You will be put on a "cash" status and be unable to finance your insurance for two years.

Yes, you do, do not cancel your insurance until ok`d by your claims adjuster.

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I'm a little confused. i will be in the military and making pretty decent money, over the years of course the money will get better. i have no need to save for a home because the military has a more then generous housing allowance if you choose to stay off base, for those who stay on it is free along with other bills like electric and what not. i will not need a lot of money for food. maybe 100 dollars a month or so because i will be on the ship a lot and eating their food. i have no dependents and the only bill i have is a student loan bill that will not be paid by the military. i will be making about 1,150 a month after taxes. the only bill i have to pay is a student loan for 300 a month i plan on being at boot camp, tech school, and then 6 months after that still saving for my car to put a down payment on it. i have never had a newer car, only older ones that my parents helped me pick out. i would like to be able to spend about 8 to 9 thousand on a decent vehicle, 2004 or newer. i would need to have full coverage on the vehicle and i will hopefully be able to come up with a down payment of 2 or 3 thousand. given this information, how much should i be spending monthly on the car? (car payment and insurance) thank you!

Roughly $350/month. That would be doable if you spend $5-7K on the car loan. You should ideally spend less than 25% of your income on a vehicle, but since you're mortgage is essentially paid, you can afford a little more. Be sure to invest for your future retirement too - i realize the military pensions are sweet, but they ain't that sweet.

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Here is the situation: my car was stuck by a semi from the rear, and the truck driver's company who has their own insurance company, has given me a check for the car, claiming it to be totaled. this is where things get tricky, the company does not want my totaled car, stating the title will be delivered to the shop or person in possession of the vehicle, who happens to be me. now i have my car which has sever damage done in the rear driver side, and a check for the car in an amount to pay the entire loan off. the damage to the car can be fixed, and the car is drivable and also has a brand new engine. another twist to the story is that i am moving in a couple of months (mostly delayed by the fact that i have physical therapy to attend) and otherwise have cut off most of my ties to my current hometown, and in desperate need of a vehicle. the vehicle i planned on purchasing next is priced at $5,400 but the dealer said he would give me a better deal if i decided to pay cash instead of financing. my car loan is currently $7,493, and the check i am receiving for the car is $7,700. now this car was my first major purchase, and besides a credit card, a cell phone, i have nothing else in my name, and did not qualify to finance the motorcycle with the price at $5,400 without a co-signer. now i am only 20 yrs old, and have had my car for 2 whole years this july. would it be better for me to pay the loan off on the car, then try again to apply to be financed on the bike, or to take some of the payment for the car to buy the bike outright, use whats left towards the loan and continue making monthly payments of $230. in my eyes either way i will have a car note, and i am moving to hawaii (for school) so the car was never in my plans to begin with, and now i would have a payed for car that i was going to give to my dad (who owns the shop) to fix for my younger brother anyways. and i was going to ship my bike over because cost of bike + shipping is still cheaper than total cost of the bike in hawaii. and i don't know much about it, but would i in any way qualify to refinance the car, say if i did make a lump payment of $2,000 or $3,000 bringing the loan down to $5 or $4,000 would that help lower payments any? thanks in advance for any and all help!!

you have to 1-pay off the old car with that money and get rid of it or 2-use the money to get it fixed and keep paying teh loan. If you do not do one of these, you will be facing a nightmare with the loan company - they could call the loan due anytime if they find out the car is totalled. and if you spend that money on another car, you will be in major trouble. if you are moving to Hawaii in 2 months, and the car is drivable - pay off the loan - keep the car until you move and then sell it - to a junk yard if necessary - it will cost a fortune to move a car to Hawaii - DO NOT buy a new car before you move

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Hi, im 16 years old and i want to lease a brand new 2011 ford fiesta. i have a job and am making roughly $250 every two weeks. ive done research til i was blue in the face and finally came to a couple of realizations. i understand and have understood that i cannot finance my own vehicle and i cannot put the vehicle in my name. i also get that because of my age, im going to get slammed with a monthly insurance payment. im planning on putting $2000 down (which technically is $2,758 due to tax, title, and license charges). i was just wondering if im ready? ive also done research regarding proper buying "etiquette" and "techniques" in regards to dealing with those pesky car salesman. i calculated my monthly payment with all the options i wanted and it came to be $168 a month. am i covering everything i need to? am i getting in way over my head or do i seem level headed and ready to take on the responsibility of purchasing a new vehicle? and tips and advice would be very helpful and appreciated. also, im locked into the fiesta because i did research on it and found that its a very practical and reliable vehicle (and seeing as how im 16 i dont need a giant suv, i just need a good gas mileage vehicle) thanks so much!

Not to bust your bubble, but you won't be leasing at 16 years of age. You would have to be 18 or older to enter into any loan agreement. You allude to this in your question, but you need to know that the whole loan agreement will be in your parent's name. Also, leasing is for those with very good/excellent credit and an established history of vehicle loans. Now, when you turn 18, establish some credit, and feel you're ready to take on a car loan... keep in mind that most lenders want to see at least $1500/month in stable income, and a decent credit score. Your payment that you have calculated is assumed and estimated, keep that in mind. Please don't be surprised to find your payment much higher in the F&I office once you've worked out the rest. Only you and your parents can decide whether or not you're ready to take on a car payment. I "bought" my first car right when I turned 16, with my grandfather taking on the loan under his name. He made sure I made my payments to him to send to the bank every month. I worked 25-30 hours per week to keep that car. If you have the same maturity level, then good for you. That being said, don't be stuck on a new car. Finding one a few years old that saves you both upfront costs and insurance costs might be a better bet.

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1. why is it important to maintain a good credit history? a. because your family will inherit it, and it's important to plan for their future b. because anyone can access your credit history at any time to learn about you c. because a good credit history can generally help you negotiate for a lower finance rate d. consumer protection laws state it is your responsibility to maintain good credit 2. what might happen if you fail to make several payments on purchases that you made a year ago? a. the item(s) can be taken away from you, if the item(s) secured the credit obligation you took on when you bought the items b. negative information may be added to your credit report c. you could be denied credit in the future d. all of the above 3. how can you find what your credit history looks like? a. contact a credit-reporting agency b. ask a private investigator to find out all they can about you c. look yourself up on the internet d. check your family's credit history 4. which of the following is not something a creditor will look at before granting you credit? a. if you pay your bills on time b. where you live and your living arrangements c. how many credit obligations you have d. how much you owe on all your accounts 5. net income is also known as: a. taxable income b. alimony c. what's left after you pay your bills d. take-home pay 6. about how much of your monthly take-home pay should your car payment not exceed, after subtracting certain monthly expenses, like credit cards? a. 5% to 10% b. 10% to 15% c. 15% to 20% d. 20% to 25% 7. in addition to vehicle payment, what other vehicle expenses should be considered in your monthly budget? a. insurance b. maintenance c. gasoline d. all of the above 8. which of the following is a contract with a dealership to buy a vehicle on time by paying the purchase price plus an agreed upon finance charge over a certain period of time? a. gap protection b. aquisition fee c. installment sale d. residual price 9. what is one of the major differences between buying and leasing a vehicle if you choose to buy? a. the dealership is listed on the title as the vehicle owner b. you need to turn in your vehicle to the dealership after a certain length of time c. you will need to pay a security deposit, acquisition fee and other charges d. you are the owner of the vehicle and your name is listed on the title 10. monthly lease payments are usually lower than monthly finance payments when comparing leasing and financing for the same term because you are only paying for the vehicle's expected depreciation during the lease term, plus a rent charge, taxes and fees. a. true b. false 11. when you finance at the dealership, you are entering into an installment sales contract between you and the dealership. a. true b. false 12. when you lease a vehicle, you are responsible for excess wear and tear, damage and missing equipment. a. true b. false 13. which of the following items can you negotiate with your dealership? a. annual percentage rate b. length of contract c. price of the vehicle d. all of the above 14. which of the following can be used to lower your monthly payment? a. getting a higher apr b. choosing the shortest term available c. making a larger down payment d. none of the above 15. which of the following are additional items that can usually be added to the finance contract? a. optional credit life insurance b. option gap protection c. optional service contract d. all of the above 16. what is the purpose of purchasing optional disability insurance? a. covers the gap between the vehicle's value and what your insurance company provides in the event of total vehicle loss b. pays the balance of your contract in the event of your death c. makes your scheduled car payment in the event of sickness or disability d. protects owners against unexpected major auto repair expenses 17. what is the purpose of a service contract? a. adds additional time to the vehicle warranty b. protects owners against unexpected major covered auto repair expenses c. pays all of the vehicle repairs regardless of the circumstances d. all of the above 18. it is a normal business practice for the dealer to retain some portion of the finance charge as income for the dealership. a. true b. false 19.) a rebate is always better than a special finance rate. a. true b. false

1. c but it shows ur ablility to make payments and not default,,, it makes the banks feel safer about loaning u money... 2.d 3.a there are three major credit companies experian, trans union and one other 4. theyll look at all of them 5.a 6 depends on what ur comfortable with 7.d 8.c 9.b 10.a 11.b you and the financior 12.a 13.b and c cant negotiate apr its based on ur credit 14.c. 15.d 16.c 17.d but there are certain restrictions 18.a 19.b. 0% apr

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Automotive questions. please help me? id really apprecaite it. thanks in advance and have a great day. =) 1. why is it important to maintain a good credit history? a. because your family will inherit it, and it's important to plan for their future b. because anyone can access your credit history at any time to learn about you c. because a good credit history can generally help you negotiate for a lower finance rate d. consumer protection laws state it is your responsibility to maintain good credit 2. what might happen if you fail to make several payments on purchases that you made a year ago? a. the item(s) can be taken away from you, if the item(s) secured the credit obligation you took on when you bought the items b. negative information may be added to your credit report c. you could be denied credit in the future d. all of the above 3. how can you find what your credit history looks like? a. contact a credit-reporting agency b. ask a private investigator to find out all they can about you c. look yourself up on the internet d. check your family's credit history 4. which of the following is not something a creditor will look at before granting you credit? a. if you pay your bills on time b. where you live and your living arrangements c. how many credit obligations you have d. how much you owe on all your accounts 5. net income is also known as: a. taxable income b. alimony c. what's left after you pay your bills d. take-home pay 6. about how much of your monthly take-home pay should your car payment not exceed, after subtracting certain monthly expenses, like credit cards? a. 5% to 10% b. 10% to 15% c. 15% to 20% d. 20% to 25% 7. in addition to vehicle payment, what other vehicle expenses should be considered in your monthly budget? a. insurance b. maintenance c. gasoline d. all of the above 8. which of the following is a contract with a dealership to buy a vehicle on time by paying the purchase price plus an agreed upon finance charge over a certain period of time? a. gap protection b. aquisition fee c. installment sale d. residual price 9. what is one of the major differences between buying and leasing a vehicle if you choose to buy? a. the dealership is listed on the title as the vehicle owner b. you need to turn in your vehicle to the dealership after a certain length of time c. you will need to pay a security deposit, acquisition fee and other charges d. you are the owner of the vehicle and your name is listed on the title 10. monthly lease payments are usually lower than monthly finance payments when comparing leasing and financing for the same term because you are only paying for the vehicle's expected depreciation during the lease term, plus a rent charge, taxes and fees. a. true b. false 11. when you finance at the dealership, you are entering into an installment sales contract between you and the dealership. a. true b. false 12. when you lease a vehicle, you are responsible for excess wear and tear, damage and missing equipment. a. true b. false 13. which of the following items can you negotiate with your dealership? a. annual percentage rate b. length of contract c. price of the vehicle d. all of the above 14. which of the following can be used to lower your monthly payment? a. getting a higher apr b. choosing the shortest term available c. making a larger down payment d. none of the above 15. which of the following are additional items that can usually be added to the finance contract? a. optional credit life insurance b. option gap protection c. optional service contract d. all of the above 16. what is the purpose of purchasing optional disability insurance? a. covers the gap between the vehicle's value and what your insurance company provides in the event of total vehicle loss b. pays the balance of your contract in the event of your death c. makes your scheduled car payment in the event of sickness or disability d. protects owners against unexpected major auto repair expenses 17. what is the purpose of a service contract? a. adds additional time to the vehicle warranty b. protects owners against unexpected major covered auto repair expenses c. pays all of the vehicle repairs regardless of the circumstances

1. c. Because a good credit history can generally help you negotiate for a lower finance rate 2. d. All of the above 3. a. Contact a credit-reporting agency 4. b. Where you live and your living arrangements 5. a. Taxable income 6. c. 15% to 20% 7. D.. ALL of the above 8. I have NO idea 9. b. You need to turn in your vehicle to the dealership after a certain length of time 10. a. True 11. true 12. True 13. d. All of the above 14. c. Making a larger down payment 15. d. All of the above 16. c. Makes your scheduled car payment in the event of sickness or disability 17. unsure, but I think its b. Protects owners against unexpected major covered auto repair expenses

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I am the one that deals with the finances in our house. i have a spreadsheet that i use to project and record any and all bills that we have coming and leaving this apartment. my husband and i are currently renting an apartment for $710 a month. including that rent and all other "necessary & unavoidable" bills like electric, cable, internet, cell phone, vehicle payments and vehicle insurance we have $1,871 going out each month. the house we have made an offer on would bring our monthly bills total to roughly $2,400. my husband and i net $5,000 a month. he is an aviation mechanic for a privately owned oil and natural gas company working on the owner's two private jets along with one other mechanic and i am the office manager at a retirement planning company. do you think we are getting in over our heads? we have only made the first offer and have not heard back on a counter from the builder, so we have nothing to lose at all if we say "nope, thanks though." it is a great house (new in 2008, 2019 sq ft, 4/2/2 and $150k) and we qualify for a va loan. what's your opinion?

You want to put half your income into housing? Does not sound like a good choice to me. Are you two putting 600 a month into savings? If you aren't you do nto have that much extra. Also keep in mind that you will be paying for a lot more bills with a house then you do renting.

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So ok last spring so between april-summer i got a series of tickets including one for going 90 something in a 65 zone i didnt show up to court for that, and one for possesion of less than an ounce of marijuana i didnt show up to court for that, and 2 others i think from failure to provide registration and insurance and leaving my vehicle unattended when it ran out of gas and i went to the gas station. so ok i got these when i was a little out of my mind i was a freshman in college im a sophomore now and i found out i was pregnant, etc. so just 8 weeks ago or so i went to get another license since i lost mine and the dmv guy said that my license is suspended and gave me the 4 different courthouses where i got the tickets since i never and still havent paid on them one ticket (marijuana) got turned over to the irs so now im on a monthly payment plan with them!! the other three im not sure i havent called yet. so i got my id card instead. you see i live in a metropolitan area now since i relocated so a car really isnt needed but since im about to give birth i would like a car so i could take my baby to doctors appointments and daycare and me go back and forth to psu without it being such a hassle. so since im on a payment plan with one of the four tickets, how hard is it going to be to get my license back or even get placed on a hardship program if i make payment arrangements with the other three i havent even called the courthouses because im really scared and kind of embarrased what should i do? help

If your license is suspended, it's supended for a fixed lerngth of time. After that it's no longer suspended. What you probably have is a bar against renewal - you can't renew it until you clear up the charges against you. Go to the courts and clear the charges - either by being found not guilty or by being found, or pleading, guilty, and working out a payment schedule. Each court will give you a document clearing the bar for their ticket. Give them all to the DMV and you can renew your license.

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Ok, so here are the facts: i am 19 years old. i am not currently enrolled in college, but i will be attending community college in the winter/spring. i work at cracker barrel as a waitress where i make $2.65 an hour, plus on average, $10.00 an hour with tips. right now i own a 1993 oldsmobile cutlass supreme. the car is in my name and is, of course, completely paid off. it has 151,326 miles on it. my question: i know that my car is old, and has high mileage. i would like to explore my options for getting a newer car. i am not trying to buy a brand new car. just a used car that is an upgrade from my current vehicle. there are all kinds of private owned used car dealerships around town (thumb area, michigan). can i purchase a used car by setting up payment plan? i know that i would be required to have full-coverage insurance, which is quite an expense. i just want to hear some feedback, possibly from other people who have purchased used vehicle(s) by setting up monthly car payments. how was your experience with it, and would you recommend it to me?

My first car was a clunker and I paid cash . I had a reasonable payment plan on my second car and it went well . It was a 30 month plan that I ended up paying 10 months early . I have now bought , sold and traded many cars . My worse experience was buying a vehicle with a 60 months of high payments . Horrible , long 5 years !! Because of this , I use a self imposed "3 year rule " . If the payments are too high on a 3 year plan , I need to put more money down . If I don't have more money , I cannot afford it . The full coverage insurance should be between $90-180 per month , depending on your driving record and zip-code .

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I just purchased my first home in july of 2008. i went on to fico yesterday to check my credit score and was shocked to see that it is only 510! i'm assuming that my high debt to income ratio is a major factor in this. my mortgage is for 108,000. i have this payment broken down into weekly installments so that at the end of one year, i will have made 13 monthly payments instead of 12. i also put ten dollars extra on each payment. i know it doesn't sound like a lot, but with 52 weeks in the years, that is $520 going right to my principal. it is only in my name, not my husband's. i am, however, listed as a co-signer on our two vehicles. one will be paid off in early 2010, the other in 2011. each one of those loans has one thirty day late payment from when my husband was out of work on disability. i have two major credit cards in my name, one has a $300 max, and another has a $500 max. these two have 2 thirty day late payments, again from when my husband was out of work. they have since been paid in full, and have zero balances. i also have some negative medical debts listed under my name from when i was in college, and was still a dependent on my father's insurance. i know it was really irresponsible of me, but when the hospital billed the wrong insurance companies, i never took the time to get the paper work right. in total, my medical debts are probably about $800. the latest debt is from 2003. i think they come off after seven years, but i might be wrong. i really don't know what to do. it bothers me that my score is so low. i'm not planning on taking out any new loans in the future, but i really would like to refinance at some point soon on my mortgage. we are paying 6.5% interest on that. if i were to continue making perfect payments on my current loans, about how long will it take to make a significant impact on my credit score? what else can i do? thanks in advance! oh, i'm sorry if i confused you a bit. my husband is not permanently disabled. he was out on disability due to having his gall bladder out. he ended up having some serious complications with infections, and was out for a total of four months. we were amazingly able to manage well with paying our bills for most of his disability, but towards the end, well, his check did not come for a total of 8 weeks, and we fell behind. thankfully, that is over! thanks for your kind words though.

Сredit repair workеd fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service - creditreport.fateback.com