should i return the car??
#21
RE: should return the car??
ORIGINAL: mightymouse
WelsFargo
ORIGINAL: Black07gt
what finance company was this?
ORIGINAL: mightymouse
Ok manCheck this out. i went through a bankruptcy and the finance co. does not want the car back so what they may do is. make an offer to your dad to lower the amount owed on the car as well as the payment and intrest rate just to get himto keep the car so he will start rebuilding his credit quickly. my finance co did that but the car i had wasnot worth keeping so i just let it go in the bankruptcy. if the car gose back to them then it goes toauctoined off and the financing co never gets there money outof the car. so if you can keep the car then by all means do so but talk to you dad about it and see what happens..
Ok manCheck this out. i went through a bankruptcy and the finance co. does not want the car back so what they may do is. make an offer to your dad to lower the amount owed on the car as well as the payment and intrest rate just to get himto keep the car so he will start rebuilding his credit quickly. my finance co did that but the car i had wasnot worth keeping so i just let it go in the bankruptcy. if the car gose back to them then it goes toauctoined off and the financing co never gets there money outof the car. so if you can keep the car then by all means do so but talk to you dad about it and see what happens..
#22
RE: should return the car??
ORIGINAL: owero01
If you are just worried about the amount of time left to pay on the car, don't. You are going to fine that any major item you purchase, it will take a long time to pay it off. Just think about credit cards and making the minimum payment, or even a college education. It takes years to pay off a student loan. I know someone will say that is different and you will be making more money. Percentage wise, its the same. So, if its having to pay $480 a month for the next 5 years, get use to it because you will just find something else that you will have to pay for a long time.
If you are just worried about the amount of time left to pay on the car, don't. You are going to fine that any major item you purchase, it will take a long time to pay it off. Just think about credit cards and making the minimum payment, or even a college education. It takes years to pay off a student loan. I know someone will say that is different and you will be making more money. Percentage wise, its the same. So, if its having to pay $480 a month for the next 5 years, get use to it because you will just find something else that you will have to pay for a long time.
#23
RE: should return the car??
Just a little "food for thought". If you "return" the car to the dealer, that is considered a "voluntary reposession", but is considered by creditors the exact same thing as a reposession if you didn't make your payments. That will, by law, stay on your credit report for 7 years. That is definitely not a good thing to start out with at your age. When you go to eventually buy a house, it will still be on the credit report that the escrow company gets, even if it's 15 years later! Also, many employers use credit scores to help determine who they hire.
If you really want to get rid of the car, do it the right way and sell it, or find somebody who is credit worthy in the eyes of your finance company and have them take over your payments/assume your loan. I know right now things seem bleak, but do yourself a favor and think of your future.
Scott
If you really want to get rid of the car, do it the right way and sell it, or find somebody who is credit worthy in the eyes of your finance company and have them take over your payments/assume your loan. I know right now things seem bleak, but do yourself a favor and think of your future.
Scott
#24
RE: should return the car??
Black07GT...
Life is tough. At 22 with a full-time job, things can be tough as hell. I have no parental support, livewith roommates,and am financially independent, but since I lack a college degree I work in a department store that doesn't pay what it should. My thing is that I need to finish school (got one year left, just haven't been able to afford to go back), so that I can get a much better job and not stress from paycheck to paycheck. So I do hope you go to college. It is very important. You're 17... insurance is probably a b*tch. Anyway, to be honest with you, I'd probably trade it for a V6 or sell it and then get a V6. I know power-wise it's going to be a downgrade, but it's still a Mustang. Just my two cents.
Life is tough. At 22 with a full-time job, things can be tough as hell. I have no parental support, livewith roommates,and am financially independent, but since I lack a college degree I work in a department store that doesn't pay what it should. My thing is that I need to finish school (got one year left, just haven't been able to afford to go back), so that I can get a much better job and not stress from paycheck to paycheck. So I do hope you go to college. It is very important. You're 17... insurance is probably a b*tch. Anyway, to be honest with you, I'd probably trade it for a V6 or sell it and then get a V6. I know power-wise it's going to be a downgrade, but it's still a Mustang. Just my two cents.
#25
RE: should return the car??
Its not in your name right?
Mightymouse is right
Talk to your bank, see what they can do for you.. I have heard of situations where banks will hold payments for a year while people get back on their feet. No payments, no retroactive intrest, no fees whatsoever.
They would rather know you are having issues and handle it approprately as they still collect money. Whats the least they can say anyway... NO? That just makes your decision that much easier.
Good luck!
Mightymouse is right
Talk to your bank, see what they can do for you.. I have heard of situations where banks will hold payments for a year while people get back on their feet. No payments, no retroactive intrest, no fees whatsoever.
They would rather know you are having issues and handle it approprately as they still collect money. Whats the least they can say anyway... NO? That just makes your decision that much easier.
Good luck!
#26
RE: should return the car??
The idea of putting a Stroker into a V6 (like a 427 out of a 351 block) is great. I'm looking to do that myself with another LL Stang, so we'll have mommy and daddy in the driveway.
But to do it right, it'll take a bundle of cash. So you're back to square one.
I'm sure there's a way to keep your car without dying if you really want the car.
Good luck.
But to do it right, it'll take a bundle of cash. So you're back to square one.
I'm sure there's a way to keep your car without dying if you really want the car.
Good luck.
#27
RE: should return the car??
I feel your pain...At 18 I went into the 'real world' with nothing but the clothes on my back and the wallet in my pocket. I busted my ***, and feel that I came out on top. All last winter when I knew my Jetta was dying, I worked 70 hour weeks on purpose (i get paid quite a bit more than you, but anyway...) and I put 12000 down on my car. My payments are 150/month for only 3 years. And when they ran my credit when I got the car it was 832.
You just gotta play it smart with credit and money...that stuff will definitly **** you later if you blow it off.
You just gotta play it smart with credit and money...that stuff will definitly **** you later if you blow it off.
#28
RE: should return the car??
ORIGINAL: Goldenpony
Sounds like you might be in a little over your head.
Sounds like you might be in a little over your head.
#29
RE: should return the car??
+1 on looking for a better job. I work 40 hour weeks and attend school full time at night. It makes for LONG and TIRING days, but at the end of the day after class there is nothing more i want to do then run to my car to drive her home. The looks and smiles, even here in new york are worth every penny. It's probably easier for me living in new york to find a job that pays above minimum wage, but at the same time I pay gas, tolls, insurance, monthly payments, books for school and as much of my school loans as I can. I made sure before I bought the car that I had atleast 7,000 in an account just in case I were to lose my job. To me the car is worth every cent and every second I spend at work, there is nothing like the feeling I get everytime I see it. Just hold on and look for a better job, becuase in the end you will only wish you had kept it. I'm sorry to hear about bankruptcy problems, but believe me everything will work out for the best. Good Luck