Finance Questions

Archive for February, 2009

Question: Auto Repossession?

I just can’t afford the payments of my 2006-Honda Civic. I’m 2 months behind and I am thinking in voluntary repossess the car.
I called American Honda Finance Corp. and they told me that when I decide, I have to call them to let them know that I want to do it, then they are going to contact the Dealer where I bought the car, and then I can go to sign some papers. Do that mean that they can take me to court to make me pay the negative equity? What would happen if I do it beside the bad credit history for 7 years?
My balance is 19,800

Any other suggestion???
Help!!!!!!!!!

Answer: A voluntary repossession is the same as a non-voluntary one. it will have the same ramifications as any other repo. The only difference is they are not sending the repo man to get the car.

They will sell the vehicle at auction. You will be responsible for any more money owed on the car.

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Question: selling car privately or by dealer? best option?

my bf has an ‘06 lexus IS that is practically brand new. he needs to sell this asap. how do we go about it? would it be profitable or just to break even to sell to a dealer or car max for example?

he is financing it… and ive gone through the other similar questions on this forum… so would it work to sell it to a dealer? even if it’s a couple thousands off- it’s ok although we would like to sell it for the payoff amt or more.

scenario-
payoff amt is $31000…. done some research on blue book value-
car is worth about $28-$31k… if i privately sell it, i could possibly make the $31k or more. but it would be time consuming and i wouldnt know where to start. has yahoo autos has any success?

thanks in advance. we are totally lost.

Answer: That is tough. Selling privately is hard because you gotta list ads and such. But try it anyway, list ads on Craigslist and in newspapers. Maybe you will get a buyer. But dealers will likely rip you for at least 3k off what you paid.

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Question: How long does it usually take for a personal loan to be approved?

My partner and I submitted the final documentation yesterday and the Finance Company was quite vague about how long it will take for them to find a lender and approve the loan. They have told us ‘up to ten days’ which sounds fairly long. Does anyone have previous experience with obtaining a personal loan and can shed some light on how long we can expect to wait. Ideally, we would like to have the money within a few days. We have clean credit history.

Answer: That is way, way too long. Most banks will give you a turn around in 2 days. My guess is that this company is playing games on the ’secondary market’. They may be shopping around for the lowest rate they can get, before they give you the loan. They make their money totally on the ’spread’ and if the rates are going to go down, and they can increase there spread, it benifits them to ‘put you on hold’ for a little bit. If you have bad credit, and the Finance Company is the only place you can go, then you’re kind of stuck. But if you can get your loan from a bank, you’re generally better of there – they don’t usually play these kind of games.

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Question: Does anyone know good, less expensive,& not too difficult university to study master in finance in australia?

Answer: The average cost of an Msc Finance ranges from AUD 14000 to AUD 18000 per year depending on the university. This is approximately Rs 5.5 lac per year in tuition cost. You will also need to factor in the living cost of AUD 12000 i.e. Approx Rs 4.4 lac.

Hence total cost for 2 years will be 20 lac. You will need toshow about 22 – 23 lac for the VISA.

In case you cannot spend this much. You can go in for a one year diploma at a college which will be much cheaper. In the second year you can transfer to a university to graduate with an Msc Finance.

All universities / colleges in Australia are bound by the “Australian Qualification Framework” which is a set of guidelines and practices to be followed by education providers. The quality / difficulty of studies will be nearly the same everywhere accross most universities.

Master Of Finance and Master of Financial Analysis