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  #16  
Old 06-20-2010, 05:26 PM
ranger5572 ranger5572 is offline
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Join Date: Jun 2010
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Default Re: paying off ranger!

There is absolutely nothing wrong with financing a vehicle, unless you make $7/hr and finance a $450,000 Audi R8...seriously though, a vehicle payment really is a good debt to have. So is a mortgage if you're responsible about the loans you enter into. To be completely honest with you, that credit card debt is the bad debt. If you can pay one or the other, and you're worried about having paid way more for something after the loan is carried out to full term,take a look at your credit card debt. Figure out how long it would take you to pay that off, never using it again, paying only a little more than the minimum. Not to mention how much it would cost you in interest. Pay the credit card debt off, use the remainder of the $10,000 or so you've fallen into and take that to a new bank and re-fi using that money as a down payment on a new loan, shorter, and with a lower rate. Your credit card debt needs to go first. Almost any article on msn money or whatever that talks about saving for the future, planning retirement, getting spending under control mention paying off credit cards first.

I don't know why I'm so into this thread, dude. Prolly cause I feel good about my financial state and intel, and that I despise those check cashing, payday advance loan places that rip naive people off every day. Part of the reason for this bad economy now is Americans lack of financial sense. Also, it could be cause I like to help people out. I'd really hate to hear you paid the truck off while leaving that credit card debt hanging over your head like a '89 Ranger hangin from a 8mm plug wire. Ask somebody you trust and who is knowledgeable about money situations their advice before making a final decision. This is my last post on this thread. It's about to cost me my marriage....jk not even married.
Later
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  #17  
Old 06-20-2010, 07:57 PM
Ranger01 Ranger01 is offline
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Join Date: Nov 2009
Posts: 2,402
Default Re: paying off ranger!

Quote:
Originally Posted by Ranger Sport View Post
When banks do that, it's called a write-off. It leaves a R9 in your credit file. But there's no way you'll get away with a 25% settlement on a vehicle, the bank prefers taking you to court and writing the vehicle off as a loss, so they can put it against the billions of profits they make per quarter and in turn, pay less taxes to the gov.

Well in canada at least.


But no way can you get 10k of interest over 6 years in a bank for a ranger loan.
The bank does not like taking you to court. That is the last thing they want to do. Cost waaaaayyyyy too much money. Out of the 1000 repo orders i have seen only 3 went to court for a replevin warrant. One was a guy named willie nelson haha and it was a 2006 jag and a 2006 jeep cherokee srt8. The cars sell for hardly nothing at the auction so that is why they would rather work something out with you.
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  #18  
Old 06-21-2010, 08:11 AM
Ranger Sport Ranger Sport is offline
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Default Re: paying off ranger!

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Originally Posted by Ranger01 View Post
The bank does not like taking you to court. That is the last thing they want to do. Cost waaaaayyyyy too much money. Out of the 1000 repo orders i have seen only 3 went to court for a replevin warrant. One was a guy named willie nelson haha and it was a 2006 jag and a 2006 jeep cherokee srt8. The cars sell for hardly nothing at the auction so that is why they would rather work something out with you.
Well i don't know about small local banks, but i can tell you about the larger ones. They have dedicated lawyers that are paid to go to court, show the list of contracts that were not completed, and then they get their judgement. It's not a long process, a few minutes and you're done.

If anything, banks love to take you to court (well technically you won't show up in court, since it's an automatic judgement), because in the end, they don't lose, they save money on trying to collect you.

It's pointless to threaten a bank.
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  #19  
Old 06-21-2010, 02:57 PM
jaywmu08 jaywmu08 is offline
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Join Date: Apr 2010
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Default Re: paying off ranger!

These last few replies are making me sound like a deadbeat who doesn't pay his bills I've never missed a payment, and always paided 30$ extra every month, come to find out that money wasn't going towards principal, they were just hanging on to it But that is another question for the bank when i call them tomorrow. Maybe they will send me a check then a can buy something nice for my truck.
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  #20  
Old 06-22-2010, 04:11 PM
klhnsn klhnsn is offline
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Join Date: Jun 2010
Posts: 54
Default Re: paying off ranger!

I paid $3005 cash for my 2009
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