Whats really the downside to this? im at the point in my life where I cant afford my car payment, and im to far under to be able to trade it in for something cheaper. Its ridiculous. Im thinking im just going to let it go back to the bank, and get rid of that curse of an mistake. Any advice would be extremely valuable in this situation...
It'll hurt your credit. More than likely, they will sell the car and whatever they get for it will go towards what you owe. They will still want the rest. Example: You owe $10k on the car and they sell it for $6k, they'll still want $4k from you. They don't want your car, they want to get paid. Try going into the bank and seeing if they'll work with you.
yea well i knew all that, im just at the point in my life where im tired of being miserable because of not having money to do anything because i was an idiot at 18 and got a brand new car, then turned it in and got ****ed on a used car, and then turned that one in while i was so far under it wasnt even funny. now im stuck with a car that im extremely under on, and im just tired of not having a life outside of work really.
yeah, im not sure they'll even be so kind to split the difference. all i know is, they get the car back, and you will still owe.
so what can they do? i still own them a bunch of money. they cant take anything out of my check. isnt it off my credit in 7 years?
ive tried getting a side job..i did just get another job in orlando, so im going to wait and see how that works out before i stop paying my car...but if it doesnt, i guess its back to the bank he goes.
7 years is a long time bro. and think about it, with no credit you cant do ANYTHING. You cant even get another job to fix your credit. Its insane I know. But thats America and credit is everything. Soon youll need credit in order to breathe.
true..but you need money to do anything in america as well. atleast without paying over $400 a month i can actually do stuff...
How will you get to work, or be able to go out and do stuff without car? I've not really been around Orlando, don't know if they have public transportation.
they have a reasonably good public transportation system, much better than South Florida does. But its not like New York or San Fran, you still have to drive to get around for the most part.
Having a life outside of work is secondary to not screwing up your credit further bro. Dont compound your earlier mistakes by making another mistake. Ideally I think the 2nd job idea is the best bet but if you cant get cash flow coming in that way maybe try selling some stuff on Ebay or try getting a job that pays more? Its usually easier to upgrade in to a better position when you are currently employed and in a position of strength which you actually are believe it or not. If those scenarios arent possible, go to your boss, show the initiative by asking him/her/it what you need to do to get promoted, take it to heart and bust your butt to get it. Usually that comes with a nice pay raise also. Best of luck
It's really only comes off your credit if they keep the loan for 7 years.... but if they sell your loan off for pennies on the dollar to another company, then it it keeps going as long as it's being reported basically.... and that company could sell it off to another company 5 years after they've had it and you're stuck with it for 15 years for all you know. I know you're tired of working and not having money now, but it's better than working your butt off and spending even more money in the future to get a car or house, b/c once your credit is ruined and you're forced to come up with a crapload of a down payments. Where's that going to come from? You want a 0% interest TV that's on sale b/c yours just blew out? Forget it. Need a credit card to pay for 4 new tires or a new alternator? Forget it. Need a saturday evening date at the last minute who only takes Visa? Forget it. Trust me. If you can save your credit, save it. I had an accident when I was 24 that that kept me from working for 10 months and I was in your same predicament. I HAD to give up my car. The people who lend the money don't care about your situation. All they care about is whether you're reliable or not. Luckily I had family that helped me out with a car afterwards, but it was a piece of junk. When that one died, I would've been completely screwed if I wasn't making decent money b/c the only way I was able to buy a car was if I paid cash. I wanted to do more than buy a car.... I also wanted to try and repair my credit to buy a house. So I had to drop an 8k down payment on a car just to get a bank to finance me a few extra thousand, and the interest and fee to use the alternative credit progam was ridiculous!! From there, it took me over a year to build my credit up enough to where I could get a home loan, but only if I came up with AT LEAST 10% down. That's at least 20k cash. I didn't have that, not to mention my payment would've been a few hundred a month higher than someone who wasnt a risk. That extra coulple hundred could pay a car payment. If my credit weren't destroyed, I could've gotten by with 0-3% down while saving $200/month.... plus I wouldn't have needed to put 8k down on my car while still having the same monthy payment on it (so I basically pissed away 8 grand.... fortunately it only took me 3 months to save up for). So regardless, you're gonna be stuck paying for it now.... or you'll be left paying EVEN MORE for it later to get back on track. If you don't like your situation now, then I promise you that you will NOT want to be doing it later. You don't know what detours lie ahead in your future, as neither did I.... and I wasn't prepared. To think that it can't happen to you would be very ignorant, brother. It is seemingly little, insignificant things like this that snowball downhill, leaving a person helpless and dependent on others for the rest of their lives.... or even worse- living on the streets. No joke. You could be in that same situation some day.... but if you don't have enough in savings to fall back on, you could be left with taking the bus or always relying on friends for rides. Then you begin feeling helpless and meaningless....and from there, your self-fulfilling prophecy takes over and you DO become helpless and live a life void of meaning. This S#it happens every day. Seriously... trust me. In a few years you're not going to be caring as much about all the livin it up. Reality of life is going to set in that will scare you into making sure your number 1 priority is setting up your life for the next 50 years.... and setting yourself up to live for the next 50 years is much more important than setting yourself up to live for the next 3. You might enjoy the hell out of the next 3, but then what happens for the 47 after than when you're trying to play catch-up and don't have time to stop to enjoy anything. There are ALWAYS repercussions. If this seems too stressful to handle now, then how will you be able to cope with it when it actually DOES become stressful.... b/c if you think this isn't fun, wait till your 30 and this snowball has had a chance to run downhill. I promise it only gets harder. It's all a test man, and it's up to you whether you have the strength and motivation to win it. Why do you think it takes so long to become a doctor, dentist, or pharmacist? It's to weed out the the strong from the weak. Mark my words, Nap. I don't wanna see the crap that I had to go through happen to you my friend.
Plus.... <I haven't taken a poll yet>, but I'm not sure how dates feel about riding the bus to the movies. Seriously though, what's your time worth to ya? You're giving up lots of extra hours/week waiting for and riding a bus that could instead be spent working and paying for your car. Lets say its 8 extra hours from taking the bus: 8 x hourly salary x 1 month= close to car payment. LOL. AND.... it actually saves you money in the long run b/c if you wanna play Sally stink-finger at the end of a date, you'll have to spend a LOT more on the girl after you begin it by pickin her up in a bus.
damn...ok...i appreciate your post more then you can believe honestly. what do you think i should do? maybe go to the bank and see about refinancing? possibly adding a year and dropping my payments? isnt that just going to put me in further debt though?
Gotta agree with the consensus NR. Having something like that on your record can really screw you out of many many things, including and especially another job. Truth is, if you do default on your loan, the bank will sell your car for what they can and you will still owe them the difference. That is the contract you signed when you bought the car. They can indeed garner your wages which means, you will be without a car AND still not extra cash in your pockets. I know its not what you want to hear, but I strongly suggest seeing through on your commitment on this car. Go talk to your loan officer and see what they can do to ease the burdon some perhaps. Good luck bro, hope it turns out well.
Have you asked them yet to take one of your payments and tack it onto the end of your loan? Extra interest will get added on, but no big deal. Many time's they'll do it for you. You just gotta be nice and respectful when you talk to these people. Always remember to tell them: "I know that we all have problems. I'm no more special than the next person, and I don't deserve special treatment... but I'm in a tough situation right now and I would GREATLY appreciate your help right now more than you could ever imagine. I promise I won't take it for granted".
If you can do that, (and that's your ONLY way out) then that will be a good start in the right direction AS LONG AS you make a few promises to yourself about how you'll make an effort to not let yourself get into this predicament in the future. You gotta learn and accept that you're in control of everything.
Trust me, Im big on learning from my past mistakes. I think thats a huge reason why i wanted to try and "start over" because ive learned my lesson and wont make the mistake again. so you think that getting a cheaper car financed and letting my car go back isnt going to hurt me as bad as just letting my car go back? no kidding...****!
In order to get financed for another car, you'll have to be able to prove you can handle the cost of two cars. If you have no disposable income as is, how will your financial records prove that you'll be able to handle the increased cost?
ive financed 3 cars through my name in 5 years. also had some decent size credit cards. not once was i ordered to prove how much I made. i simply put what they wanted to hear on there. i can put i make 40K per year and give them a managers # to call and verify...not to hard really.
Yes...abso-friggin-lutely! Not even an after thought! Trying to get financing for a 4-5k car AFTER you let your car go will be impossible and will take years to do....and you can't start repairing your credit until you're given new credit to use to gain the bureaus' trust with. Doing it NOW will put you years ahead of the rebuilding process and make it a little more bearable in the future. Get another car ASAP if letting your car go is the decision you've made....or at least make sure you CAN get one before you give up on this one. Don't want to shoot yourself in the foot. Posted via Mobile Device
yes....and you can put in any $number right now bc you're credit is good and the banks trust you. Remember this bc it's gonna change. Get a few payments behind or lose your car and they are going to want EVERYTHING on you. W2's, tax returns, work history, references, proof of paying cable/utilities on time. You might be able to get away with it one more time, so do try it before any late payments show up on your credit. Your payment now is $400 month? For how long? Do you have roommates? Posted via Mobile Device
Sorr Nappy, but there is a HUGE flaw in your plan. As I mentioned, just turning the current car into the bank is not going to mean you're free and clear. Although it will aleviate some of the money you currently owe (as much as they can sell the car for) you will still be on the hook for the difference. They can and will garner your wages for this money. You will then have two payments due. Just something to think about. I strongly urge you to go talk to the bank, and see if they have any options.....I think that is your best option.
are you sure they can garner your wages? ive never heard of this? i have a friend and his dad that let their cars go back, and theyve never garnered their wages. ive never heard of that before...
Sure, they can. Whether or not they will is another question. Keep in mind, banks are going broke right now. If they stand a chance to make money rather than lose it, they will.
I guess you could be correct. It would be good to hear from Jdang or JJ on this as they might have good insight, however, I know for fsct that if you default on a College loan, the school can and absolutely will garner your wages. I alsi can't believe the bank wouldn't have some sort of recourse. Otherwise, they would be losing money often.....not something banks like to do.
