Has anyone here claimed bankruptcy over a car? Jw cause I think that may be my only option.
Bankruptcy?
Has anyone here claimed bankruptcy over a car? Jw cause I think that may be my only option.
89 EE Wagon
I doubt you'll be able to, its much harder to claim bankruptcy these days and I dont think a car is worth doing that.
If it is just your car you are trying to get out of.. Just do a Voluntary Repossesion of the car to the company your car is finanaced through. Basically instead of them coming and taking your car cause you havent paid, you are basically giving it back to them before they can come get it. Will still look bad on your credit, but hey if you can't afford it anymore, you can't afford it anymore. You will be looking at probably 4 years before you can finance another car and expect your interest rate to be at least 20%... IMO, if it's not being able to afford a car payment, I would get a second job or something and find a way to pay.. might suck now, but if you do a reposession or bankruptcy its gonna suck later even more..
~In life it's most important to find a world that belongs to us. Life is meaningful only when we can find this world.~
exactly, it wouldnt do you any good unless you had a house or a business to file with it. 9 out of 10x the wont let you just file for a car. You might have to just chalk it to the game, and let it go.Originally Posted by tony
This is very true, the first car I ever bought at 19 I took back two days later because it had transmission problems and the dealership would not fix it. Ended up taking a voluntary reposession but even with that 4 years later my credit score was back up to a 700 because I never missed a payment on one thing.
To possibly help you out what kind of car is it and is it possible for you to sell or trade in?
Agreed. If at all possible, get a second job to keep the payments current and then sell the car. Cut other expenses, don't eat out, do anything you can to keep up with the payments just until it's sold. You never know when you'll need your credit so take good care of it.
2005 Mazdaspeed MX-5 -1.8L Turbo
Yeah i'm currently looking for another job. My problem with the car is that it way up-side down. How do you do a voluntary repo and will it exhonerate me from being up-side down.
89 EE Wagon
No it wont, even with a voluntary repo you are responsible for the difference between what you owe and how much they sell the car for.
Would you consider trading to a cheaper car and roll over the remaining balance to the new loan?
I tried that and I am too up-side down.
89 EE Wagon
make the car come up missing...good thing for full coverage and the auto thefts these days...
-dave
Insurance will only cover the valuation of the car... Still would owe the difference.
~Majestic MattyB~
"Majestic Modifications... creating majestic driving experiences worldwide."
Sell the car by owner and pay it off.
95 Buick Roadmaster Estate Wagon Limited
Yea you got accessory happy on your civic and now thats the problem. Here is a a few ways to get out of it. Get FULL ccoverage insurance WITH GAP, and make it dissapear, OR put it on ebay get as much as you can for it HAVE IT SHIPPED to the person tell them when you get the title in the mail you will send it to them. pay that lump sum on the car and make your few remainder payments. Both of these plans are shady but would work.
how much upside down are you ?
Lets say his civic costed him like 30k!!!!!!
X2 one of my friends some how owed 40k on a 25k car.
Yeah that dealer loved me:idb:
89 EE Wagon
ray ray's chop shop... make sure you have gap and full coverage... i used to be a dealer and yes we do fuck people over... its bad how they do it though thats why i quit... i've seen a dealer rip a 87 year old woman on a 94 expresso... yes the old skool neon for 12k..... WTF
save bankrupcy for when (if) you get in a shitload of debt that there is no way to climb out of it. that will stay with you for almost 10 years and you will be black balled from buying anything. or even renting some apartments.
N/A>>><<<BOOST
another dumbass who bit off more than they can chew.... dont fuck with your credit.... its hard to get it to where its good and even harder to fix it
EF SQUAD FTMFW!!!!
they always pay the minimum payments
EF SQUAD FTMFW!!!!
WOW dude way to be a dick, I was just asking for advice not for you to tell me what I already know.
89 EE Wagon
if you want man, I will buy your HFP wheels off your Si. Cash plus some 2007 lx wheels and tires?? It would help out with money!! LMK
I already sold em' but thanks for the offer
89 EE Wagon
so i guess you dont want my 19's j/k, like everyone else said full coverage+gap+oops some stole my car=
dayum. seems like you weren't thinking much when you bought this car. good luck in whatever you do
A Vol. Repo will still net you shitty credit for 5-7 years depending on the lender and how many payments you have already missed and if you can't pay off the remaining amount you are upside down on.
I hit a rough spot a few years ago and was faced with bankruptcy but didn't take that option. I almost lost my house, I vol. repo'ed my car, and to this day it is still hurting me. Do what ever you can. I worked one full time job and 2 part time jobs to save my house and other belongings until shit got worked out...I should have done the same with my car too....then I'd be good to go now.
If you have any collaterial (sp I think)....you could do a for sale by owner and then whatever the remaining balance, you could do a personal loan from the bank or home equity loan to cover the difference so your credit could stay in tact. But again I don't know your entire situation, your age, and all of the other important stuff to go along with the story.
Either way....good luck.
totolly wrong...
reason he pay so much depends on % rate, if they put any money down, loan term... etc... but to go up that high, means high interest rate, which means they probably have low score/bad credit.
There is no such thing as min payment on a car.. once you sign the contract you pay what it says on that contract... or more...
Are you missing any payments? The reason I'm asking because I have a plan for you but I need to know if you are missing any payments or not. Oh yeah, don't do the Voluntary Repossesion. You may as well let them come and get it. Cause they still look at it as if you didn't make the payments. Plus your still gonna have to pay the balance that's left on the car after they sale it.
Nah I haven't missed any payments and my interest rate is 4.4. I just didn't put anything down which is killing me. I was fine until I bought a house.
89 EE Wagon
Go be a waiter or a pizza driver. That will help you out alot. Im pretty sure your young and shit but damn that sucks to be in debt at such a young age.
BUY MY HATCH <--click the link, cuz.
I dont knwo if this is possible or not.. maybe trade it in for something relatively cheaper... if not.. list it up for sale and just transfer the payments onto the third party.
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