Okay, so.

[apocalypsos]

Who knows something about banking and loans?

Here's the thing. My loan officer wants to see paperwork in regards to the program I'm in to rehabilitate my student loans. I spoke with the guy from the company which is managing the account, and according to him he can requisition a letter but it won't process for 1-2 weeks.

That said, also according to him, my rehabilitation ends as of next month's payment and the default information comes off my credit history. I have a copy of the letter I receive every month from the company telling me how much they're withdrawing and the account number and my current balance, I have a copy of the contract I signed with them, and I have a copy of my bank statement, in which there is a scan of the monthly deduction they take out with their name on it, since they process it as a check.

Given all of that information, should I be okay? I'm basically right on the border of getting the loan in my name according to my loan officer, but if worst comes to worst I'll get my mom to co-sign and see about getting her name off the loan the next chance I get.

Comments

[kelly-girl.livejournal.com]

I just recently had this problem when we were trying to get our house finances straightened out. Student loans are a bitch*

Can the Student loan people fax something to you or the bank? Can you put them(the bank) on the phone with you and the student loan people and give bank people permission to ask questions about the loan?

This is partly what I had to do since student loan people had put down the wrong amount I owed monthly and i had to do a conferance call with credit bureau, the student loan people and me. They talked with Student loan, got correct amount i was to pay and called our bank people.

Hope this helps.

*All those big companies got bail outs, can i get a bail out with my student loan? Sheesh.

[eleigh.livejournal.com]

The most bail out they're giving us is the IBR. I'm currently in IBR and my monthly payment for the next year is $0 but it's IBR so I'm not using up my 36 months of deferment. Technically I am still in repayment, I'm just not paying anything. Each year they re-evaluate your monthly payment based on your income and after 25 years whatever you haven't paid off is forgiven.

Now, hopefully, I will not still have this albatross around my neck by the time I'm 50 but it's giving me a certain amount of breathing room.

[apocalypsos.livejournal.com]

Yeah, I tried everything, but apparently the only thing he can do is send me that damn letter which, in a week to two weeks, does me no good.

I do, however, have his contact information and my account number on my letter, so at least if she needs to call him to verify anything she's got that on hand. It's a pretty safe bet I'm not getting the damn car tomorrow, not unless we just say, "Screw it," and let my mom co-sign and that is absolutely the avenue of last resort.

What I may see if I can do if it won't work out this way is discuss how the defaults are supposed to come off the loans next month and how my credit score will jump up because of it, so perhaps my mother can co-sign this month and we can see about taking her name completely off the loan next month. I really, REALLY don't want to have to put her on it at all, though. Urgh.

[alexseanchai]

One of those papers is documentation that the rehabilitation is about to end, yes? I think you're good.

[apocalypsos.livejournal.com]

Not specifically, per se, but if they have my bank statements since November they'll be able to see that I've been making the same payment since then which would make eight altogether. And the contract states that the rehab ends after nine payments.

[escritoireazul.livejournal.com]

I do not know the answers, but good luck! I hope it all works out well.

4 yrs loan experience....

[druidchick.livejournal.com]

"I'm basically right on the border of getting the loan in my name according to my loan officer, but if worst comes to worst I'll get my mom to co-sign and see about getting her name off the loan the next chance I get."

No, you won't get her off the loan. Car loans are THE MOST difficult and least likely of loans to get refinanced, regardless of what dealerships try to sell. To refi a loan, you have to owe less than the car is worth by the ROUGH trade value- not the GOOD trade value. (Check out kelly or nada for examples.) To further complicate this process, most banks will not finance a car at more than 80% loan to value. EXAMPLE: if you have a used car worth ten thousand dollars, you can probably get 8k financed. TOPS. If you don't meet these qualifications, you can't refinance your loan which is required to "get her name off the loan." In a refi situation, you are basically buying the car from yourself and your co-signer- not according to the DMV/MVA but that is how a refi works.

I'm not trying to be a downer, but I have counseled lots of people through this process and I have never seen it end well.

Now, what I would recommend is to either wait until you can do it on your own or go for the shortest loan term you can afford. Another thing to keep in mind, used car loan rates are ALWAYS higher than new car rates, sometimes by as much as 2-3%. Dealers are also more likely to work with you (bad credit and all) if you buy a new car.

If you belong to a credit union, the rules are usually slightly different, but your post said "bank" so I'm sharing "bank" info.

Good Luck!