My damaged car (accident)

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Chevy57 said:
Yes, saw your normal registration plates on your new car. Ok. Your bank Loaner hold your auto title till paying off or keep it?
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The car is on bank secruity, I own that car, I am repaying the loan back to the bank over the 5 year period.
 
It's not the kind of cars I like, but it still looks nice both interior and exterior. Like the color too! And of course it's a new car to you! :D

Drive safely :cool2:
 
JClarke said:
The car is on bank secruity, I own that car, I am repaying the loan back to the bank over the 5 year period.
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I believe the proper term is "lien holder". The title of the car is on your hands but the bank credential is listed as lien holder in the title. upon completion of loan payback, they will give you paperwork stating that the car is now under your full ownership and sign the title.
 
Jiro said:
I believe the proper term is "lien holder". The title of the car is on your hands but the bank credential is listed as lien holder in the title. upon completion of loan payback, they will give you paperwork stating that the car is now under your full ownership and sign the title.
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Jiro is right, unless Austria is different? :dunno:
 
Jiro's correct, bank owns the car but I own it as well to drive it other than that, i pay the loan amount over the 5 year period.
 
JClarke said:
Jiro's correct, bank owns the car but I own it as well to drive it other than that, i pay the loan amount over the 5 year period.
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Peronsally for me, I would not want car payments for 5 years, it is too long, my lease is 3 years but I will be paying it off probably about 6 months early or earlier, I am so sick of car payments already and want to get it over with! Thankfully I only have 25 car payments left so I am halfway done!
 
WizardOfOz said:
Peronsally for me, I would not want car payments for 5 years, it is too long, my lease is 3 years but I will be paying it off probably about 6 months early or earlier, I am so sick of car payments already and want to get it over with! Thankfully I only have 25 car payments left so I am halfway done!
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lease and car payment are different. lease - you do not own the car anyway in the end and it's considered a waste of money for people with limited budget. Lease is usually for short term purpose or well-off people who like to change car every short while. 5 years are a typical duration for most car payments and it's good. All you gotta do is negotiate with dealership for low interest rate and you're good to go.
 
Jiro said:
lease and car payment are different. lease - you do not own the car anyway in the end and it's considered a waste of money for people with limited budget. Lease is usually for short term purpose or well-off people who like to change car every short while. 5 years are a typical duration for most car payments and it's good. All you gotta do is negotiate with dealership for low interest rate and you're good to go.
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*nods* I dont mind 5 years, and other than that I dont have to worry about missing a payment! It is automatically debited from my pay on every payday
 
Jiro said:
lease and car payment are different. lease - you do not own the car anyway in the end and it's considered a waste of money for people with limited budget. Lease is usually for short term purpose or well-off people who like to change car every short while. 5 years are a typical duration for most car payments and it's good. All you gotta do is negotiate with dealership for low interest rate and you're good to go.
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Ohh, I will be owning the car at the end so it is called a lease anyway?
 
WizardOfOz said:
Ohh, I will be owning the car at the end so it is called a lease anyway?
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at the end of lease, you are given an option to buy the car or not. Lease costs more than 5-years car payments though
 
JClarke said:
*nods* I dont mind 5 years, and other than that I dont have to worry about missing a payment! It is automatically debited from my pay on every payday
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Weird, mine doesn't have that, I always pay cash which I do not mind
 
WizardOfOz said:
No, walk in at the dealership and I keep all my reciepts in a drawer each time I make car payments
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ah whew :)

why not pay by check? cheaper if pay by cash?
 
Jiro said:
ah whew :)

why not pay by check? cheaper if pay by cash?
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I hate writing checks and I have not wrote a check in years and it takes forever to clear so I just pay them in cash, more quicker than waiting for the check to clear
 
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