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Need Finanical advice

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Faithful w/Love posted 10/22/2013 14:22 PM

Okay, I am in debt sense I moved out. I mean things have been spirling out of control. Like it doesn't for many of us when seperated.

Anyways, I am behind on my car like 3 months. I have spoke to creditor have worked some stuff out. I want to get rid of the car so bad. When I got the car their was 2 incomes and everything was gravy but now with paying out everything and on one pay check. Nothing is working. Refincing would not help. And if I traded it in it can got another car I would be upside down.
I called the dealership where I bought it brand new (never do that again) said they would buy it back but I would still owe 9000.00 and I would have to buy another car so I would still be in the same boat.
I am so stressed over this damn car.
What happens if I give it back to the bank?

How the hell did I wind up in this damn mess... Thanks WH.

No 2x4's please just some suggestions.

Undefinabl3 posted 10/22/2013 15:06 PM

What happens if I give it back to the bank?

This is called a Voluntary Repo and is still considered a reposssion on your credit.

The upside is that when they go to resell the car at auction, you will not have all the added fees of them trying to hunt you down and get the car from you, to tack on to the final sale. (which depending on who they use and for how long can be in the thousands of dollars).

Depending on what they get from auction will depend on what you will still owe to the bank.

So you will probably still owe them money, but it may be only 3-5 grand rather then 9 grand.

If you can not do a personal sale of the vehicle, then a Voluntary Repo is the lesser of the evils at this point.

You will still take the hit, but you might not be quite as underwater.

The only other options are Bankruptcy, but this comes at a price too. This will also hit your credit score and will be there for 7 to 10 years.

What a Bankruptcy will do is stop them from taking the car, and possibly reduce what you have to pay back, however, if you do this, i strongly suggest that you continue to make payments on the car while the bankruptcy is ongoing because sometimes once its over, they will come and take the car still.

Other then trying to sell things to make up money, getting another job, selling plasma....there is really not many options when it comes to not being able to afford a car anymore.

[This message edited by Undefinabl3 at 3:07 PM, October 22nd (Tuesday)]

Faithful w/Love posted 10/22/2013 15:14 PM

This suckASS. I can not believe I got myself into this damn mess. Actually, if I would have known when I got it that all this shitstorm was coming I would not have gotton it.

I feel like I am drowning and can't get out this it. I know alot of us go threw this.

I will try to figure something out. I can not believe this is my life right now.

Undefinabl3 posted 10/22/2013 15:21 PM

I used to work for a national reposession company that worked with the banks.

There really isn't much that you can do.

You could totally hide the car until you can afford to get rid of it, but that will rack up serious bills and fees that they will charge you.

If you get it repossessed, it will cost you thousands to get back if you can get it back.

We actually get this alot, that they are behind because of divorce and now only have one paycheck. Honestly, I felt horrible and its one of the reasons why I left the job.

Other then getting personal loans, using your tax check, and other ways of getting money, there's not much to do.


Faithful w/Love posted 10/22/2013 15:28 PM

Well I am not going to hide the car. And I don't want to make it worse than what is already happening.

Thank you for your advice. I really appericate it. And if I get personal loans that is just adding to the debt, you know what I mean.

Rebreather posted 10/22/2013 15:39 PM

How far underwater are you currently? If it little to nothing, then do a private part sell and get out from under the car. Then scrape up some cash and buy a beater. Or does anyone have a car you can borrow for awhile?

Basically, just get out from under this car, then find ANY form of transportation for awhile. Not ideal, but it is a workable solution in transition.

IamsosorryHB1993 posted 10/22/2013 15:42 PM

Have you considered doing Credit Counseling? There are some decent ones out there and you can enroll only the items/debts that you want into it. It can take multiple payments and combine them into one (usually lower then all combined) payment and it actually will help your credit in the long run.

My BW and I enrolled two credit cards that we were only able to pay the minimum before and it wasn't making a dent on the balance. Once we started the credit counsel the balances started to dwindle...

I can provide you the name of the one we used in a PM if you'd like to consider.

Faithful w/Love posted 10/22/2013 15:46 PM

I have no problem driving a beater.

Here is the problem... I bought the car brand new in 2012 for 24000.00 I owe 18000.00. The car lot will only give 10000.00 but I noticed they will sell it for about 18-19k depending on miles and shape of the car. My car has 28900 on it so it is under what it should be and in perfect condition. But, who would buy it for 18 when they can buy it for 18 or one cheaper with higher miles then mine? I am screwed. Plus, there are so many here because I swear this company owns everything but the forgien cars and Ford.

I want to just freak out. I have never been behind till a few months ago. now trying to get out of this debt is my biggest nightmare besides the A.

I am looking to get a second job but that may be to late.

Faithful w/Love posted 10/22/2013 15:48 PM

Please send me the info. At least I can call them and see what they can do for me.
Thank you.

Rebreather posted 10/22/2013 15:51 PM

Have you checked Craigslist to see what they are going for? A car lot is not your friend in this scenario. That is the rock bottom price.

See how much they are selling for. Maybe it is better than you think.

Being the first couple years into a loan is the worst, though. Ugh!

IamsosorryHB1993 posted 10/22/2013 15:54 PM

Faithful, PM sent.

I think I can posted 10/22/2013 16:27 PM

The best thing for you to do financially is to sell it yourself. Clean it up, get the Kelly Blue Book value or equivalent, and list it in the paper or online.

For example,if you owe 18000, and you can sell it for 16000, then you get a small loan for 3000 and pay it off and buy a 1000 beater.

Worst case is you let it go to repo, they sell it at auction for $7000, then come after you for the remaining 11000! FAR better for you to sell it private sale and get the most money, even if you end up owing some at the end.

I recommend Dave Ramsey's Total Money Makeover.

If you got rid of the car debt, can you make it each month or are you still short every month?

Faithful w/Love posted 10/22/2013 16:29 PM

Very true.. I think I am.
Thank you and I will look at craigslist.

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