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BMW 3-Series (E90 E92) Forum > BMW E90/E92/E93 3-series General Forums > New & Preowned BMW Ordering / Pricing / Tracking Information Forum (including European Delivery) > Financing a used 330i, w/ 2 auto loan, good credit, need advisory.



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      05-17-2006, 06:22 PM   #1
Eiso
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Financing a used 330i, w/ 2 auto loan, good credit, need advisory.

First, forgive my poor English, its not my 1st lang but i will try to make sense to u guys so it wont be hassle for you guys to read and help.

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cliffnotes: 20yrs old, w/2 auto loan, gonna get rid of both car, and get a used 330i, what should be done first?
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I'm 20, w/ 2 auto loans from Toyota Financial Services, bought 2 cars, one for me, one for gf. Thinking about selling my car and stop paying for gf's car since we are breaking up. Looking into getting a used 330i w/ 39k fully loaded. Selling my car should be able to get back 4-5k after paying off my car.

Both account in good standing no late payment, My car has been financed for 13 months now. My gf car has been financed for 8 months now.

Should I try to sell my car first, and wait for my gf to refinance her car on her own, then try to get a loan for the 330i? I afraid that car will be gone by then.

Thanks first for any help/advice!
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      05-17-2006, 06:30 PM   #2
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Hey Eiso...sorry to hear about you and your girlfriend breaking up. I'd suggest taking care of that first, though, definitely. I wouldn't go deeper into debt without first taking care of the situation with your girl. My one friend did this once...he co-signed the loan for his girlfriend, but then they broke up and what a time he had trying to get his name off the loan. Get her refinanced, first!

If the car is gone after you get this all straightened out, then so be it. I'd just as soon wait for something else to come along rather than take another dive with so much going on at once. Good luck!
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      05-17-2006, 06:41 PM   #3
Eiso
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Yea, i thought so i thought so! Taking care of everything first before going deeper into debt. What is this young 20 yrs old thinking?!

My concern would be my credit, does it hurt my credit if i'm paying off my car sooner in just after a year and hers after 8 months (since my name will be off the loan due to her refinancial would pay off my loan (since i borrow the loan for her car)?
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      05-17-2006, 06:53 PM   #4
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Quote:
Originally Posted by Eiso
Yea, i thought so i thought so! Taking care of everything first before going deeper into debt. What is this young 20 yrs old thinking?!

My concern would be my credit, does it hurt my credit if i'm paying off my car sooner in just after a year and hers after 8 months (since my name will be off the loan due to her refinancial would pay off my loan (since i borrow the loan for her car)?
Ha ha ha!!!

You don't have to tell me, I know how hard it is to control spending! I still owe quite a bit on my car, and I still spend money like water on nonsense, when I could be putting it toward my car instead!

I'm not exactly sure I know what you're talking about in the second paragraph...your credit would only be hurt if you default on a payment. But if you're a few months ahead, or plan on paying everything off very soon, ahead of the scheduled payments, then that's even better yet.

Are you saying you're expecting to get your money back you originally used to pay for your gf's car?
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      05-17-2006, 07:49 PM   #5
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oh no of course i do not expect to get back the money I spent on her car. Nope! Ok, so that ease my mind. Some friends told me if you pay off your loan too soon, or not yet a year, it would hurt your score. But I do not feel it making any sense.

ok great...so i'm going to post my car for sale, and ask my gf to refinance her car. Thanks a bunch!
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      05-17-2006, 08:19 PM   #6
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Cool, I'm glad I could help...I think that's the smartest route, anyway.

You'll have to look at your loan agreement you signed about paying off a car early. It looks like you're in Hong Kong...or US, and lending laws may be different in different countries, but I'm pretty sure paying off a loan early wouldn't hurt your credit score.


Having said that, some loan agreements here in the US will make you pay a penalty if you pay off the loan early (because I suppose some lenders feel they're being cheated out of agreed-upon interest)...but most reputable lenders won't penalize you for paying off a loan early. And I highly doubt it would hurt your score.
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      05-17-2006, 08:37 PM   #7
Eiso
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yea...in hong kong its different! Once you borrowed a loan, you OUGHT to pay all 5 years interests no matter how early you pay it off. But I asked Toyota Financial Services (TFS), they told me you pay interest over the period of time you borrowed the money. I guess TFS would not penalize me for paying off early.
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      05-17-2006, 09:08 PM   #8
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Quote:
Originally Posted by Eiso
yea...in hong kong its different! Once you borrowed a loan, you OUGHT to pay all 5 years interests no matter how early you pay it off. But I asked Toyota Financial Services (TFS), they told me you pay interest over the period of time you borrowed the money. I guess TFS would not penalize me for paying off early.
I hear you, I think if Honda did not do that to me 5+ years ago, Toyota shouldnt do that to you.... I would find out for sure though...
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      05-18-2006, 06:45 AM   #9
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You should take care of the gf first. That is something not exactly in your control. Once that is done, you can do what you want.

Too bad you have to apologize for English not being your first language. Are American's that bad? I suppose so.
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