Results 1 to 16 of 16

Thread: Losing my car

  1. #1
    Peanut_Butter
    Guest

    Default Losing my car

    I need some brain storming options...

    I'm losing my car. It's 4 months behind and the repo people have been trying to collect. My caris not in my name. the loan is in my boyfriends name. I cant transfer the loan to my name because my credit is bad, and I don't have a co signer. My credit score is curently around 588.

    Do you think he can call the company and ask them to transfer the loan over to me, because he obviously cant pay it, so they might be willing to give me a chance? But I don't have a job or provable income yet. Although I do get $200 a month that can be prooved and used to make the car payment, but that's all i got.


    I've been dancing occasionally to ttry to put a dent in this, but I can only dance one maybe 2 days a week, so that leaves little room for error. Ive applied at some webcam places but that's not going to help the immediate future


    Are there any options for me to save my car? I can't let it go..I can't get a new one and I need my car...

  2. #2
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: Losing my car

    I don't mean to be excessively gloomy, but with the rapidly rising default rates by 'subprime' borrowers on loans of all types, and with most US banks and financial institutions finding themselves short of capital (due to their being forced to write off losses on bad 'subprime' loans), it now comes down to 'a bird in the hand'.

    In other words, if the loan company can repo the car and readily sell it at auction and recover a large percentage of the outstanding loan balance immediately IN CASH, versus rewriting a defaulted 'subprime' car loan to a second 'subprime' borrower who is also likely to default in the future ( after the car has depreciated away even more of it's wholesale value ), odds are that they're going to choose to go for cash in hand ! However, if you had sufficient cash to make a lowball buy-out offer for the car, the lender would probably let it go for the expected wholesale auction value or even a bit less ( since they wouldn't have to screw around as much to 'dispose' of the car ). However, I get the impression from your comments that you've got a cash shortage problem of your own ~

  3. #3
    Peanut_Butter
    Guest

    Default Re: Losing my car

    yeah, a shortage of cash issue. If I had any money, I could make the payment...

    Although you do give me an idea for buying out the car. The loan is at abotu 9,500, the car is an 02 with 117,000 miles on it, so I would guess at an auction they will only getaround 4grand out of it maybe? ( my bran new cavilier was repoed and the loan was worth 10grand and the car was sold at auction for 5 grand, with only 25,000 miles on it)

    So if i can come up with the money...would I just have my boyfriend call the company ( cap one) and say he has a buyer that's interested in negotiating?

    If I can hold onto the car for just a few more weeks to come up with some money..that would be awesome for getting the car into my name, and even better by having it paid in full, no more payments!

  4. #4
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: Losing my car

    ^^^ well it's certainly worth asking about !!! The amount of money that 7 year old car with 117k miles on it is likely to bring at auction is going to be miniscule since the age and high mileage of the car makes it very undesireable to used car dealers ... thus Crap One might be overjoyed with a cash offer $3000 from a 'third party' buyer i.e. yourself since they could avoid auction price risk and a whole lot of screwing around ! Your BF would wind up taking major credit rating lumps due to the loan default and repo, but that's going to happen no matter what the final destiny of the car is.

  5. #5
    Peanut_Butter
    Guest

    Default Re: Losing my car

    ok. The blue book trade in value is about $4800-$5000. The loan still has about $9500 on it. It is an 01 Mitsubishi Eclipse spyder convertible. 118,000 miles on it. ( some of the previous info I gave was incorrect)

    But usually, when a car is repoed and sold at auction, the loan holder is responsible for the difference. If the car was sold at acution for $3,000, and the loan amount was at $9500, then the loan holder needs to pay $6500 still.

    So if I call cap one and offer to buyout the loan to avoid the repo, how will that affect my boyfriend? Cap one will agree to do it and give me the title, and still hold him responsible for the difference? wil they just write the difference off? Or most likely, they won't accept such a low offer...might be better off to offer somethign closer to the value of the loan..maybe have better luck finding out the 10 day pay off amount and going a little lower than that...which makes it even more difficult for me to come up with. 3grand is potentialyl do able. closer to 9 grand is not do able at all....

    Your helping me brainstorm, Mel. Thanks...

    It doesn't help the immediate future, I still have to avoid he repo man...but if I can hold them off while I figure this out it might work out all in my favor.

  6. #6
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: Losing my car

    If the car was sold at acution for $3,000, and the loan amount was at $9500, then the loan holder needs to pay $6500 still.

    So if I call cap one and offer to buyout the loan to avoid the repo, how will that affect my boyfriend? Cap one will agree to do it and give me the title, and still hold him responsible for the difference?
    the obvious answer is yes - of course your BF is going to be held responsible for any difference between the outstanding loan balance and the recovered value from the car as collateral. However, my earlier point was that no matter whether you can cut a cash deal for the car with $3000, or the car is repoed and auctioned for $3000, your BF is still going to get hit with that shortfall. Considering that your BF's credit is in the toilet in any case, the only de-facto difference is that you as a 'disinterested third party' wink wink get one hell of a cash deal instead of a used car dealer !

    PS paying off the 9 grand loan balance on a car that is only worth 4 grand is pretty much an insane move ... unless there were absolutely zero other black marks on your BF's credit such that investing the extra 5 grand would make the difference between your BF having a 520 credit rating versus a 720 credit rating. However I get the impression that he has additional financial problems such that a 'write down settlement' appearing on his credit rating is not going to do much additional damage, and that investing the extra 5 grand still wouldn't put your BF in a position to be considered a 'prime' borrower for future loans.

    PPS it is your BF that needs to call Crap One ! After all, it is his loan and you are supposedly a 'disinterested third party' ! if Crap One discovers that you are working in 'collusion' with your BF, they may choose the auction route just to make sure that you and your BF don't benefit in any way from his loan default.

  7. #7
    Veteran Member tennisqt's Avatar
    Joined
    Aug 2007
    Location
    Neverland
    Posts
    212
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Re: Losing my car

    I would highly recommend that you look into getting a lawyer. Lots of lawyers offer free consultations and they might be able to help you.
    "Maybe some women aren't meant to be tamed. Maybe they're supposed to run wild until they find someone, just as wild, to run with." -Sex and the City

  8. #8
    Peanut_Butter
    Guest

    Default Re: Losing my car

    Quote Originally Posted by Melonie View Post
    the obvious answer is yes - of course your BF is going to be held responsible for any difference between the outstanding loan balance and the recovered value from the car as collateral. However, my earlier point was that no matter whether you can cut a cash deal for the car with $3000, or the car is repoed and auctioned for $3000, your BF is still going to get hit with that shortfall. Considering that your BF's credit is in the toilet in any case, the only de-facto difference is that you as a 'disinterested third party' wink wink get one hell of a cash deal instead of a used car dealer !

    PS paying off the 9 grand loan balance on a car that is only worth 4 grand is pretty much an insane move ... unless there were absolutely zero other black marks on your BF's credit such that investing the extra 5 grand would make the difference between your BF having a 520 credit rating versus a 720 credit rating. However I get the impression that he has additional financial problems such that a 'write down settlement' appearing on his credit rating is not going to do much additional damage, and that investing the extra 5 grand still wouldn't put your BF in a position to be considered a 'prime' borrower for future loans.

    PPS it is your BF that needs to call Crap One ! After all, it is his loan and you are supposedly a 'disinterested third party' ! if Crap One discovers that you are working in 'collusion' with your BF, they may choose the auction route just to make sure that you and your BF don't benefit in any way from his loan default.

    Your right Mel, it won't make much of a difference, except that if we go this route, it will be a settlement on his credit, not a reposession, so it's a tad bit better for him. But no, his credit is already in the tank so far, even a repo woudn't even matter much at this point. And his credit damage is very recent, so this would just be another mark amongst many that will all be off 7 yeas from now.

    Thanks also for pointint out that paying off the loan at this point might not even be the smartest idea because of how big the difference between value and pay off amount is...because what I was going to do is take ove the payments and finish paying it off myself ( as soon as I have a job and am in the position to do so)

    I think the first thing that needs to be done is to find out the 10 day pay off. Then I need to actually come up with the money to bargain. Then have him call them and see what we can work out.

    Hopefully all this can be done before they find me and take the car!
    ( keeping it hidden in the garage only works so long. I remember the repo people following my mother to the grocery store. She came out with a cart full of groceries, only to see her car being towed away, tires screeching all the way down the street..)

  9. #9
    AudreyLeigh
    Guest

    Default Re: Losing my car

    If the loan is 4 months behind his credit is already tarnished. May as well let them repo it. Sell it, THEN wait for a settlement offer.

    AND - there are specific laws and guildelines that have to be followed with a reposession. If they are not followed you have a case against THEM and can get out of owing. But cap 1 is pretty on top of things.

    Have you posted this on CB?

  10. #10
    Peanut_Butter
    Guest

    Default Re: Losing my car

    AL, I'm not so worried about the repo or how it'll affect his credit, I'm more worried about keeping the car. I can't get a new one. No money, no credit of my own to get a new car. I HAVE to keep this car, it's my only transportation.

  11. #11
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: Losing my car

    ^^^ all I can say is that it might be a wise idea to start preparing for the 'worst case scenario' !

  12. #12
    AudreyLeigh
    Guest

    Default Re: Losing my car

    Quote Originally Posted by Peanut_Butter View Post
    AL, I'm not so worried about the repo or how it'll affect his credit, I'm more worried about keeping the car. I can't get a new one. No money, no credit of my own to get a new car. I HAVE to keep this car, it's my only transportation.
    Oh well THAT makes more sense. Oh, Im thinking bad things - if you take it over state lines is that considered theft?

  13. #13
    AudreyLeigh
    Guest

    Default Re: Losing my car

    I hate to say this because theyre a horrible company but Im not sure about a refi - but you may be able to get a loan through Drive Financial - killer APR (25%) but they will lend to anyone who cant even get a subprime loan.

    Typically those drive and buy places use them as a last chance to get you a car. When I got a car after my Ch7 it was at 24.99 apr and my payment was $150/mo (60 months or maybe it was 72) $5000 car... I paid it, built my credit up for a year then bought my current car. Just a thought - something to check out maybe before you lose your current car.

  14. #14
    Peanut_Butter
    Guest

    Default Re: Losing my car

    Oh lord, I got a car from one of those places once. It was a dodge Intrepid and it was the worst nightmare for the 3 months I had the car. It started to drive shakey so I took it to my dad who owns a garage. Turns out the ball bearnings or something in the wheels was cracked so far that my wheels could have fallen off. The car was illegally inspected. The brakes were rotted through the rotors. Then the car started smokign one day and broke down. I took it back and they " fixed" it. But they also knicked the radiator or something. A few ays later I was driving down the highway and it overheated and stopped running before i could even pull over. The enginee blew up. I had that car in and out of the shop and was fighting with the company to fix it so much and they always dicked me around and refused to fix it, my dad even had threatened to call the cops ad file a report abotu the illegal inspection in order to get it fixed.So when it blew up on me, I was done. Fucking finished with that crap. I called the company told them where the car blew up and said come get it. I dont want the fuckin thing anymore.
    They are now on my credit as a reposession. I am fighting with them t get it off, but they don't respond to phoen calls or letters. I filed a report with the BBB. They have lots of reports about them.

    Although that type of buy here pay here may be my only choice...those places are so known for sellign junk cars, it's mre hassle than it's worth. I'll never do that again.

    If it comes down to it, I'd rather buy a $500 POS to get around.
    But If I can hold onto the car for a few weeks after I get to Sacramento, I can try to dance a few weekendds and get the money to try to buy out the loan as Melonie and I talked about eariler in the thread.

    And yah..I did think about driving i over state lines and theft..but that's a very bad idea, LOL. Last thing I need is to go to jail...

  15. #15
    Featured Member *Iris*'s Avatar
    Joined
    May 2008
    Posts
    865
    Thanks
    63
    Thanked 22 Times in 18 Posts

    Default Re: Losing my car

    Quote Originally Posted by Peanut_Butter View Post
    Although that type of buy here pay here may be my only choice...those places are so known for sellign junk cars, it's mre hassle than it's worth. I'll never do that again.
    I wouldn't completely give up on this option alot of my family members have bad credit and have gone to these type of dealerships and have had good cars . I got a Jeep Liberty from the Jeep dealership and the stupid steering wheel pully broke while I was on the highway and I barely had it for about 2 weeks .

  16. #16
    AudreyLeigh
    Guest

    Default Re: Losing my car

    You HAVE to take it and get it checked out my a mechanic before buying it! I would never buy from anywhere without that (unless the car was brand new or certified with warranty)

    My parents were looking for a car and the dealership wouldnt let them take it to a mechanic. Red flag much? So, they went to another which let them and they have no problems with their current car.

    You just have to be careful, thats all.

    The car i bought was a POS lemon - and I got it from a dealership! I assumed incorrectly that a big dealership wouldnt sell junk cars. I was wrong. No warranty - take to mechanic - doesnt matter WHERE you buy the car.

Similar Threads

  1. Losing Weight vs Losing FAT
    By Will in forum Body Business
    Replies: 12
    Last Post: 03-14-2011, 03:19 PM
  2. How to slim down without losing losing my ass
    By Nicole89 in forum Body Business
    Replies: 4
    Last Post: 08-17-2010, 12:38 AM
  3. Replies: 9
    Last Post: 06-10-2008, 04:51 PM
  4. Replies: 12
    Last Post: 02-02-2007, 08:52 AM
  5. Losing steam, Losing my Hustle
    By AkashaM in forum Stripping (was Stripping General)
    Replies: 18
    Last Post: 12-20-2005, 10:27 AM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •