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Can/how can I get out of a high interest car payment and/or loan

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Storm9704

Junior Member
What is the name of your state? Florida
I just got my bankruptcy cleared in 2002. I needed a reliable vehicle in 2003. I got a loan with high interest rates that I thought was good. I had never purchased a vehicle so new. I was told by the salesman that it would built my credit back up. I was able to make the monlthly payment of $389 for the 2002 Chrysler PT Crusier unitl the courts increased my child support to $810.03. Now I am living from check to check with this vehicle because I don't no if I can get out of it to purchase a much less inexpensive vehicle to begin my search for employment. Any advice would be appreciated form an attorney or someone who has been in this situatin before. Thank you very much.

Jimmie M. Blackmon
 


shortbus

Member
You went through a bankruptcy, yet you'd still trust a car salesman?

If you don't learn from your own mistakes, how is some random person's advice going to help?
 

dallas702

Senior Member
...and then you bought a car on credit with a $389 payment BEFORE getting a job? How were you going to pay for insurance, gas, maintenance, etc.?

People like you, who abuse the lenders by being shortsighted or deadbeats, are exactly why the credit rules keep changing to the detriment of more diligent borrowers.

Go back to the salesman and beg him to take the car back and sell you a cheaper model. Tell him you'll take anything that will get you around if he can help you dig out of your NEW hole.

Duh!!!
 
payment problems on PT cruiser

Before shortbus and dallas get too excited, let's look at what storm 9704 said.

The salesperson said that paying on the new loan would help reestablish storms credit. This is 100% true, and its the only thing storm reported. I'd also point out that the company that financed him checked his debt ratio and found it acceptable, and indeed, until the court unexpectedly increased storms child support payments, everything was hunky-dory. How could you possibly blame the salesperson? Maybe if storm had reported a great likelihood that his cs payments would increase before he bought the car there might be an issue.

Storm-I'm sorry to hear about your difficulties. Unfortunately, contracts can only be cancelled with both parties approval unless there are issues of fraud, deceit, etc.. My only suggestions would be 1) talk to the finance company and see if they will refinance it for a longer term, thus lowering your payments. If you have a good job history, this can help. 2) Sell the vehicle PRIVATELY to minimize your loss, and buy another vehicle. You'll need to call the finance company and get what's called a "10 day payoff", which is the amount you would need to give them within 10 days to payoff the car. It's likely that you have significant negative equity if you didn't put a lot of $ down. If you'd like, give me a ballpartk payoff, and info on the vehicle (miles, equipment, condition) and I'll do some checking...

I'd add that inexpensive new cars with rebates (Hyundai, Kia etc) might help. If you're not averse to these kinds of cars, call a local dealer and give them your situation.

Dallas-did you take lessons on being a jerk, or does it come to you naturally? No finance company approves a $389/mth loan unless the person has a FICO well in excess of 700 (no proof of income required) or can prove income. Storm said he was living "check-to-check"; perhaps he was speaking about getting a second job (like "Hey Mon" on in In Living Color). Thanks for your useless and pejorative advice, though.
 
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