Tips on Buying Cars: car loan

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:Thanks for your question.Try to find out with the finance company on why the charge of $5000 occurred.Ask for a detailed breakdown.Or they could have have refinanced the car.Be sure to ask a person who is over your account.These are guesses.In my state,the only charges have been to pay the taxes in that state on where you will live.For example your state sales tax is 5% on a $10,000 car,would be $500.00.On the subject of refinancing,there are questions.1)Is your interest rate high? 2)Are your payments high? 3)Do you have good credit? 4)How long have had the cars? 5)Are your cars have more value than the current market? My suggestion is this:if you had these cars for a very short time,don't refinace.Try to lower your principal on your loans before you do this.There are several on-line banks that do refinancing on cars(or homes).