Car Refinance?
I applied and approved for a car refinance loan with Wells Fargo. My question is, I owe $26,000 for my car but the blue book value is only $17,500. Will I have to pay the difference between what I owe and what the car if valued at? I can’t call Wells Fargo’s customer service because their offices are closed.
Posts Related to Car Refinance?
Can i cancel a car refinance loan i made three days ago through Wells Fargo in California?
nikkisix_26 asked: I refinanced my car loan through wells fargo and i don't like the interest rate that they gave me so i want to cancel the loan, want to keep my ...
Is it possible to refinance a car loan with one’s current auto loan bank or institution?
lightning_strikes asked: I currently have an auto loan with Bank of America. I am paying 9.7% APR. I'm considering refinancing just to get my interest rate lower. In fall 05, I started ...
Used Car Loans – a Luxury you Can Afford
Alex Jonnes asked: You dream of owning a car but find impossible to purchase it. If that is the state you find yourself in then used car loans can help you own ...
Bad Credit Car Loan
Now it hardly matters if you have a good or bad credit rating when looking for a car loan. There are a number of facilitators who make car loans available to the ...
antique kodak cameras said on March 31, 2009
chronicbadbreath.info
They should pay off the loan with your original lienholder and then you’d owe Wells Fargo that amount.
Discount Boutique said on March 31, 2009
Total Debt Relief
Usually, the bank will not lend that big of an advance on a car. They typically want to stay at 100% of the car’s value. If you have gold balls credit, they will extend an over-advance. Most overadvances are in teh 110% range, some go as high as 125%. You are looking for a 148% advance. That is a very hard loan to get.
Right now, banks are very tight on their loans. As you know, people are foreclosing and defaulting like never before. So, they are more conservative in their lending.
I would expect them to come back and tell you they would loan about $20,000 tops on this car. Then the otehr $6000 is on you to pay some way. If you cannot pay the $6k, then they will not be able to refi the car.
Don't file Bankrupcy said on April 3, 2009
Don’t file Bankrupcy
If Wells Fargo approved your refinance already, then your balance with them will be the amount of your other loan. The take over the entire loan, not just what the car is worth. Your rate probably wasn’t best with that high of an LTV (loan to value), but it’s a moot point since you’ve already gotten the refinance. If you are happy with the terms of the deal (months and interest rate), then no worries. You shouldn’t have to pay any $ up front.