Outstanding Auto Loan Wells Fargo?

I have a loan with Wells Fargo Dealer Services.

I bought my Honda CRV 2006 in November 2007 off of a car lot for $18,000 with no down payment.

I am not the best at budgeting my money but I have been a lot more interested in it these days so I was doing some math the other day and it really has gotten me concerned.

I don't know where my documentation is but I will look for it but just from what I remember;

I started paying my auto loan a few months after I drove it off the lot. That was when the payments kicked in. So I would say I have been paying $450 per month (i know my payment is high but I had no down payment) since the beginning of 2008. Its been 4.5 years...so I calculated that I have paid $5,400 per year and a total of $24,300. That is $6,300 more than what I drove it off the lot for. I still owe about $7,500 still so basically if I do not consider the amount of interest I will still be paying I am paying $13,800 more than what my car was originally worth in 2007 and it is not even worth that remainder now in 2012. I Kelly Blue Booked it and the highest it sells for now is around 12K. I will be paying more than $30,000 for my Honda CRV that is worth less than half of that amount...and $10,000 more than the original loan amount.

I tried to take it to a used dealership to see what they would pay me for it and they will barely cover the loan that I have left...approximately $7,100 so I would owe a few hundred but not even have a car. I feel so taken advantage of and naive about getting a car off a dealership lot with no money down on top of that. Its almost as if I have only been renting my car for the last 4.5 years. I was wondering if their is anything I can do. In my eyes the car should belong to me. I've already paid $27,000 toward my loan and its not even worth that and still owing more money for it just stresses me out in the my current financial situation. I've been late quite a few times so I now that that has also cost me more money but the monthly payments are so high and almost every month its a bit of a struggle unless things are going well.

I love my car but I wish I just made a better decision about it in the beginning. I have asked over the phone to refinance and I am constantly given a no answer. Any advise is helpful.

8 Answers

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  • Rob R
    Lv 7
    9 years ago
    Favorite Answer

    What?? WTF are you talking about?? You didn't "make a bad decision"...it's called interest. Jesus. That's how interest works. The only way to avoid it is to pay cash for the vehicle, and you didn't even have a down payment!! Jesus. How the FU(K did you think it was going to go??

    It's called interest. It's completely normal. Damn.

    You ranted for no reason. That's life. Get a clue or you are in for a sh!t load of disappointment in your life if you cannot understand a simple car loan.

    AND, refinancing is adding fuel to the fire. You pay interest on top of interest.

    You are a complete idiot. You were not "take advantage of" in any way, shape or form. This is how it works. Get a clue.

  • Anonymous
    7 years ago

    Almost sure that you will find every financial answer at: financial-care.info-

    RE Outstanding Auto Loan Wells Fargo?

    I have a loan with Wells Fargo Dealer Services.

    I bought my Honda CRV 2006 in November 2007 off of a car lot for $18,000 with no down payment.

    I am not the best at budgeting my money but I have been a lot more interested in it these days so I was doing some math the other day and it really has gotten me concerned.

    I don't know where my documentation is but I will look for it but just from what I remember;

    I started paying my auto loan a few months after I drove it off the lot. That was when the payments kicked in. So I would say I have been paying $450 per month (i know my payment is high but I had no down payment) since the beginning of 2008. Its been 4.5 years...so I calculated that I have paid $5,400 per year and a total of $24,300. That is $6,300 more than what I drove it off the lot for. I still owe about $7,500 still so basically if I do not consider the amount of interest I will still be paying I am paying $13,800 more than what my car was originally worth in 2007 and it is not even worth that remainder now in 2012. I Kelly Blue Booked it and the highest it sells for now is around 12K. I will be paying more than $30,000 for my Honda CRV that is worth less than half of that amount...and $10,000 more than the original loan amount.

    I tried to take it to a used dealership to see what they would pay me for it and they will barely cover the loan that I have left...approximately $7,100 so I would owe a few hundred but not even have a car. I feel so taken advantage of and naive about getting a car off a dealership lot with no money down on top of that. Its almost as if I have only been renting my car for the last 4.5 years. I was wondering if their is anything I can do. In my eyes the car should belong to me. I've already paid $27,000 toward my loan and its not even worth that and still owing more money for it just stresses me out in the my current financial situation. I've been late quite a few times so I now that that has also cost me more money but the monthly payments are so high and almost every month its a bit of a struggle unless things are going well.

    I love my car but I wish I just made a better decision about it in the beginning. I have asked over the phone to refinance and I am constantly given a no answer. Any advise is helpful.

  • 5 years ago

    1

    Source(s): Bad Credit Auto Loans - http://carloan.trustdd.com/?BHeX
  • 4 years ago

    Wells Fargo Dealer Services Payoff

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  • Brent
    Lv 7
    9 years ago

    Lemme guess...you had filthy pathetic credit back in the hey day of easy credit and you didn't weigh the pros and cons of a long-term loan with garbage interest rates? Yeah, now you see why that bout of myopia has bitten you pretty badly. Considering your admitted issues with budgeting, this would not surprise me.

    Of course, you are going to get ROFL'd at when you ask to refi. You owe like 3x what that CRV is worth on your loan. You need money down to cover that before anyone will even listen.

    Why be stressed? Enjoy your decision.

    If you want that vehicle to be yours, well, it's obvious. Pay off the loan as you agreed to when you signed that contract. This is not rocket science. In all of our eyes, that is when that CR-V will belong to you.

    So...what did you really want to know? You've not really asked anything here that calls for a legal solution that isn't obvious.

  • 9 years ago

    That is how car loans work! You pay principal and interest. If you had a fairly high interest rate (which you likely would have since you made no down payment), you would pay a lot more for your car than what it is listed for on the lot. I hope you negotiated the price down from the sticker before you even agreed to pay that!

    I only buy a car when I can pay for it in cash and after I have negotiated a lower price than what is on the sticker.

    Source(s): common sense and life experience!
  • 4 years ago

    2

  • Anonymous
    5 years ago

    Some more information required

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