Andrew- Truck Loan

Discussion in 'Credit Talk' started by CASPER72, Jul 25, 2001.

  1. CASPER72

    CASPER72 Well-Known Member

    Andrew-Truck Loan


    I dont know how exactly I got the loan except for the fact that I am paying an out of sight interest rate. I think it is like between 21 and 24 percent. I know I know but at the time I really needed a vehicle and knew that my credit was not that good. But I have been paying on it for a year and a half now.

    I would love a lower interest rate but dont think I can get one without doing some repair work first. I dont even think my credit union would touch me with my credit. They would not even give me a $3000 dollar loan without a co-signer. I dont think that they would touch a $9000 loan.


    P.S. It is through Fairlane Credit a subsidiary of Ford
  2. Hope

    Hope Well-Known Member

    Re: Andrew-Truck Loan

    Maybe they would Casper, after all, the truck itself is collateral and it HAS been over a year.
  3. cwbw

    cwbw New Member

    Re: Andrew-Truck Loan

    If you are able to get it refinanced it will be a miracle!
    I too have a loan with fairlane and my interest is 19.95%, i went looking to trade the car in and we could not do it because we were upside down 5.000 i was totally shocked!! we have never missed a payment and have been paying extra everymonth to try and pay it off quicker.
    come home started checking my receipts
    watch this one:
    Sept balance 11600.84
    Paid ............ - 450.00
    ................................ 218.32 in interest
    October balance 11369.16
    paid .............. 450.00
    ...................................173.99 interest
    November balance 11093.15
    Paid .11/21............-.409.00
    .....................................271.48 interest
    PAYOFF AMOUNT DEC 1 10,955.63

    how in the he$$ are u gonna tell me i made a 409 payment and my payoff amount is only 137.52 less that what my balance was before i made the 409 payment????

    you tell me who is getting screwed!!!, i found my original contracts and it has a set interest fee to be paid on the loan, yet it is fluxuating every month

    I thought i was doing good by paying more each month to get it paid off faster, NOT!!
    my sister told me that some loans especially thru special financing companies charge you extra for paying your loan off early because it causes them to loose money.

    what i really want to know is how is my interest going up and down so much if it is spelled in the contract that am only suposed to pay 9216.95 in interst charges????

    didnt mean to unleash on ya but daggg im trying to figure this one out.
    to know that i hve been paying extra every month to avoid being upside down and i am upside down 5.000!!!

    when you go to have a car refinaced they look at the NADA retail book to see what the car can resell for and then check it against what you owe if you are upside down like i am you will have to pay the difference before they will issue you a refinace loan.
    so needless to say we didnt get refinanced becase we dont have the 5.000 to make up the difference.
    have a dealer check the nada book for ya or see if you can find it online to compare what your car is worth, compared to how much you still owe, see if you are in the same boat as i am in... the screwed by fairlane luxury 7 year tour.

    oh psss. check out their website they say on there that if you make payments good for 24 months that they will drop your interest rate to 15% for the remainder of the loan -- see if you quailify for that one.??? i asked them they said i would receive somthing in the mail... still waiting....... my 24 months was up in october....
  4. tnobles

    tnobles Well-Known Member

    Re: Andrew-Truck Loan

    I have to disagree w/this part, they don't look at resale, they look at the wholesale, which would be loan value. Resale, is 'suggested' but the loan amount is based on wholesale value

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