his mom wont sign for him and i cant due to no job/sketchy credit myself. is there a way to get someone or a business to co-sign for a higher interest rate or SOMETHING??? hes in a state with NO mass transit and needs to get to work. P.S. his mom lives with him/depends on him... but she still wont sign...
p.s.s. hes was tryin to get a second job too... but without a car, he cant make it to even his primary job.
is there ANY other options??? any suggestions? hes lost all hope.
NO SMART AZZ ANSWERS EITHER!!! JUZ GO AWAY IF UR NOT GONNA HELP!!
2006-08-04 06:43:34 · 3 answers · asked by ~dulceria~ 1 in Business & Finance ➔ Personal Finance
If you can't find a friend or family member with good enough credit to co-sign, or the willingness to do it, then the only option he has is to let that car go and go to one of those "buy here pay here" car lots to find another ride. The interest rate will be much higher, and the car will be used, but, is better than no ride at all.
2006-08-04 07:01:22 · answer #1 · answered by ganjagoddess2006 2 · 0⤊ 0⤋
I've been a Mortgage Broker at Countrywide Home Loans for 2 years.
#1 I am trying to figure out what kind of car he has that is so expensive that he needs to refinance to get it back? That's ridiculous. Does he have Bentley or a Rolls Royce Phantom or something?
No car is worth refinancing your house simply because if the car is less than $50,000 you are going to end up paying almost double the car's value when you factor in closing fees, and lender fees.
#2 If the only possible way to get the car is to refinance, you may want to try using your credit to co-borrow. Though you may THINK your credit is really bad, some lenders may make exceptions.
#3 I would think that you don't have enough time to refinance to get the car back. I know a woman who's car got repo'd and it took her more than 3 weeks to make the money to get it, and once she had the money, it had been auctioned.
Accept the possibility that you may lose the car - perhaps you could save up and buy a cheaper one like a used Scion or a used Toyota?
Or you could just keep trying to find someone who is willing to risk their credit to co-sign for you. Most people are not going to be this generous because they will assume if you lost it the first time, you may lose it again and damage their credit standing.
2006-08-04 10:54:06 · answer #2 · answered by Anonymous · 0⤊ 0⤋
He might call a non-profit credit counseling service. They can talk to his creditors and help put him on a path to solvency. They are used to dealing with these people and probably know the best route for getting the car back.
2006-08-04 08:28:29 · answer #3 · answered by psycho-cook 4 · 0⤊ 0⤋