lb74 Posted January 28, 2007 Report Share Posted January 28, 2007 Hello everyone:)++ ... I financed my car through ROADLOANS / TRIAD FINANCIAL with a 19% interest rate:( (I was despesperate at the time). Now 2 years later, I want out of the car and I'm about $3500 upside down in the car. I've never been late on my payments. I've never had had a reposession. I'm in the process of repairing my credit(almost finished ) , but this car thing is bothering me so much til I'm about to just let them repo the car:sad: (there goes my credit). I'll just go and buy me a car. I've tried refinancing through my credit union...TURNED DOWN!I've even tried to refinance through Roadloans and Lendingtree...TURNED DOWN!I've tried to trade it in for a better car, but with sooo much -equity:confused: I've tried to get a friend to take over the note, she didn't qualify:| What else? I'm sick of this. Any advice, before I do something , I KNOW I'M GOING TO REGRET? PLEASE HELP!!! Link to comment Share on other sites More sharing options...
lb74 Posted January 28, 2007 Author Report Share Posted January 28, 2007 Tough One, huh? Thanks anyway,guys! Link to comment Share on other sites More sharing options...
IHateCAs Posted January 28, 2007 Report Share Posted January 28, 2007 Double or triple your monthly payments. Link to comment Share on other sites More sharing options...
gypsie Posted January 28, 2007 Report Share Posted January 28, 2007 Been there...... I would say, if you CAN afford the payments- keep paying, and in another year- check back with the dealership on trading in. "but this car thing is bothering me so much til I'm about to just let them repo the car (there goes my credit). I'll just go and buy me a car."- That's a very very VERY bad idea. Once you have a reposession, even if it's voluntary- you will have a hard time obtaining any credit for another car - and if you do- then the cycle repeats itself- more high interest.You've already been making payments for the past 2 years... Is it really worth loosing every thing you've tried to achieve because you're now tired of the interest you already knew about prior to purchasing the car?Don't get discouraged. Many of us have been in your shoes. It sounds like you're making progress with credit repair... I know paying high interest for 1 car seems like forever- but it's not. And eventually, when it's all done, you'll have achieved your right to lower interest.For me personally, paying the higher interest for a few short years out of my life was worth it- esp in terms of proving I could follow thru with a financial commitment.Sorry, I don't mean to sound like I'm lecturing, My reposession was one of the worst "Avoidable" mistakes I ever made. Link to comment Share on other sites More sharing options...
lb74 Posted January 28, 2007 Author Report Share Posted January 28, 2007 Double or triple your monthly payments.Easier said than done:roll: .... I don't have the money.... Link to comment Share on other sites More sharing options...
lb74 Posted January 28, 2007 Author Report Share Posted January 28, 2007 Been there...... I would say, if you CAN afford the payments- keep paying, and in another year- check back with the dealership on trading in. "but this car thing is bothering me so much til I'm about to just let them repo the car (there goes my credit). I'll just go and buy me a car."- That's a very very VERY bad idea. Once you have a reposession, even if it's voluntary- you will have a hard time obtaining any credit for another car - and if you do- then the cycle repeats itself- more high interest.You've already been making payments for the past 2 years... Is it really worth loosing every thing you've tried to achieve because you're now tired of the interest you already knew about prior to purchasing the car?Don't get discouraged. Many of us have been in your shoes. It sounds like you're making progress with credit repair... I know paying high interest for 1 car seems like forever- but it's not. And eventually, when it's all done, you'll have achieved your right to lower interest.For me personally, paying the higher interest for a few short years out of my life was worth it- esp in terms of proving I could follow thru with a financial commitment.Sorry, I don't mean to sound like I'm lecturing, My reposession was one of the worst "Avoidable" mistakes I ever made.Thanks alot Gypsie... Link to comment Share on other sites More sharing options...
IHateCAs Posted January 28, 2007 Report Share Posted January 28, 2007 Easier said than done:roll: .... I don't have the money....Well you can't afford any other options atm then unless you have a very nice sized limit on a CC with a good BT offer. Link to comment Share on other sites More sharing options...
the aussie Posted January 28, 2007 Report Share Posted January 28, 2007 Perhaps we don't have all of the details??? Seems if you were paying on a loan for 2 years with no lates, that would build up credibility with someone...I agree with the others however, in that letting them simply take the car is a bad idea. And guess what, you will be worse off than you are now. Not only will you have a repo on your CR, but they are going to action your car and I guarrantee you will still be liable for more than the $3500 you are now upside down.As IHATECAs suggested, making more payments is the only way to go and you don't have to double or triple payments. When you started your loan, had you made an extra payment each month of $150.00-$200.00 towards principal only, you would have payed your loan off 2 years early and would be in a better position to trade it in. And it is still not too late to start making those extra payments now.I also agree with gypsie...finish paying the loan and it will be the best move you can make cause next time.....you will be in the drivers seat when it comes to interest and financing.Just my 2centsThe Aussie Link to comment Share on other sites More sharing options...
direred Posted January 28, 2007 Report Share Posted January 28, 2007 In addition to everything everyone else mentioned, both HSBC and Cap1 will re-fi auto loans for outstanding principal balances, even when upside-down. Maybe you can get a better rate with lower payments. Link to comment Share on other sites More sharing options...
jq26 Posted January 28, 2007 Report Share Posted January 28, 2007 Hello everyone:)++ ...I'm in the process of repairing my credit(almost finished ) , but this car thing is bothering me so much til I'm about to just let them repo the car:sad: (there goes my credit). I'll just go and buy me a car.PLEASE HELP!!!There must be missing detail to this. Is your current car breaking down and affecting your employment or some critical task that you must perform? If not, then it seems that another car would be financial suicide in your position and would undo all of the credit repair. Sit back and relax. If your current car is in running condition, just pay it off. The impulse to get a newer car will perpetuate the cycle you are in. There's more to life than making massive car payments and padding the pockets of loan officers that jacked your rate to 19%.I edited this post to add that people who are upside down on their current car note by $3500 refi all the time. So if you absolutely MUST have a different car, get a reliable mid-to-low priced car that you can drive for the next 5-7 years. If your credit is decent, you can roll the $3500 into your new car note and if you can get the note for under 10%, the interest difference won't make that $3500 all that bad. But plan on staying in the car until its paid off. And, if you know going into the transaction that you will be upside down and you don't have funds put away somewhere, I suggest gap insurance. If the car is totalled by either you or another party, only the current value of the car will be covered and you are stuck with a huge bill, NO car, and horrible credit if you choose not to pay it.IMO, best choice by far is to stay in car and pay it. Second choice, but not recommended, would be to buy a reliable long term car and roll in the $3500. Worst choice of all is to let them repo your current car. You may get no car or be forced to buy a piece of sh*t at 19%. Link to comment Share on other sites More sharing options...
nascar Posted January 29, 2007 Report Share Posted January 29, 2007 Now 2 years later, I want out of the car and I'm about $3500 upside down in the car.You have to know that's not uncommon when financing a car. Is there any life threatening reason why you need a new car? Does it still run? If so, you might consider keeping it until you are in a more favorable situation. Link to comment Share on other sites More sharing options...
fiestyangel1 Posted January 29, 2007 Report Share Posted January 29, 2007 Hi lb74, My husband went online 3 yrs ago, as a curiousity, filled out the app for RoadLoans and got approved. They sent us a $15,000 check, with which we bought a 2001 Chevy Impala-$14,100. at 18.5% apr. We paid on the loan for a solid year $326./month. We managed to get out of the high interest by taking our house from a "contract for deed" mortgage (that wasn't listed on any CR's-or helping our credit rebuild)to a finance company (Ameriquest) where they paid off our car. Our house payment went from $400. /month-20 yrs to $491/month -2/28yrs. A 2yr. fixed-28 yr.variable and Jan 2007 our rate changed.This could be an alternative for you, but I suggest you only do that if it is YOUR LAST RESORT (not intending to shout at you, just stressing a point.) We do and don't regret that decision. Hope this helped you.Sincerely,fiestyangel1 Link to comment Share on other sites More sharing options...
hinky Posted January 29, 2007 Report Share Posted January 29, 2007 I know the interest seems crippling, but, baby-steps. We started at 24% interest. Ouch. Then 20%, and after a lot of repair, we're at 12% now. Someday soon we can go lower again. It can be done. Be patient and keep making your payments. Link to comment Share on other sites More sharing options...
msldystrkr Posted January 30, 2007 Report Share Posted January 30, 2007 I can understand your frustration being upside down in your car loan BUT a repossession is not the answer. You made a bad choice in "car and loan" so please don't compound the problem with more bad choices. Add a little to each payment when you can to get the balance down. Take pride in the fact that you made a bad choice but you are learning this lesson by paying your debt and moving forward. The day you walk out of a dealership with a low interest loan will give you more self respect then handing the keys over to the repo guy! Link to comment Share on other sites More sharing options...
lb74 Posted January 30, 2007 Author Report Share Posted January 30, 2007 Thanks for the comments and advice guys. I believe I'm just frustrated b/c I was listening to my friends a few days ago and they were telling me about their interest rates and mthly pymts and I was disgusted:( with myself. I'm going to go ahead and keep the car maybe try to refinance in about 7 months from now. Thanks again! Link to comment Share on other sites More sharing options...
jblackbu01 Posted January 30, 2007 Report Share Posted January 30, 2007 stick it out and don't get another car loan. Auto loans are evil. Why have a loan on something that only loses value. Link to comment Share on other sites More sharing options...
divemedic Posted January 30, 2007 Report Share Posted January 30, 2007 try prosper.com Link to comment Share on other sites More sharing options...
IHateCAs Posted January 31, 2007 Report Share Posted January 31, 2007 Please don't try keeping up with the Joneses. It will just land you in hot water. Don't worry about what your friends and neighbors get for interest rates.Take your medicine and make your payments. When your car is paid off, you'll be happy you didn't just say **** it and trash your credit again. Link to comment Share on other sites More sharing options...
IHateCAs Posted January 31, 2007 Report Share Posted January 31, 2007 stick it out and don't get another car loan. Auto loans are evil. Why have a loan on something that only loses value.Because my money is worth more to me in another investment than paying for a car in full. Link to comment Share on other sites More sharing options...
ConfusedToo Posted January 31, 2007 Report Share Posted January 31, 2007 I was able to purchase a used car recently and got the gap insurance, mainly because we drive alot of miles and we have a teenager driving. I was quite pleased with 9% rate from my credit union. Plus they will give us $1000 off our next auto loan if we have to use the gap thing.I am making payments every 2 weeks with $25 extra each time. This way I will be able to pay it off 17 months earlier and save a ton of interest. Here's the site to help you calculate:http://www.finance.cch.com/sohoApplets/AutoBiweekly.asp Link to comment Share on other sites More sharing options...
rm2738 Posted February 22, 2007 Report Share Posted February 22, 2007 I'm in a similar situation.... Poor credit, High interest rate, bought a brand new truck and rolled over negative equity from my last truck. (Could I have done anything else to screw myself? lol) Any suggestions? Is there a letter that I could maybe write to the Finance company to see if they will lower my payoff? Any Ideas will help!! Link to comment Share on other sites More sharing options...
jiggajoe Posted February 27, 2007 Report Share Posted February 27, 2007 Both of oyu should do CAP1... I was am upside down about $6000...they just did it...I'm waiting on the final terms letter. My payment only goes down by about $20...but I can continue payments the same and save interest in the long run...I suggest you do the same....Your credit will heal...MY current loan before refinancing has aged for about 1 1/2 years and now I am being extended the credit I could not get at all before. When I got my car, nobody would touch me but CarMax and they taxed me at 25% ...ouch...Cap1 got me now to 17.95...if I wasn't upside down, I supppose it would have been like 12-14. Chin up! Link to comment Share on other sites More sharing options...
dealornodeal Posted February 27, 2007 Report Share Posted February 27, 2007 Easier said than done:roll: .... I don't have the money....I know how you feel...believe me. Last Year I tried to sell my 1979 Corvette..absolute dream car...because of a stupid refi changed my original Car Loan from Credit Union to Cap. One Auto and when I needed to sell the Car I was upside down.Tried to sell the Car for 4 Month would not get the Money that I needed..the Title was in the Banks hand and I had bargain power.Went and maxed out 2 Credit Cards...bought a Car with it...and had to Volenteer Repro the Car.I knew I wil ruin the Credit but I was doomed to ruin it anyway.Two things I accomplished with it:IMPORTANT>>>>>>>>>>>>>The title is in my Hands!!!And I have a Car.Good Luck!! Link to comment Share on other sites More sharing options...
lb74 Posted March 2, 2007 Author Report Share Posted March 2, 2007 Hello Everyone...Just wanted to let you guys know that I got my car refinanced:D . Thanks to HSBC.... The rate's not too good 15.89% but it beat what I had 19.75%, I was told I could reapply later. I believe I'll wait about 12 months to reapply. Link to comment Share on other sites More sharing options...
lb74 Posted March 7, 2007 Author Report Share Posted March 7, 2007 Will refinancing my current auto going to hurt credit score alot? Any response will help.. Link to comment Share on other sites More sharing options...
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