I'm in serious trouble!!! and i dont know what to do! I got this 2006 pontiac g6, BEAUTIFUL car, i love it but i cant afford it, which sucks so bad. I went to this place where they dont check your credit and its a type of place that they will do absolutely anything to get you into a car, even tho they KNOW you cant afford it. Well i dont have great credit, its still building but the car is placed in my name and my fathers name. the financial place charges me a VERY high interest rate that its crazy. I've only had the car for 4 months now and it turns out my father lost his job and my job wont cover the payment of the car. Does anyone know what should i do?? i do not want a repo on my record! my credit will be screwed and i have been working so hard at building it up to be good! I owe $17,000 more for the car and i dont have good credit to get a loan, someone please help me if you know what i should do! can i go to a car dealer and do something with it? anything! PLEASE HELP ME!!
2007-03-28 18:10:16 · 6 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
If you don't want a repo on your credit there is only one thing you can do. Continue to pay the loan on time. Since your father lost his job your only alternative is to get a second job yourself or pick up more hours at your current job. Of course it's going to be hard but hopefully it's a short term solution. When your father gets back on his feet, maybe you can quit the second job or cut back your hours.
Now, there is one other scenereo. Who do you make your payments to? Do you make them to a bank or finance company? OR, do you make them directly to the dealer??? If you make them directly to the dealer (I shouldn't be telling you this) then it is VERY LIKELY that none of the on-time payments you're making (or the repo you may get soon) are hitting your credit report. Most of these dealers that don't even check your credit aren't reporting anything to the credit bureaus. So, you can let them reposes the car and work on getting a car loan somewhere else that you can really afford.
2007-03-28 18:44:48 · answer #1 · answered by Jim 2 · 1⤊ 0⤋
Do you think you could get your dad and mom to co-sign on a loan for you. Most banks will give you a loan if you have a good job and one or both your parents co-sign the papers for the loan. That would mean that your parents would need to make the monthly payments if you lost your job. But at least you won't lose your car unless you and both of your parents are out of work.
2007-03-29 01:19:20 · answer #2 · answered by Wolfmanscott 4 · 0⤊ 1⤋
I think the only thing you can do in this case is try to get someone to co-sign a bank loan for the car. Try to think of everyone that would be willing (I know its probably hard) to co-sign for you like your grandparents, siblings, your mom maybe, friends, or maybe even your boss. Otherwise, your best bet would be to sell your car to pay off the loan.
2007-03-29 01:21:01 · answer #3 · answered by Lis B 2 · 0⤊ 0⤋
The best thing to do is to sell it quick. I know you hate to do that, but sometimes we have to do what we have to do. Sell it and pay off the loan, then take the leftover money, if any, and buy something to tide you over for a period of time until your position improves. If you have ot get another loan, at least you might be able to afford it. Good luck
2007-03-29 01:18:01 · answer #4 · answered by Fordman 7 · 0⤊ 1⤋
have someone else take over the payments for you and negotiate a contract that way you can sell it to them out right or lease it to them until you do have the money to afford it
2007-03-29 04:26:07 · answer #5 · answered by Tam 1 · 0⤊ 0⤋
You can negotiate a new repayment plan with the lender. If that doesn't work, you'll have to sell it or trade it in for a cheaper car.
2007-03-29 01:15:10 · answer #6 · answered by Spee 5 · 0⤊ 0⤋