I have owned my current vehicle for 10 months. I desperatley want to trade it in for a new vehicle. However, trading it in would mean adding 6k of negative equity. This makes the new vehicles price much higher than it is worth and requiring $1800 down. However, if I do not trade in my vehicle, my payments would be lower and I would only need $500 down. Yes I know this would be horrible to have on my record. However, I actually had a repo 3 years ago (and was still able to finance a vehicle). Not to mention by keeping this newer vehicle and making all successful payments it should prove that I was responsible.
2007-05-25 11:15:06 · 10 answers · asked by cjsimmons269 1 in Cars & Transportation ➔ Buying & Selling
Dont do it. Youve had 1 repo allready. 2 repos and you are not going to see the inside of a new car w/ out a lot of money. Ive been in the second chance finance, car business. With 2 repos you will need alot of cash,maybe paying cash for the car all together,or you can go to a note lot or a drive time and buy a car thats sure to break down due to its poor condition and high miles.Theres also interrest rates,IF you get approved the rates will be sky high.
Deal w/ what you have,establish your credit THEN trade it in
2007-05-25 14:07:55 · answer #1 · answered by Anonymous · 1⤊ 0⤋
A voluntary repo won't really help you. You'll still owe what the loan was for. What I was told would happen is this:
You take your car in. You still owe, we'll say $10,000 with a blue book of $8000. The finance company auctions off your car. Whatever they get comes off your total (this is WHOLESALE, so it's low,we'll say they sell it for $5000). So $10,000 - $5000 = $5000 that you still have to pay even though you have no car.
Its highly unlikely you'll get financed with a current repo and one 3 years ago anyway.
You'd be better off selling the vehicle private party and getting a personal loan for the balance to pay of the finance company.
Have you thought of buying a lessor vehicle that you could pay for outright? Then you wouldn't have the payments breathing down you neck and could concentrate on paying for gasoline :)
2007-05-25 11:30:14 · answer #2 · answered by imamom4god 4 · 1⤊ 0⤋
This is probably the worst idea I have ever heard. With two repossessions under your belt, you can pretty much count on never getting a loan for a house. Additionally, if you have already had one repo, and are that far upside down on your current car, maybe buying a new vehicle is not what you should be thinking about.
2007-05-25 14:18:49 · answer #3 · answered by Jay P 7 · 1⤊ 0⤋
Why do you need to rush to trade in your car? Is it just cuz you want something better? To me, it sounds like you just need to settle for what you have until you are in a little more of a secured spot financially. I think that making a trade that quickly will look negatively on you, as you said, you will have to pay extra money....but a repo?!? It sounds ludirous to even think of purposely putting that rep on your name. Sounds like you aren' thinking of the long term affects...like what if you want to buy a house? Yeah, you can find someone to finance a vehicle for you, but for the REAL things...mmmmm....not so much. Think about it....I mean, realistically. Good luck to you!
2007-05-25 11:28:53 · answer #4 · answered by Rockin Mama 2 · 0⤊ 0⤋
I in simple terms traded in my truck for a distinctive motor vehicle. i presumed i could be 4 to 5 thousand in unfavorable fairness, yet my broking replaced into able to get a "broking payoff:" that's below your payoff, or perhaps decrease in the event that they pay it off in 3 days rather of the huge-unfold ten. Ask your broking approximately this. If he says it is not genuine- he's crammed with it- purchase someplace else. Why do no longer you pay a hundred or so greater advantageous on your motor vehicle for some months (be confident to jot down on the verify the greater advantageous volume is to be utilized to the thought, no longer pastime). Doing which will make a large distinction. I in user-friendly terms ended up being $2000 the different way up in my motor vehicle, however.
2016-11-05 09:34:10 · answer #5 · answered by Anonymous · 0⤊ 0⤋
If you have 2 repo's on your credit, you can kiss ever owning a home goodbye. You will have difficulty renting apartments.
Here's a thought-- grow up and buy a car you can actually afford and stop being immature with managing your money.
2007-05-25 11:24:11 · answer #6 · answered by Anonymous · 2⤊ 1⤋
Having a car repossessed with hurt your credit status. Is this what you really want?
2007-05-25 11:19:22 · answer #7 · answered by WC 7 · 1⤊ 0⤋
If you have the car repo'd, then you cannot get a loan to buy your new car, or at least a reasonable loan rate.
2007-05-25 11:19:15 · answer #8 · answered by rex_rrracefab 6 · 1⤊ 0⤋
you can always put ur car up for sale and have them take over ur payments or sell it for watever amount u have left on it instead of screwing up ur credit
2007-05-25 11:24:10 · answer #9 · answered by Anonymous · 1⤊ 0⤋
no it will mess up your credit for many years
2007-05-28 22:19:30 · answer #10 · answered by cheri h 7 · 0⤊ 0⤋