i just brought a new 35k car and I'm in school full time, struggling to make the payments. the payments is nearly $700.00 bucks monthly. how can I afford that payment and i'm in school 10-12 hours daily? i want to get out of this contract, without getting a reposession or claiming bankruptcy. i thought about Insurance fraud, having my car stolen, having my insurance company payoff the car, once it's not recieved. but that's Illegal. can some one give me some advice, because i don't want to quit school over a car payment.
2007-05-04 03:26:45 · 16 answers · asked by Anonymous in Business & Finance ➔ Credit
Now for something that might really help.
I am in the auto finance business and there is no way that the dealer could have got you approved for this vehicle unless you have a job paying at least $3,500.00 a month gross.
What I am guessing that they did is lie on the application because you had a high enough score that they knew that they would not have to prove income.
If this is the case? You can call the lender and tell them that the dealer committed fraud on your credit application and they will make the dealer buy the contract back.
The down side is you had to sign the application that they sent to your lender. So you committed fraud also, but you can claim that you did not read it and just signed where the dealer told you too.
If this is not the case, then sell it or get someone to take over the payments.
These are the only options you have without messing up your credit big time.
Next time, think before you sign.
2007-05-04 04:22:53 · answer #1 · answered by ? 7 · 1⤊ 0⤋
1
2016-09-30 16:42:36 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Why on earth did you buy the car? And how on earth did you get a loan for it if you didnt have the money for it? And why would you buy such an expensive car? Trying to impress people? That is crazy.
Guess what? You are screwed. Know why? When you buy a new car, unless you put down a very good down payment the second you drive it off the lot you owe more for it than it is worth. The resale value of the car drops, and the intrest rate on your loan goes up. In other words, if you got a loan for $35,000 car, you probably owe $40,000 for it and the car is probably only worth $31,000 now.
Quit school, get a job and pay for your new toy. Thats my only advice.
2007-05-04 03:38:53 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Thought about loaning the car to a friend temporarily and having them make part of your car payment? There are insurance companies out there now that will insure your vehicle no matter who is driving it, so atleast you'd be covered. Other than this option or going illegal, you really don't have a choice but to bite the bullet and make your payments.
2007-05-04 03:31:13 · answer #4 · answered by kewtiepie313 2 · 1⤊ 0⤋
All of the things that you have mentioned will have far greater effect on your future than repossession or bankruptcy. Finding someone to take over the payments if the lender will agree is the only I know of to resolve this without damaging your credit. You may do well to take the car to the lender and tell them that you can not afford the payments and give it back to them. It would save them the cost of a repossession.
2007-05-04 03:33:42 · answer #5 · answered by ? 6 · 0⤊ 0⤋
well, sheesh, 700.00 is more like rent than a auto payment! Don't know what you're studying in school but you surely need remedial math classes! Your 35K car depreciated the moment you drove away from the dealer, so it's worth alot less already. Try to refinance or just bite the bullet and get a second job.
2007-05-04 03:33:31 · answer #6 · answered by GEEGEE 7 · 2⤊ 1⤋
Why did you buy a car you can't afford in the first place??? Sounds like you either need to sell this car outright, maybe get someone to take over the payments, or trade down.
2007-05-04 03:34:51 · answer #7 · answered by Sunidaze 7 · 2⤊ 0⤋
WHY did you get that car in the first place?
Try to put it up for sale and hopefully someone else will take over the payments... You will end up losing money but what da heck, as long as you get out from such an expensive monthly payment.
2007-05-04 03:30:58 · answer #8 · answered by Anonymous · 3⤊ 0⤋
The only other thing you could do is a voluntary repossession. Return the car to where you bought it and tell them you need to get a car you can afford and return that one. You may have to pay some fees depending on how many miles you put on the car but it might work without damaging your credit too bad.
2007-05-04 03:31:16 · answer #9 · answered by Anonymous · 3⤊ 0⤋
Buck up and sell the car and swallow hard while you pay off what's already depreciated. What the heck do you have a $700/mo car for while in school anyway? I'm surprised they even sold it to you without a full time job to pay for it.
2007-05-04 03:37:41 · answer #10 · answered by cheddler 2 · 3⤊ 0⤋