Hello all, my hubby is currently Deployed and I was reading the SSCRA and was wondering: If I bought our car and financed during the first month of Basic, would we be able to get the Interest lowered on our Car while he's gone right now? I got the car right after he shipped to Basic but I don't know if that counts as the "coming on Active Duty" that they mention.
Oh also, a 2nd issue....someone mentioned to me the other day that because I bought the car with a General POA and not a Special one stating I could buy a car....that I could get in trouble and/or the Dealer could get in trouble?! Is that true?!
I dunno about the first question, but the second one---that would depend on your POA. If it states something to the effect of making/selling/buying property (which includes cars, boats, skis) and you're authorized to handle those purchases--then you're good. Our cars were both totalled in a hail storm while my love was gone. I walked in to the dealership with my Gen POA, signed for him and I both, and drove off with my 'new' car. No problem at all.
I still have a couple copies of it, and it says nothing about Property anywhere on it. We were so inexperienced about the Army that he didn't even know I needed a POA until like 2 days before he left.
On a general power of attorney you're able to do absolutely anything that isn't specifically excluded, namely changing life insurance and fulfilling his fiduciary duties (in other words, other people who granted him poa don't have to worry about you now being able to do things in their name). Other than those, you're good to go if someone else is willing to accept the general poa. You won't get in trouble, and neither will the dealer. That's why it's very important to be careful whom you grant your general poa to.
but anyone can REQUIRE a specific POA for any type of transaction, and typically those involving money a Specific is more desirable. In fact that general POA will NOT be sufficient for you to get any Pay issues resolved through the military, and may not be enough to get your ID card( although he should send you a separate form with the info packet that specifically grants you the ability to get it without him being present.
if the car is in YOUR name only, SSCRA will not be an option.
also technically SSCRA only applies to debt accrued PRIOR to going in, so unless you can prove a large income drop by his enlisting, they do not have to cap the interest at 6%.
Oh, the car is in both our names. I forgot that part, sorry.
His income only dropped a couple hundred dollars a month from then to now, I just wondered about the technicals on the "coming onto Active Duty" part. Was hoping our car would qualify since we have 16% interest....woulda been nice to have that 6%.
Thank you so much for the POA info too, this time around he left me a couple different kinds to cover our butts.
We tried but we're too upside down. That dealership saw me comin....
We've only got 18 months left on it, but like I said 6% would be nice, could maybe pay it off quicker. Oh well, I'll do my best with the 16%, there's always Tax Returns!
Though I do feel bad about my loan specs, I guess I shouldn't beat myself up TOO badly....my cousin just got a new Focus and was nailed on the Interest.....21%
That sucks that they're charging you so much interest; submit the SSCRA request anyway --in fact, submit it to EVERY joint account you have that carries an interest rate over 6%; a couple hundred a month less $$ is a lot of $$; no matter what his salary was previously this drop significantly impacts your income so this qualifies. I sent SSCRA requests along w/a copy of husband's orders to all of our joint accounts (mortgage, home equity, credit cards)and tho he's actually making a little more $$ due to hostile fire pay (or whatever they call it now)everyone from whom we requested a rate reduction granted it to us -- no questions asked. Do not send any info about his pay; it is dependent upon them to prove that you make too much money to qualify for the reduction (which cannot be true in your case as your income has dropped). I have a *****in' SSCRA letter that I would be happy to email to you (knew that English degree was good for something!) If not, pls look up templates for them on the web; you want to make sure you send them a nice letter chock full of laws, dates enactacted and all such stuff that will make their eyes glaze over and grant your wish only if they don't have to keep reading . If you have any accounts through USAA they will drop your interest rate to 4%; they have a special deployment dept. that will help you; the people who work there are just frickin' fabulous and nice as can be. Just remember to send all your letters with a return receipt so no companies try to claim that they never received the request. Pls. act on this; I did not do this the first time my dh was deployed (I get flummoxed when finances are involved and tend to not follow up) and I could kick myself in the ass (bet that's hard to do) for not getting that interest rate the first time. I am really shocked about how much money we're saving on interest. (BTW, most banks/lending institutions will not give you any hassle about this cuz they're so far into everyone's **** list that they don't need to generate anymore bad publicity.) Good luck!
Originally posted by KLG1980: Hello all, my hubby is currently Deployed and I was reading the SSCRA and was wondering: If I bought our car and financed during the first month of Basic, would we be able to get the Interest lowered on our Car while he's gone right now? I got the car right after he shipped to Basic but I don't know if that counts as the "coming on Active Duty" that they mention.
Basic training, AIT, a-school, etc. are all active duty. So you bought the car after he was already on active duty.
