Ok right now I am paying 425 dollars for my car monthly ( i am one month late rt now )
and i am also paying 200 dollars monthly for my insurance ( i was late past 2 months so , 400 dollars are due on the 20th ) ..
I got a job $12/hr . 40 hours / week , at this company last week , today is my 3rd day
Now I can pay the car payment for the past month ( i have close to 400 in my bank )
and i can hopefully pay the Insurance also by the 20th
( using the First paycheck from my 40 hour/week job )
But this is too much . I am driving a honda civic now .
I dn't think this is a good idea , I want to save up enough money so I can get a job as an electrical engineer ( what i got my degree in )
Oh man , i dn't know what i was drinking when I Got this car. I guess I wanted to show everyone that I can buy a car too . it was so stupid , Now that i think back on it .
Mann....( because my credit was so messed up , i even used my dad's credit also )
What do I do now??
2007-12-11 06:07:42 · 7 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
There are several factors that you do not mention. What is the current value of the vehicle, and what is the balance owed on the vehicle?
If you owe less than the value of the car, you can sell the car and use those funds to pay off the loan. If you owe more than the car is currently worth (most likely) it is a harder situation!
Right now the first thing to do is to pay the one car payment, to avoid any chance of repossession. Pay the insurance out of your first check! Call your insurance company and explain the situation to them, that you will be paying them by the 20th!
If you want to be able to go back to school in the near future, you are going to have to find a way to increase your income enough so that you can pay the loan balance down to below the car value, and then you can sell the car and buy something cheap for transportation! You may want to look into a part time job, or check to see is overtime is available on your current job!
If you can work 5 hours a week overtime you woud be making another $90 per week gross (based on your current rate of pay at time and a half). If you van find a part time job working a few evenings and one full weekend day, you can bring in the same or more!
You want to get your payments current, and keep them that way. This will help your credit, and avoid harming your father's record!
At least you are trying to find a way to do things right. You will work it out, it just is going to take some time and effort!! Good Luck!!
2007-12-11 06:22:32 · answer #1 · answered by fire4511 7 · 1⤊ 0⤋
The first action you should take (if you haven't already) is ask your parents for help. Since they are on the loan with you, their credit is being crushed each time you are late. This will cost them money down the road. It may be a wise move for them to issue you a loan to get caught up (and even a little ahead) so you have time to get things in order. After you get through this rough stuff and get settled in at a new job you should be able to pay them back and salvage your credit before it is harmed too badly. One late payment wont kill you too bad, 2 or more is brutal.
You can try to sell the vehicle on your own in the meantime also. Try AutoTrader.com. It's cheap and effective.
2007-12-11 07:56:09 · answer #2 · answered by thorno74 3 · 2⤊ 0⤋
Most people disagree with this, but it works. If you can't get out of your car even, then go to a dealer and trade it towards another civic, but this time a lease. Your payment will probably go down, your other car paid off, and in three years yoiu are back to zero. And in the world of auto financing, 0 is a very good place to be.
2007-12-11 07:52:04 · answer #3 · answered by jay 7 · 0⤊ 2⤋
1st if you still owe money on your car its almost certain that you owe more than its worth, so if you sell it on your own you still need to pay the loan off. the best thing you can do is trade your car into to a dealership and they will roll the extra amount you owe into the new car payment. on your new car, you could try a lease to get a low payment, but if you lease make sure you get plenty of extar miles upfront and you can EASLY afford the payment, and lease for short term (24-36mnth). if you buy a car you'll have to get a very cheap one, say $6k-8k depending on how much more you owe on yuors than it is worth. if you were to finance a total of $12k for 60mnths you may be able to get under $300 mnth if you can get 13% interest rate
2007-12-11 08:12:42 · answer #4 · answered by spacemonkey1958 5 · 0⤊ 2⤋
If you are not upside down on the financing, you can simply sell the car and buy one that is more affordable for you. That's about your only option.
2007-12-11 06:16:39 · answer #5 · answered by Jay P 7 · 0⤊ 2⤋
YOU GOT NO CREDIT, YOUR PARENTS ARE OUT OF THE QUESTION SO ALL YOU HAVE LEFT IS TO ASK A FRIEND FOR SOME HELP.
2007-12-11 06:18:03 · answer #6 · answered by Anonymous · 0⤊ 3⤋
your pretty much screwed...........learn from your mistakes and don't do it again
2007-12-11 06:11:26 · answer #7 · answered by Anonymous · 0⤊ 2⤋