Damn you truck.

Balldog · 05-13-2003, 11:47 AM

I'm trying to cut my debt down to the bare minimum. Right now I have a 2002 Ranger that I owe 18,000 on. According to KBB.com I can sell it for 15,000 or trade it in for 12,000. I figure either way I'm going to lose money on the truck. Is there any other way to get out of a payment? I don't really want to go the bankrupt route. 3 years ago I totalled my car when I wrecked while sleeping but I don't feel comfortable doing that again.

ctmason · 05-13-2003, 11:49 AM

Short of a good ol' fashioned Detroit torching (that wouldn't help). No.

You are WAY upside down in this loan and must either pay extra (as much as you can afford) each month until you get it down to a reasonable level.

I just came out of pocket a little under $1,000 to pay off my truck after selling it private party. It happens.

stkelly52 · 05-13-2003, 11:55 AM

Have a friend steal it?

This is actually the big problem that alot of people have when they buy a new car. It just loses it's value so quickly. Unless you are commited toowning the care for aobut 10 years it's not worth buying a new car. I know that this is know help to you know, but perhaps it will save someone else from the same fate.

Franklinnoble · 05-13-2003, 11:57 AM

I'm in the same boat. Most car loans are structured like that by design - the banks basically f*ck you in the ass by keeping you upside down for the duration of the loan.

Unless you can re-finance to get a better interest rate, there's really nothing you can do about it except take the sodomy until you pay the damned thing off. Paying more every month will help, even if it's only a few bucks, but that's basically like getting a little astroglide while you're being buttf*cked.

The Afoci · 05-13-2003, 01:17 PM

Whatever you do, don't just give it back. I work for a place that finances vehicles for those who have had repos, bankruptcies and such and if at all possible, you don't want to put yourself in this place.

For example, we generally start people at a 24.9 rate. This is pretty much mandatory and there is nothing they can do because with a repo or a recent bankruptcy, no one, and i mean no one else will finance you. Then we put about $1000 worth of repairs on the vehicle (if it breaks, people give them back, their credit sucks already, nothing to lose). Then we mark it up around $4000. This is there to ensure if we must pay for repairs, that they still make some cash. We also must try to recoupe the 1 out of 13 that are repoed again. If you think this can't happen to you, it can.

Just last week I had a lady who 1 month ago had a 2002 Dodge Intrepid. She let it go back because the payment was big and she was upside down and wanted something different. I was kind enough to show her a 1995 Ford Taurus that was the best car I could get her financed for now and sell it to her for the nice price of $7499 at 24.99% interest for 3 years on bi-weekly payments.

If I were you, I would try to sell it private party, put most of that money towards the loan, by a cheap car for cash and try to work something out with the finance company or your bank to pay smaller payments on the remaining balance. Also, something that is a lot rarer is what is called a modification. If you talk to them and tell them your financal situation, they may extend the term of the loan another year or two(depending on the amount of miles you drive) to lower your payment.

Good luck!

The Afoci · 05-13-2003, 01:23 PM

to clarify some, if we repo the vehicle, we must sell it at public auction and it is generally done at huge losses and we sue you for the remainder. That pretty much ends your chances of getting any other loans.

Hope this isn't to scary, but working here definately helps me make sure I pay my bills on time.

CamEdwards · 05-13-2003, 01:52 PM

damn, the weather's not the only thing that's cold in Fargo.

Franklinnoble · 05-13-2003, 02:12 PM

Quote:

Originally posted by CamEdwards
damn, the weather's not the only thing that's cold in Fargo.

Sodomy is a dish best served cold.

Anrhydeddu · 05-13-2003, 02:22 PM

I have always find it tragically amusing when some folks justify an expensive vehicle purchase saying it's an "investment". What investments would you go into knowing for sure that 40% of your money is instantly lost? Credit worthiness is truly the root of all evil - it makes anyone, esp. me, buy things we can't really afford.

Back on topic. Balldog, I really don't have any advice, bro. Good luck with whatever you decide.

scooper · 05-13-2003, 02:24 PM

God bless late model certified used cars.

CamEdwards · 05-13-2003, 02:24 PM

Quote:

Originally posted by Anrhydeddu
Balldog, you're screwed.

Good luck with whatever you decide.

I edited your post to make it a little more concise.

mrskippy · 05-13-2003, 02:29 PM

None of you have the right to complain. In 2000 I bought a Daewoo Lanos. Nice, cheap little Korean car. These things just arrived at the dealership. The reviews I read early on were mostly favorable. And the dealership had high hopes. Payments were very reasonable and I was pleased.

Now three years later, the car has 60,000 plus miles on it. When it went in for repairs, it took more than a month to get the part.

I got a nice finance offer, only to find out that I'd have to make a down payment to cover the negative equity. It just wasn't worth it.

So, I have to suck it up. Choices are to double up payments or wait until it's paid for in two years. Only thing that sucks is if the car doesn't make it that long.

All I know is that next time, I'm going to go for broke and get a good vehicle.

Toddiec · 05-13-2003, 02:43 PM

The Afoci has got it right. I am a loan officer at a bank (take it easy on me franklinnoble!) and basically we won't touch anybody with a bankruptcy for at least 7 years after they declare it.

Usually, if you can chip in a little extra every month on principal, that helps out quite a bit. Also, don't be afraid to call your banker (or whoever financed the vehicle) and let them know your situation. More often than not they will help you out. I have had loans go bad before and I was always more willing to help people that just called and were honest with me on what was happening.

mrskippy · 05-13-2003, 03:00 PM

Of course, what happens if the car company goes bankrupt, can't deliver on the warranty or the parts, etc.?

Daewoo failed to deliver on the warranty on the vehicle. The selling dealer won't even touch it. I tried to contact the finance company about breach of contract, but nothing doing.

I'm stuck with junk.

RendeR · 05-13-2003, 03:11 PM

Quote:

Originally posted by mrskippy
Of course, what happens if the car company goes bankrupt, can't deliver on the warranty or the parts, etc.?

Daewoo failed to deliver on the warranty on the vehicle. The selling dealer won't even touch it. I tried to contact the finance company about breach of contract, but nothing doing.

I'm stuck with junk.

This is in the fine print of the sales jargon, basically there is a lause in there that says the manufacturer is not liable for anything in the event of financial failure or dissolution of the company.

AKA, yer screwed. Never buy cheap forgien shit...err cars....

mrskippy · 05-13-2003, 03:18 PM

Problem is that Daewoo also isn't honoring recall repairs. And that my friend ... is illegal as hell!!!

scooper · 05-13-2003, 03:20 PM

Quote:

Originally posted by mrskippy
Of course, what happens if the car company goes bankrupt, can't deliver on the warranty or the parts, etc.?

Daewoo failed to deliver on the warranty on the vehicle. The selling dealer won't even touch it. I tried to contact the finance company about breach of contract, but nothing doing.

I'm stuck with junk.

That's why I refuse to consider cars that don't have a longer track record in the states. For example, I'd now consider a Hyundai, but KIA's would not be an option for me.

mrskippy · 05-13-2003, 03:52 PM

Hyundai now owns KIA

Draft Dodger · 05-13-2003, 04:21 PM

this is why I lease

The Afoci · 05-14-2003, 07:36 AM

Quote:

Originally posted by CamEdwards
damn, the weather's not the only thing that's cold in Fargo.

I have only worked here about 6 months, but I already love the feeling when someone pulls up in a 2001-2003 vehicle and they walk in and say, hey I am giving this car back and they want to know what they can get here. We go through the app and after seeing that the big payment drained them for about a year and everything is behind and I show them an old piece of shit and they get all cocky with what they are driving now and I bring out there credit report and BAM! "Pay your bills and we wouldn't be here...

But then sometimes you get some great people that you feel really bad about the situation. But most of the time the people feel it is our fault that they didn't pay their bills. Lots of people blame George W because he cut something or its all his fault that they can't make a payment on time in since his dad was in office...

Samdari · 05-14-2003, 08:05 AM

Quote:

Originally posted by Draft Dodger
this is why I lease

Actually, that is worse financially than being upside down on a loan for 3-4 years. Pay half the price of a vehicle in 3 years and own nothing?

Honolulu_Blue · 05-14-2003, 08:17 AM

Quote:

Originally posted by Draft Dodger
this is why I lease

Agreed.

I was about 2 years into a 3.5 year lease when I found out I was moving to Europe. Held onto the car (nice, sensible Honda Accord) until two days before I left. Drove it to the Honda Dealership. Said I wanted to sell them the lease. The mileage was way under the limit. They looked at the car, it was in good shape. He gave me a price which was about $200 bucks under the price of the lease. I gave him the car, $200 dollars, and that was that. No more car payments. No more car. Off to Europe.

It was an incredibly hassel-free affair.

mrskippy · 05-14-2003, 12:36 PM

You paid $200 to get rid of a car??? If you had purchased, you could have found a sucker like me and been ahead.

Franklinnoble · 05-14-2003, 12:39 PM

He paid $200 to get rid of a car that he had made payments on for two years.

No equity to show for it at all. I just couldn't stomach that.

scooper · 05-14-2003, 12:40 PM

Quote:

Originally posted by mrskippy
Hyundai now owns KIA

Did not know that. But they still have not been on the road here long enough for us to know how well they are built or if they will continue to be sold here. Parts are hard to get for cars only sold on foreign soil.

Alan T · 05-14-2003, 12:45 PM

Quote:

Originally posted by Draft Dodger
this is why I lease

I am trying to get out from under my lease right now.. I never ever ever ever ever ever will lease again.. gah!

When I got the lease, I had a nice short commute, no problems... Then I ended up moving an hour away from work because I bought a house (and can't afford the $600k to buy a house with decent land in the Boston area). Suddenly I am over on miles big time.. I basically am screwed any way I can think of it. Right now I am shopping around trying to find the best deal, hoping someone will take my lease and miles off of my hand with purchase of a new car. So far no luck though.. I might end up owing several thousand at the end, without even having a car...

Geesh.
Learned my lesson.

Craptacular · 05-14-2003, 01:20 PM

If you can wait a few months, my 1992 Plymouth Sundance can be had for a very reasonable price.

Kam · 05-14-2003, 01:29 PM

Craptacular said:

If you can wait a few months, my 1992 Plymouth Sundance can be had for a very reasonable price.

You can give me $500 to take it off your hands.

andy m · 05-14-2003, 02:07 PM

haven't you ever played GTA3? i thought it was based on real life in the US, and that you could just go jack a car whenever you liked. isn't this the case? i'm shocked and appalled.

05-13-2003, 11:55 AM	#3
stkelly52 College Benchwarmer Join Date: Dec 2000 Location: Seattle WA	Have a friend steal it? This is actually the big problem that alot of people have when they buy a new car. It just loses it's value so quickly. Unless you are commited toowning the care for aobut 10 years it's not worth buying a new car. I know that this is know help to you know, but perhaps it will save someone else from the same fate. __________________ Check out an undrafted free agent's attempt to make the Hall of Fame: Running to the Hall Now nominated for a Golden Scribe!

05-13-2003, 01:17 PM	#5
The Afoci Pro Rookie Join Date: Jan 2003 Location: Moorhead	Whatever you do, don't just give it back. I work for a place that finances vehicles for those who have had repos, bankruptcies and such and if at all possible, you don't want to put yourself in this place. For example, we generally start people at a 24.9 rate. This is pretty much mandatory and there is nothing they can do because with a repo or a recent bankruptcy, no one, and i mean no one else will finance you. Then we put about $1000 worth of repairs on the vehicle (if it breaks, people give them back, their credit sucks already, nothing to lose). Then we mark it up around $4000. This is there to ensure if we must pay for repairs, that they still make some cash. We also must try to recoupe the 1 out of 13 that are repoed again. If you think this can't happen to you, it can. Just last week I had a lady who 1 month ago had a 2002 Dodge Intrepid. She let it go back because the payment was big and she was upside down and wanted something different. I was kind enough to show her a 1995 Ford Taurus that was the best car I could get her financed for now and sell it to her for the nice price of $7499 at 24.99% interest for 3 years on bi-weekly payments. If I were you, I would try to sell it private party, put most of that money towards the loan, by a cheap car for cash and try to work something out with the finance company or your bank to pay smaller payments on the remaining balance. Also, something that is a lot rarer is what is called a modification. If you talk to them and tell them your financal situation, they may extend the term of the loan another year or two(depending on the amount of miles you drive) to lower your payment. Good luck! __________________ I had something.

05-13-2003, 01:23 PM	#6
The Afoci Pro Rookie Join Date: Jan 2003 Location: Moorhead	to clarify some, if we repo the vehicle, we must sell it at public auction and it is generally done at huge losses and we sue you for the remainder. That pretty much ends your chances of getting any other loans. Hope this isn't to scary, but working here definately helps me make sure I pay my bills on time. __________________ I had something.

05-13-2003, 01:52 PM	#7
CamEdwards Stadium Announcer Join Date: Mar 2002 Location: Burke, VA	damn, the weather's not the only thing that's cold in Fargo. __________________ I don't want the world. I just want your half.

05-13-2003, 04:21 PM	#19
Draft Dodger Coordinator Join Date: Jan 2001 Location: Keene, NH	this is why I lease __________________ Mile High Hockey

05-13-2003, 11:49 AM	#2
ctmason High School JV Join Date: Oct 2000 Location: Mesa, AZ	Short of a good ol' fashioned Detroit torching (that wouldn't help). No. You are WAY upside down in this loan and must either pay extra (as much as you can afford) each month until you get it down to a reasonable level. I just came out of pocket a little under $1,000 to pay off my truck after selling it private party. It happens.

05-13-2003, 11:57 AM	#4
Franklinnoble Banned Join Date: Jul 2002 Location: Placerville, CA	I'm in the same boat. Most car loans are structured like that by design - the banks basically fck you in the ass by keeping you upside down for the duration of the loan. Unless you can re-finance to get a better interest rate, there's really nothing you can do about it except take the sodomy until you pay the damned thing off. Paying more every month will help, even if it's only a few bucks, but that's basically like getting a little astroglide while you're being buttfcked.

05-13-2003, 02:22 PM	#9
Anrhydeddu Resident Curmudgeon Join Date: Oct 2002	I have always find it tragically amusing when some folks justify an expensive vehicle purchase saying it's an "investment". What investments would you go into knowing for sure that 40% of your money is instantly lost? Credit worthiness is truly the root of all evil - it makes anyone, esp. me, buy things we can't really afford. Back on topic. Balldog, I really don't have any advice, bro. Good luck with whatever you decide.

05-13-2003, 02:24 PM	#10
scooper College Benchwarmer Join Date: Oct 2000 Location: Cinn City	God bless late model certified used cars.

05-13-2003, 02:29 PM	#12
mrskippy Banned Join Date: Oct 2000 Location: California	None of you have the right to complain. In 2000 I bought a Daewoo Lanos. Nice, cheap little Korean car. These things just arrived at the dealership. The reviews I read early on were mostly favorable. And the dealership had high hopes. Payments were very reasonable and I was pleased. Now three years later, the car has 60,000 plus miles on it. When it went in for repairs, it took more than a month to get the part. I got a nice finance offer, only to find out that I'd have to make a down payment to cover the negative equity. It just wasn't worth it. So, I have to suck it up. Choices are to double up payments or wait until it's paid for in two years. Only thing that sucks is if the car doesn't make it that long. All I know is that next time, I'm going to go for broke and get a good vehicle.

05-13-2003, 02:43 PM	#13
Toddiec Mascot Join Date: Mar 2002 Location: Kansas City, Kansas	The Afoci has got it right. I am a loan officer at a bank (take it easy on me franklinnoble!) and basically we won't touch anybody with a bankruptcy for at least 7 years after they declare it. Usually, if you can chip in a little extra every month on principal, that helps out quite a bit. Also, don't be afraid to call your banker (or whoever financed the vehicle) and let them know your situation. More often than not they will help you out. I have had loans go bad before and I was always more willing to help people that just called and were honest with me on what was happening.

05-13-2003, 03:00 PM	#14
mrskippy Banned Join Date: Oct 2000 Location: California	Of course, what happens if the car company goes bankrupt, can't deliver on the warranty or the parts, etc.? Daewoo failed to deliver on the warranty on the vehicle. The selling dealer won't even touch it. I tried to contact the finance company about breach of contract, but nothing doing. I'm stuck with junk.

05-13-2003, 03:18 PM	#16
mrskippy Banned Join Date: Oct 2000 Location: California	Problem is that Daewoo also isn't honoring recall repairs. And that my friend ... is illegal as hell!!!

05-13-2003, 03:52 PM	#18
mrskippy Banned Join Date: Oct 2000 Location: California	Hyundai now owns KIA

05-14-2003, 12:36 PM	#23
mrskippy Banned Join Date: Oct 2000 Location: California	You paid $200 to get rid of a car??? If you had purchased, you could have found a sucker like me and been ahead.

05-14-2003, 12:39 PM	#24
Franklinnoble Banned Join Date: Jul 2002 Location: Placerville, CA	He paid $200 to get rid of a car that he had made payments on for two years. No equity to show for it at all. I just couldn't stomach that.

05-14-2003, 01:20 PM	#27
Craptacular College Starter Join Date: Oct 2001 Location: The Mad City, WI	If you can wait a few months, my 1992 Plymouth Sundance can be had for a very reasonable price.

05-14-2003, 01:29 PM	#28
Kam H.S. Freshman Team Join Date: Jan 2003 Location: Bloomington, IN	Craptacular said: If you can wait a few months, my 1992 Plymouth Sundance can be had for a very reasonable price. You can give me $500 to take it off your hands.

05-14-2003, 02:07 PM	#29
andy m High School Varsity Join Date: Oct 2000 Location: norwich, UK	haven't you ever played GTA3? i thought it was based on real life in the US, and that you could just go jack a car whenever you liked. isn't this the case? i'm shocked and appalled. __________________ mostly harmless FOFL 2009 champs - Norwich Quagmire

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