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About Shari
Expertise
I can answer most all your questions regarding financing and leasing of new and pre-owned vehicles. I can give you the dealer secrets to make it a more pleasant experience for you. Also, what you should look for in buying a pre-owned vehicle. You should have all the knowledge possible before walking into a dealership.

Experience
I have owned and operated dealerships for over 30 years. Currently work as a consultant for Dealerships training their sales people. Have a nationwide leasing company.

Education/Credentials
Business Degree

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Tips on Buying Cars - car loan

Expert: Shari - 11/1/2009

Question
Hi,i got a loan on my car when i was in GA state and bought a second car at the same state from the same financial company, then i moved to KY state and contacted a branch of that company to transfer my loan from GA to KY state so i can do the payment follow up localy but here is my problem : the Kentucky branch charge me an additional finance charge of $5000.00 just to switch my account from GA to KY and i have been paying it each month.
1/ is the new finance charge of $ 5000.00 mandatory ?
2/ do i have to pay it all or stop paying it?
3/ if they are not suppose to charge me $5000.00, can i get a full refund ? and how?
4/ what do i need to know and do to ask for a refinancing of my two cars loan ?
Thank you for your help and time.
Scott.

Answer
Scott something doesn't sound right. A bank can never just tack on $5000 for no reason at all. You don't have to transfer loans from one state to the next. Like I said something is not right and I haven't enough information to help you. Call the original branch in GA.

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