I don't know if they are available in your area, but try JD Byrider or DriveTime.

www.jdbyrider.com

www.drivetime.com

You probably won't find a bank to loan you money for an auction car because there usually isn't any equity in the car.

However, you can try Capital One.

www.capitalone.com

Or, try www.lendingtree.com for a personal loan...banks compete for your business.

Pay cash,good $700 cars around. With fuel going over $5. a gal this summer,do you really want,payment,insurance then fuel.

If you have a good job , you can ask for a loan at your credit union or Prosper. People may help you. More information at http://www.acreditlibrary.com/prosper.html and http://luccu.org

for the capitalone pre-approved loan it works like this

1) you apply for the loan for a certain amount (which is for more money that you actually need), for example $25,000
2) once you get approved you will get a check in the mail that you can use at the dealer
3) you negotiate for the price of the car, and you write that amount on the check, say $21,000.

whatever you right on the check becomes your loan amount, and you pay it off based on the interest rate and loan length that you were pre-approved for.

Once you have negotiated the price, you might want to ask the dealer what kind of financing deals they have. When I bought my car I had a capitalone preapproved loan, but I ended up not using it, because the dealer was able to beat the interest rate by 1%, with the same terms

The bank won't hand you money because they don't have the security of their name on the title yet. The bank will authorize you up to a certain amount. The dealer will deal with them for the financing. The bank will want to know what you are thinking about - like used car, new car, brand, etc.

Warning. Don't tell the dealer you have financing. They count on the kickback from the bank they like to use. They are willing to take less for a car if they think they are getting someting back you don't know about. Sometimes it not a monetary kickback but they get a lower rate on the loans they use to buy the cars for the showroom and the lot if they give a certain amount of business to the bank.

You will probably owe tax on the forgiven debt... So just as an FYI, plan on owing the IRS $1500 at the end of the year.

You are already behind on the payment, so paying in settlement probably will not hurt your credit anymore.

You have a repo... your credit will be bad for a few years.

If I were in your shoes, I would jump at the chance to pay the $2800.00 and put this behind me and move on with my life.

Make sure you get any agreement in writing.

tough question . it will look better to have a loan paid off than not paid off / still in collection. the issue is they could be fishing to see if you have access to that large of a sum so they know whether to pursue litigation and spend money on atty and filing fees/ process serving etc. Collectors are like detectives in figuring out what your assets are so they know how much they can get legally if it goes to court. I think that the rate they are offering sounds kind of low ... which makes me suspicious.

I used to have a job years ago in a bank as a credit investigator but would have lunch with the coworkers that worked in collections / skip tracing. Was an interesting job / but it didn't pay well . Banks are pretty cheap on the salary.

All things considered, I think that I would try it out and offer to pay the money by end of month on the chance that it will work out.
i would negotiate a release that the loan will be paid in full and reported that it was paid off in full on your credit report. they should sign something to remove any record of reposession from your credit report in exchange for the money. that would help your report greatly. the money should be delivered by someone other than you and your husband and they should understand that you expect a paid in full / satisfaction of debt release paper prepared. it would be great if they also include language / agree to remove any record of reposession. the reason you would not go in person is because you could be legally served there.

Good luck negotiating . If you can pursuede them to do this / you'll save lots of money on future financing. A repo is a pretty big ding on your report and will cost you higher interest rates in the future.

Greetings from an ex bill collector, The settlement offer, There is something the loan company isn't telling you. If you settle the debt for $2,800.00 the remainder will be reported as INCOME to the IRS and you get to pay taxes on it as income! Having said that, even with having to pay taxes on the remainder and I have no idea what tax bracket you and your husband are in... it is still cheaper to accept the settlement than to pay off the entire debt. You only have to pay the tax next April 15th... Additionally, DO NOT rely on whatever you are told by the contact at the loan company. GET IT IN WRITING!!! get everything FROM them concerning the debt and the settlement in WRITING and IF there is any small print, READ IT!!! if you don't understand any part of what they have WRITTEN, find someone who does understand it BEFORE you agree to or sign any document!!! It must CLEARLY state the ENTIRE agreement and leave no room for later additions. Basically you would be renegotiating the debt via a settlement contract and if it isn't WRITTEN in the contract "no matter what anyone from the loan company tells you" it is BS. GET IT IN WRITING!!!

The loan will be paid off as part of the overall contract. Simply put if you owe 6500.00 and its worth 7500.00 your loan will get paid off and will show on contract you had 1k in equity ...On the other side if payoff is 6500.0 and its worth 5500.00 then you will carry over the negative equity on your new loan , either way your current loan will be paid off by dealer.

Whether your wife has to pay off the balance she owed much likely depend on the market value of the present car.

Eg.

1. If market value for the 2005 Ford Escape is $4500, your wife has to pay off the difference she owed; meaning that she has to pay 6500 -4500 = 2000

2. If the market value is $7500 then the profit is 7500 - 6500 = 1000

If you would like to get some info on car just visit
http://car-info-guide.blogspot.com

I don't think that you will have any problems with the down payment. The dealers are offering a lot of zero down or zero % interest loans now. They may be also offering discounts instead of the low rate loans. Figure out which one would best benefit you. The get the loan from your bank, and take the discount if it is cheaper in the total cost and you can afford it. good luck.

You should have no problem getting this loan and should be offered a good interest rate. If not, then keep shopping elsewhere because it sounds like you're doing everything right.

Gatting a car loan is not the problem. You might get 20% or higher.
If your credit score is poor, as you might get a 4% to 7% loan if you have a good credit score.

I think you're in pretty good shape. Though most banks' first time buyer programs require at least one year on the job, putting 50% down should bend a rule or two. That's what you want to get into, first time buyer programs have good rates. Go talk to your bank, or credit union before you go shopping.

Why not get your credit history (free at www.annualcreditreport.com) and credit score (not free at www.myFICO.com) so that you can see what lenders will see when you apply for a loan.

IT LOOKS LIKE YOU TOOK OUT A HIGH INTEREST LOAN AND YOU ARE MAKING THE MINIMUM PAYMENT ON THE LOAN. THIS IS NOT GOOD. TRY TO GET A BETTER INTEREST RATE FROM ANOTHER BANK OR CREDIT UNION. PUT THE CAR UP AS COLLATORAL. TRY TO GET THE LOWEST INTEREST RATE OUT THERE. MAKE BIGGER PAYMENTS TO THE LOAN.

It's not stupid if you can't afford the payments! If this is the case, don't trade it in... Sell it privately for its full value. Use that money to purchase the used car, and put the rest towards your loan. You'll still have $19K to pay, but it's less than $28K.

Otherwise, just keep driving the Camry. They hold their value well, so drive it until your loan is around the same monetary value as the car value. Then sell it and pay off the loan... And start fresh!

The question is ...who has the title? Did you default on the loan so the co-signer took it over? If that is the case, I would say he has more rights to the car than you.

If your co-signor files chapter 7 and includes the car, then everything is on you.

You stay unaffected since the car is in your name and she's only a cosigner.