not had any problem. Last July we moved across the country and our finacnces changed dramatically. We have asked them several times to see if they could lower the month payemnt and extend the duration of the loan. They say they can't do that. Does anyone have suggestions for us? We really actually no longer need the van....we have simplfied our lives greatly. I would rather they not have to reposses it(for credit reasons) but if it comes to it, it comes to it.
2007-01-18 02:06:34 · 9 answers · asked by kardea 4 in Business & Finance ➔ Credit
Either sell the van and pay off the loan or refinance the loan with another company.
2007-01-18 02:43:35 · answer #1 · answered by Think.for.your.self 7 · 0⤊ 0⤋
It looks like you have bit off more than you can chew.
Unless you had a big down payment to start with the van may not be worth what you owe on it. So even if you sell it you may still be out money.
Bite the bullet. Find the money to make the payments or sell the van for what you can get & if you still owe pay off the loan company.
This will be vary tricky because you can't sell the car with out a clear title. & to get a clear title you have to pay the loan off.
I don't know if this would work but you could go to a car dealer & have them take in your van on a trade for a less exspensive car & add the difference that you owe the first loan company to your new loan. You or they may not want to do this.
You are in between a rock & a hard place. I hope you can find a way out of this that isn't to painful.
2007-01-18 02:30:46 · answer #2 · answered by Floyd B 5 · 0⤊ 0⤋
Sell it on Cars.com, I sold ours really quick and made $1000 over what I owed on it. You can also look to find a bank that will refinance it at a lower monthly fee.
I learned along time ago to establish a good relationship with a local Credit Union to make my car payments.
I have had bad credit in the past, and I now pay 70.00 a week to my credit union for each car, I have it direct deposited and don't think about it. I don't have to write two checks each month for 300.00 and I learned to live with out the $140.00 a week.
My Car payments are always on time, no sweat.
And when I am ready to buy another one, I sell this one on Cars.com pay off the loan, get preapproved for a new one and start it all over again, and my direct deposit of $150.00 a week never changes. The Extra 10.00 a week goes in my Christmas Club account. Many people make the mistake of financing through the dealership, What a rip off, Always, try to finance through your own bank first, Maybe you won't get approved for the $16000 car at first so start with the 5-8000 car, keep it 3 years make your reg. payments and trade up. Don't trade it in.
You don't make money when you do that.. The dealers do.
2007-01-18 02:18:09 · answer #3 · answered by TaylorProud 5 · 0⤊ 0⤋
If you do not need the van, then sell it and pay off the loan. This would be much better than defaulting on the loan and destroying your credit.
Your other alternative would be to find out if you can refinance the loan (not as common as refinancing a home as the collateral (the van) has plummeted in value).
Good Luck
2007-01-18 02:13:37 · answer #4 · answered by NHMike 3 · 0⤊ 0⤋
Why don't you sell the van and pay off the loan? Wouldn't that be better than letting them repossess it? Or you can try to refinance the van with another lender. You have other options besides trashing your credit with a repo.
2007-01-18 02:10:48 · answer #5 · answered by PRS 6 · 0⤊ 1⤋
Try refinancing it at another bank with a signature loan, or try to sell it in the newspaper for what you owe, and wash your hands with it.
Unfortunatley, the problem with vehicles in general, especially new ones, is that they depreciate in value quickly. This makes it extremely hard to refinance it, or change the financing once you buy it, because the asset hasnt retained its value.
2007-01-18 02:16:07 · answer #6 · answered by M O 6 · 0⤊ 0⤋
Why don't you try to sell the van and then pay off what you can of the loan, and go from there! The last thing you want them to do is repo it!
2007-01-18 02:10:44 · answer #7 · answered by Stuck in the middle of nowhere 7 · 1⤊ 1⤋
have you tried going to another company and having it refinanced? not only can that be a way of changing your payments to more affordable ones its will also pay off your first loan increasing your credit score whereas a repo will reduce your score and you really don't want that.
2007-01-18 02:12:35 · answer #8 · answered by jezbnme 6 · 0⤊ 0⤋
sell the van pay the balance off repo horrible credit
2007-01-22 01:37:39 · answer #9 · answered by tennessee 7 · 0⤊ 0⤋