to yours until you at least break even.

Thank you and a special :thumbsup: to Marvbear for your help.

{{sbc64}} In know ing what the consumer expects the dealer to bring to the table (vehicle below or at invoice), what is that I would need to bring to the table to pull it off?[/b]

[quote]Also, if the dealer promised to pay the $3840 in negative equity you carried over, trust me, you paid it, not the dealer. They simply tack on the amount to the new loan.

I can't say this didn't run thru my mind. A thousand times!

My advice, every body loves a new car and says they will run it till the rims fall off. Nobody does anymore. Hold on to yours until you at least break even.
LOL! I did say that about this car. To be honest, I've been thinking exactly what you stated. I wanted to get a SUV eventually because my boys are getting bigger (14, 12, 8), but I will probably hold still. It appears that it would hurt me to try and get from under this car anytime soon. Thanks again.

For the first time DH and I have done this. We both drive 96 Fords. Both have been paid off for some time. I swear right about 100k mi they start falling apart.


Though I never thought I NEEDED a Lexus or Acura, or even MB. I think next time I will buy a car that has rims that DONT fall off at 100k mi. Im a realtor and my broker has been driving her Lexus for 9.5 years now. And it runs perfect. She has only had minor repairs.

Sorry, think I got off topic. But really annoyed with what Ive paid to Ford recently with repairs. And having to go to the dealer more then once for the SAME repair! *Ill stop before I really start ranting.*