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How to get out of a bad car loan

MissDeee

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I asked this mf hows his credit look he wanna talk about "oh its for sure improved over the years. I got you, its gon be good" like sir you know damn well yo score is -100

i can't stand his ass
.
 
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incogneato

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You would be surprised by how many people drive without licenses. Especially if you're in a state where they take revoke your license for anything and there's costly fees attached to get it back. I think people are assuming that the OP doesn't have a license as she never passed the test. I believe they revoke your license if you have past due child support, if you have unpaid tickets, in my state as well as many other states undocumented immigrants are not issued drivers licenses but they still drive and buy vehicles. If they get pulled over sometimes they'll get a citation but often they just let them go. there's a plethora of reasons why people don't have drivers licenses. People are still going to drive because not all places have reliable or sufficient public transportation.
 
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OP, no disrespect, but the both of you are stupid. Four years ago I bought a 2005 Toyota Camry with 117K miles for 5,999 at 24.99%. My credit was jacked due to losing a job, but I paid that car off quickly. The car I have now a 17 VW Jetta Turbo. 38K miles is at 5%. You NEED to know the value of the car before doing something like this. YOU ARE fµcked!
how long before you paid it off?
 

ApolloniaSix

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man, let me tell y'all...

so I started a new job late last year and the commute was 2 hours by bus. Def not doing that... so I asked my dad if he'd finance a car quickly in his name (I don't have a license) and he agreed. My dads not very financially savvy but I let him handle it and go to some low level dealership for a quicker chance of approval.

2006 Toyota Corolla S. 150k Miles. 20% APR. Final price: $12k.

I pay $420 a month!!!!

12 fµck!ng thousand dollars! Like damn old man did you not read the damn paperwork?! I would've rather taken the damn bus instead

Anyway, I need advice on how I can get out of this sh!tty scam of a fµck!ng loan. The car lot he got the car from has a 2012 Grand Cherokee for the same goddamn price and I'm big mad. They're saying I can't trade in for a few months even though all of my payments have been on time AND I always throw a couple extra hundo a month for good measure. This is all bad, just BAD and it's been giving me mad anxiety. I need to get out of this trap asap someone please help

I know it's not in my name but I still would never want this to reflect negatively on my dads credit

EDIT: pls dont fµck!ng bring that stupid "get your life together" sh!t, im only 22 you old heffas! i make mistakes too! damn, IM ASKING FOR ADVICE. if you can't offer any then please for the love of all things holy do not even BOTHER

my first featured thread, and its of me being a hot ass mess. yall doin me dirty mane SOMEONE HELP ME
Burn it.
 

GAY

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Take out a personal loan and pay off your auto loan.
 

incogneato

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Get the payoff amount of the loan then go get a personal loan for that amount and pay off the car.

Don’t beat yourself up. It’s a lesson that you learned pretty early in life.

How is your credit? Go join a credit union asap and refinance.

I was desperate once and bought a car that was a bad deal. But after about 9 months was able to refinance through my credit union (DCU is awesome!) and went from paying over $400 to $220. My interest rate on the bad loan was probably 18% (I don't remember). My refi was at like 2.9%.

That 150k miles might do you in so try to get something going ASAP.

And do not pay extra on the loan without having a CLEAR understanding of how prepayments work. Many loans require you declare extra payments are principal only, but those bad car loans have some extra shady ish happening.
 

Luv22

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man, let me tell y'all...

so I started a new job late last year and the commute was 2 hours by bus. Def not doing that... so I asked my dad if he'd finance a car quickly in his name (I don't have a license) and he agreed. My dads not very financially savvy but I let him handle it and go to some low level dealership for a quicker chance of approval.

2006 Toyota Corolla S. 150k Miles. 20% APR. Final price: $12k.

I pay $420 a month!!!!

12 fµck!ng thousand dollars! Like damn old man did you not read the damn paperwork?! I would've rather taken the damn bus instead

Anyway, I need advice on how I can get out of this sh!tty scam of a fµck!ng loan. The car lot he got the car from has a 2012 Grand Cherokee for the same goddamn price and I'm big mad. They're saying I can't trade in for a few months even though all of my payments have been on time AND I always throw a couple extra hundo a month for good measure. This is all bad, just BAD and it's been giving me mad anxiety. I need to get out of this trap asap someone please help

I know it's not in my name but I still would never want this to reflect negatively on my dads credit

EDIT: pls dont fµck!ng bring that stupid "get your life together" sh!t, im only 22 you old heffas! i make mistakes too! damn, IM ASKING FOR ADVICE. if you can't offer any then please for the love of all things holy do not even BOTHER

my first featured thread, and its of me being a hot ass mess. yall doin me dirty mane SOMEONE HELP ME
$420 for how many months?
 

Kelly Price

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yeah no sh!t sherlock how am i going to get to work to pay for said license? im STUDYING FOR MY DL. yall perfect know it alls on this site blow me fr

Girl I dont know why you even came here to ask for advice. They gonna wanna know more about your business and then tell you how stupid you are vs actually trying to help..
 

More Chick

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OP

Why didn’t you go to the dealership with your dad?

The next time bring your own financing. Try to get a loan from a credit union for a better rate. Never get financing from a dealer.

If possible, get a part time job and throw all the money towards your payments. Twenty percent interest is absolutely crazy. These car dealers absolutely trash.

 

Kim K K W

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man, let me tell y'all...

so I started a new job late last year and the commute was 2 hours by bus. Def not doing that... so I asked my dad if he'd finance a car quickly in his name (I don't have a license) and he agreed. My dads not very financially savvy but I let him handle it and go to some low level dealership for a quicker chance of approval.

2006 Toyota Corolla S. 150k Miles. 20% APR. Final price: $12k.

I pay $420 a month!!!!

12 fµck!ng thousand dollars! Like damn old man did you not read the damn paperwork?! I would've rather taken the damn bus instead

Anyway, I need advice on how I can get out of this sh!tty scam of a fµck!ng loan. The car lot he got the car from has a 2012 Grand Cherokee for the same goddamn price and I'm big mad. They're saying I can't trade in for a few months even though all of my payments have been on time AND I always throw a couple extra hundo a month for good measure. This is all bad, just BAD and it's been giving me mad anxiety. I need to get out of this trap asap someone please help

I know it's not in my name but I still would never want this to reflect negatively on my dads credit

EDIT: pls dont fµck!ng bring that stupid "get your life together" sh!t, im only 22 you old heffas! i make mistakes too! damn, IM ASKING FOR ADVICE. if you can't offer any then please for the love of all things holy do not even BOTHER

my first featured thread, and its of me being a hot ass mess. yall doin me dirty mane SOMEONE HELP ME
You need to make better choices. You said you’re 22. You’re not a kid you’re a big girl now. Good for your dad helping you out because that’s what all parents should do, but you put him in a bad position and you’re selfish. You said he wasn’t financially savvy but you still let him do it knowing this could happen. Because you had to have a car right now and yet you can’t even drive. WTF.
To top it all off you were worried about a damn car when you still have no license. Are you kidding me. You keep saying I’m studying, ok great but it doesn’t take that long to study for the test. I assume and hope you already know how to drive so you only have to worry about the written test. Do it. Stop with the excuses.

Stop crying about a car you are now stuck with. You will not be able to take it back. This mistake Is all on you and not your dad. Pat it off and get a car by yourself that you want. End of story.
 

mizzchoc

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1. The vehicle is not in your name so you cannot do anything with the loan, refinancing, or anything else other than make the payment to help your father, who helped you out.

2. More than likely his finance company is a second chance finance company like Credit Acceptance, Sandtander, and the like so no one is going to refinance the loan without a substantial down payment because YOU ARE UPSIDE DOWN as far as the value of the vehicle is concerned.

3. You might as well pay it off as quickly as possible, obtain your license, and have your father either sell you the car for a nominal price or use it towards buying a newer vehicle once it is paid off.

You are running the risk of loosing the vehicle if you are driving without a valid permit or DL. If the car ends up impounded, that is more expenses that your father will be legally responsible for.

All that I can advise is pay it off and get your sh!t together or change jobs to something closer to home with public transportation.




#4) Ride that car till the wheels fall off. That toyota can last you another 8 years and boom you got your moneys worth lol Its gonna be a hassle to trade it in or refinance it..just take the L and use the car when you get your DL.
 

mizzchoc

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IM NOT WORRIED ABOUT GETTING PULLED OVER fµck THE LAW I JUST NEED TO GET RID OF THIS FONKY ASS CAR. HOW IS A LICENSE GOING TO DO THAT
PLEATHE


LOL and thats why you in this predicament. When you try to make shortcuts, it'll come bite you in the ass.

Its a lesson learned if you do it the right way..but you still on some fuk shyt.


Take the L and ride that 2006 toyota until 2029. at least you didnt get a janky ol american car.
 

keelolo1

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I'm late here but I've mentioned on here that I work in auto finance.

1. You wont be able to sell, trade, or refinance that car. Its old with high miles. No financial institution will want that collateral.

2. Your dad went to a buy here pay here. They over price cars that are old with high mileage and they give high payments with insane interest rates because the people that go to them are desperate. Low income combined with sh!t credit usually are victims of these dealerships.

3. People on here giving bogus ass advice: " get a personal loan to pay it off", "just refinance". Yeah because if these options were an option, the OP wouldnt have made this thread.

4. My honest opinion would be if your dad's credit is already fµcked and he has no interest in getting a house, another car etc, return this vehicle. He will have a repo on his credit but from this deal he got, obviously his credit score was sh!t anyway. And YES, it is still a repo even if you voluntarily return a car. People always think it isnt.

5. If returning it just isn't an option, your only bet is to pay the car balance down to about 2k and then trade. DO NOT go back to that dealership. Go to a regular one.
 

Cdforfun

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man, let me tell y'all...

so I started a new job late last year and the commute was 2 hours by bus. Def not doing that... so I asked my dad if he'd finance a car quickly in his name (I don't have a license) and he agreed. My dads not very financially savvy but I let him handle it and go to some low level dealership for a quicker chance of approval.

2006 Toyota Corolla S. 150k Miles. 20% APR. Final price: $12k.

I pay $420 a month!!!!

12 fµck!ng thousand dollars! Like damn old man did you not read the damn paperwork?! I would've rather taken the damn bus instead

Anyway, I need advice on how I can get out of this sh!tty scam of a fµck!ng loan. The car lot he got the car from has a 2012 Grand Cherokee for the same goddamn price and I'm big mad. They're saying I can't trade in for a few months even though all of my payments have been on time AND I always throw a couple extra hundo a month for good measure. This is all bad, just BAD and it's been giving me mad anxiety. I need to get out of this trap asap someone please help

I know it's not in my name but I still would never want this to reflect negatively on my dads credit

EDIT: pls dont fµck!ng bring that stupid "get your life together" sh!t, im only 22 you old heffas! i make mistakes too! damn, IM ASKING FOR ADVICE. if you can't offer any then please for the love of all things holy do not even BOTHER

my first featured thread, and its of me being a hot ass mess. yall doin me dirty mane SOMEONE HELP ME

how are you driving with no license? Most 22 y/o have a license.
 

Cdforfun

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Why didn’t you go with him? You didn’t want to pick out a car you would have liked? I think once y’all got to the paperwork part then you probably would have put a stop to it all...

Doubtful as OP isn’t licensed and admits he’s still trying to get his/her/they ish together.
 

GeminiAdult

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Yall did sis wrong in this thread. I think how she wrote the thread was a little off-putting, but yall can attack people too much. Just help with a little tough love.
 

Tomorrow

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Toyotas are easy to repair, parts are extremely cheap and plentiful, and they are reliable long term. Usually 300k miles in a lifetime if you keep on top of the maintenance...

But 12k for a 2006 Corolla is out fµck!ng rageous.

12 stacks and you ain't even got no bluetooth to play your music from ya phone or nothing. Yeah he got completely ripped off. For that kinda money you should have been pushing a 2012/2013 Highlander or something if he found a decent deal.
 

classya06

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You're funny. I don't mean to laugh. I can see you're dead serious. They really suckered you and your dad. Sorry to hear this. For a car that old, you could have paid 1-2k and got an old car paid out right.

I would do like someone else suggested and try to get a personal loan (local bank or credit union) to cover the cost of the car (or even part of it) at a lower interest rate. Of course, this is dependent on your credit/assets.

If your dad doesn't care about a repo on his credit, let them have that piece of crap back.

If you're set on keeping it (as is), work hard to build up your credit and make the payments and consider it a HARD LESSON. Whatever you do, don't further deal with the place you got the car from except current payments; They are loan sharks.
 
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ChubbyCC

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I have a 2016 Hyundai tuscon for $500 a month. How can a car that’s 15yrs old be almost the same amount as my car for a loan?
 

O.o

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Toyotas are easy to repair, parts are extremely cheap and plentiful, and they are reliable long term. Usually 300k miles in a lifetime if you keep on top of the maintenance...

But 12k for a 2006 Corolla is out fµck!ng rageous.

12 stacks and you ain't even got no bluetooth to play your music from ya phone or nothing. Yeah he got completely ripped off. For that kinda money you should have been pushing a 2012/2013 Highlander or something if he found a decent deal.
Bruhhhhhh have you seen them NEW Rav4s? They're as big as the old Highlanders.... Them thangs are NIIIIICE!!!! I mean they're tricked the fµck out and spacious as FCK.

I promised myself I wasn't gonna buy nare nother new car... Everytime I go to the dealership, they try to get me to buy a new car and I just got my damn car.... :cry::cry::cry:
 

Fluxion

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I bought an 18 year old car for $400 a few years ago. This car you have op is a 15 year old car lol. I'm sorry. Lesson learned though.
 

Ubercream

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Idk how you look but you better drive Uber (food delivery) after work eveyday and go strip on the weekends.. I’m not tryna be funny but that’s what I did all through college.. it’s not that you don’t have options you just have to choose a few and get it done.
 

boyPLEASE

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you got got sis. tbh any car that old, i personally wouldn’t have even attempted to finance. my first car in 2014 was a 2000 cavalier that my mom bought me for $800 with barely 20k miles (it previously belonged to an older lady)

in 2016, my mom went to a local dealer & bought me a 2008 honda accord for $5k (not including tags & additional fees) it’s still running great even with highway mileage from traveling. neither purchase impacted her credit so she was able to finance a certified used 2015 truck as a birthday gift to herself shortly after.

long story short, if possible do NOT finance an older car. it’s simply a lesson learned. you’ll bounce back.
 

Rolling Ray

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I bought an 18 year old car for $400 a few years ago. This car you have op is a 15 year old car lol. I'm sorry. Lesson learned though.

Right if I ever get desperate for a car I will buy a $1500-2500 car and stack my bread. These predatory car loans should be illegal. My niece got one some years ago and gave the car back. They took the car and still charged her for it they garnished her lil check and everything poor girl.
 

Belle14

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I bought an 18 year old car for $400 a few years ago. This car you have op is a 15 year old car lol. I'm sorry. Lesson learned though.


Smart.

After reading seven pages, the one thing that stood out to me is that people are buying very old cars on credit. Why?

My very financially savvy aunt told me that first cars should always be at least third hand and always bought straight out for cash at an auction or from a mechanic's garage. Even look for older drivers who are selling their cars because the mileage is low and the car will be looked after well.

NEVER EVER finance a second hand car unless it is a luxury branded car (Jaguar, Bentley, Benz, BMW, Aston, etc. etc.)

Cheap cars like Hondas and Toyotas should be bought outright for cash. And the car is so old.
 

StoneCold

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Refinance it immediately. Go to lendingtree or something similar. You should get offers from lenders.
 

Jazzy350

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I had a friend that got a bad deal on a 745 BMW. He waited until it rained really good and parked it in a flood-prone Area. Needless to say, the car got flooded out and the Insurance company paid it off. I'm not sure if his insurance went up after that.
 

Jazzy350

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Get the payoff amount of the loan then go get a personal loan for that amount and pay off the car. The interest rate on the personal loan should be lesser than the rate you got now. Your payments should be much cheaper.

Corollas are very good cars and, if maintained, can be driven to about 250K miles.

Don’t beat yourself up. It’s a lesson that you learned pretty early in life.

I did this. Got a personal loan paid the car off and put liability insurance on it instead of full coverage and that really helped my budget.
 

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