Im a young high school graduate! i bought a 18 G car, and borrow 16 G from the car dealer! Now i can't afford to pay for it! i called up the finance ppl from the dealer, and they said they would reposcess(spelling) my car! They would then auction it, and if it doesnt meet the 16 G, i would have to pay the difference! Is there a better solution?? i made a mistake, now i want to start over!!!
thanks everyone
KEn
2007-10-07 03:21:56 · 5 answers · asked by Ken 1 in Business & Finance ➔ Personal Finance
Welcome to real life. There are no do-overs.
They want their money, and you're on the hook for it.
2007-10-07 03:25:25 · answer #1 · answered by airjarrod 7 · 0⤊ 0⤋
You need to have control over the sale of the car. Car dealers are swine, and they will sell your 18G car for $7500 and then sue you for the rest. You probably owe more on the car than it's worth, so you need sell the car at KBB price or close, and beg or borrow the money you need to make up the difference to get the title to the new owner. If you do it right you will only be out 2 or 3 thousand bucks.
Here's your sign. Don't buy a new car, and don't buy any car on credit. You look cool but it saps your financial life.
2007-10-07 10:34:43 · answer #2 · answered by steve.c_50 6 · 0⤊ 0⤋
If you can sell the car for at least what you owe on it, that's your best solution. If you can't sell it for what you owe, you'd have to come up with the difference.
If you just don't make the payments and the car gets repossessed, it'll mess up your credit and your ability to get another loan for a long time, like 7 years, plus you'd still be responsible for the difference between what THEY sold it for and what you owe - and they will be more likely to sell it cheap.
Yes, you make a mistake - but sorry, starting over isn't an option - you have to deal with what you got yourself into.
2007-10-07 10:41:15 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
At 18 you bought a car? Your first car for 16,000.00? My question to you is where is your co-signer in your time of need? If they are going to help, or you somehow got the car without one, maybe you can find someone to just transfer the payments and car over to just to get your name off of it before it ruins your credit. Run an add saying "looking for someone to transfer loan on a ____(whatever type car). Must have good credit". I don't know. Good luck.
2007-10-07 10:28:13 · answer #4 · answered by Corona 5 · 0⤊ 0⤋
See if you can find someone to pay you 16k for the car. If you can sell it yourself and pay off the loan you are all set. The only thing is that you will be out of a car. But that's better than the huge debt you can't pay.
2007-10-07 10:26:14 · answer #5 · answered by Angie 6 · 0⤊ 0⤋