I have a current car loan and I haven’t been able to make payments on it for some time. I am now facing repossession. The car is falling apart, its a 2002 with a lot of miles. It needs a lot of work and will probably stop working within a few months. I know that repossession is very near. I also know that even though I may voluntarily surrender the vehicle, I am still obligated to pay the loan, but I’m wondering if that’s still my better choice as I would have to come up with thousands of dollars to keep it from going into repossession. I would be able to buy a car from someone outright that could get me through the next few years so not getting an auto loan won’t really bother me for now. I don’t want one and shouldn’t be trusted with one for many years. Would they be able to take that car (the one I buy for cash) because of the outstanding debt? I do NOT plan to file for bankruptcy. Please do not respond with remarks about my financial irresponsibility and how I deserve whatever comes my way. I am acutely aware of the seriousness of this, the damage I’ve done and the devastating consequences (not having a car, bad credit, inability to get a car loan in the future, etc). I take responsibility for it. I’m not looking for a way to beat the system, however if there is something I can do besides refinance the vehicle (it’s not worth it) or contact a debt resolution company (already in the process), feel free to fill me in. No major hardships caused this. I just got behind on my bills and had to move which costed me even more $$, did stupid things. etc. Just wondering how it would play out if I just walked away.
Again, let me repeat. I know I’m still obligated to pay. I know it will hurt my credit. I guess I wondered what you would do? That’s all.
With Bad Credit Archives
Repossession, should I let it just happen?
What can I do to ensure that I can buy the vehicle I'm wanting and get a low interest rate?
My credit has become pretty damaged in the past 2 years, due to divorce and stupid mistakes on my part. I am looking to purchase a new vehicle and I’m worried about my credit history affecting my chances at getting it. I recently paid off debts that were in collections and I have records of them being paid in full. My problem is that I’m pretty sure it will still show in bad standing on my credit. I also have a home loan that started into foreclosure but was pulled out. I do not live in the home, my name is on the loan though. The bank will not remove it unless my ex-husband refinances the home. Ofcourse he will not do that. I already have 2 auto loans that are paid in full on my credit and other smaller items. What can I do to ensure that I will be able to buy the vehicle I’m looking at and not get ripped off on the interest rate because of my credit?
Who exactly do I contact to start making repairs on my credit? Do I call the credit companies or companies like Experian, Transunion, etc?
should i refinance my car a second time?
the balance on my car loan is 6,725.62 at a 9.9% APR (thats about 14 payments left) my credit union is having a special 25% off auto loan sale with rates starting at 5% does it make sense to look into refinancing? I was thinking I should just to save a few hundred bucks… the minimum on the auto loan is 5,000… but is it worth looking into?
I got screwed when i brought this car and got locked into an 16.95% APR and refinanced after a year to the 9.9% so this would be my second time refinancing and Im not sure if that looks bad to the credit agencies…
thank you
What are the chances of me getting approved to refinance my car tomorrow?
Im w/ HSBC for my autoloan& HATE em!My hubby has auto loan w/ Redstone 6% apr.Owe k on the loan (’06 Ford Focus).I have a ’05 Scion still owe ,300. I’ve made OVER my monthly pymt every time on this loan &have 11.9% apr. we’ve never been late on anything:credit, cable, etc. & I’ve paid 13 payments on the car. I hate HSBC cust. service &happy to lower apr even just a little w another comp. We owe k on our mortgage-which we’ve had for 15 mos, a 0 bal. on my 00 limit on capital one visa, a 0 limit from hsbc discover card (paid off and still open),0 on furniture from 0% apr fr 12mo w 1st comm credit corp-orig. loan was 0, 00 bal on my 00 kay jeweler card (0%apr).Im 20- had credit since i was 16 & hubby is 22 had credit since was 18), normal bureaus no bad credit hist. Hes been at job for 1 yr bfr that was at one fr 3yrs. he makes 0/wk i make 0/ev 2 wks only at job 6mo but bfr ws at job 2yrs. Hes a tattoo artist no taxes yet only check stubs will this work
Car Loan For People With Bad Credit, No Income Proof
A friend of mine put the down payment on a new car for me in 2006 because i had really bad credit and had a lot of trouble even getting a car loan.
Since that time, I have been making all the payments and taking care of the upkeep on the car. We have since had a fall out and are no longer friends, and I would like to get the car out of mt friends name and into mine. There is still about half the borrowed amount left to pay off the car.
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I am attempting to get a car loan to pay off the remainder of the car loan. However, I am having trouble being able to prove my income for the loan provider as I have been getting paid under the table at my job for the last three years, so I do not have any documents showing my income. Also, I still have very poor credit (hence the need to put the car in my friends name from the start).
Does anyone have any idea how I can get such a loan? Can I get auto financing for bad credit? Any leads on specific companies would be very much appreciated.
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Used Car auto refinancing?
Legal Advice for an unfairly upsized auto loan?
I purchased a 2002 Chrysler Sebring from toyota after I made a trade in of 1000 dollars in 2007. The price was 11995. The finance company Wells Fargo financed this vehicle and upsized it pushing it to a payoff of 17,149. Now I have decent credit for a 21 yr old at the time. The interest rate is 18.17% and the payment is 407.39 monthly. The dealership lied about the warranty on the car so I lost it. I was working two jobs at the time. I asked them for refinancing and they refused me. My insurance company is ripping me off. It costs me nearly 200 monthly and I don’t have a bad driving record. Then I lost both jobs because Im a full time student. They refused to refinance me again and again. They won’t let me qualify for a volintary reposession either. I talked with other dealerships, finance companies and they have all responded with a shock. I still owe 12,787 on this vehicle. What can I do to go about suing Wells Fargo? They’ve ruined my life and they won’t help me. Please anyone, anyone if you have any legal advice on how to handle this matter it would be greatly appreciated. Thank you and Happy New Year.
I've been trying to get an auto loan???
I found the vehicle I want to purchase. I am 20 years old. I can comfortably afford the payments. I only have 2 credit cards, with a total of less than 0 owed. (lol) I have never financed a vehicle prior to this. The dealer tried getting me a loan with a bank, but they did not approve me because of my lenght of employment. I was at my prior job for a year and a half. How hard is it to get financing through a dealer with bad credit? (my score is in the 500′s). I know the interest will be sky high, but I am planning on paying more per month than owed, and refinancing after a while.
Oops, sorry. Well, I want to know if anyone knows any other options I have. I have tried getting an auto loan with capital one, but they did not approve me either. I have a credit card with them, but with a limit of 0.
MORE DETAILS: Yes I was at my previous job for a year and a half, and I just started my new job a month ago.
How to get out of a BADDD Auto Loan?
So I moved to California a while back and I’ve been back home for about 4 months now, while I was there I got myself into a bad car loan. (Young and stupid).. they gave me a huge interest rate, almost the highest one they have. The car is a 2000 and is only worth like 7,000 but I owe about 10,000 (again, young and stupid). I make descent money (bout 35,000/year) and I have better then average credit. I have applied for refinance through BOA, Capital One and everything else online and got declined for everything I was wondering how to get rid of this bad loan or get rid of this car and get myself a new one!!!