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i really need some advice I cant believe I did it, but i did. I bought a new car, an infiniti, in feb. and I need to get out of that monthly car payment. $685.00 I know I shouldnt have purchased it in the first place, but I did and now my husband and I need to buy a house and we cant afford it nor would be qualify anyway... besides turning it in do you have any suggestions?? |
That's to bad your in a bind...if your going to be buying a home in the future you need to be VERY careful on how you dispose of this car...if you have a repo on your credit report it will effect your chances on getting a home loan...you may have to bite the bullet and sell the car and kick in the difference of what you sell it for...good luck |
I just posted it for sale on this board. My payment is so high b/c i got 16% interest if I can get a cheaper interest rate it wouldnt be so high. I would love to keep the car do you think i could refinance it?? anyone ever did this. I dont know if I can considering i've only made 5 pmts on the car. |
If you find a cheaper interest rate through another lender you may be able to take a loan for the amount you owe and pay off the high interest loan. That's a tough situation when I just bought my new car I checked all over for interest rates and wound up getting a Toyota RAV4 with a good rate. Good Luck!!! |
Yes, you CAN refinance. My husband bought a car on his HORRIBLE credit right from a dealership with a 21% rate. A month later I went to my credit union, put it all in my name with my good credit and got 6%. Just make sure that you check all of the fees. Just remember that too much new credit and inquiries will lower your score and you will get a bad rate. Also, take your time shopping for a home loan. Stay away from subprime loans and only get an ARM if you can afford the highest rate if it should happen or if you're not planning on staying in the property long. Read the book "Home buying for dummies" it helped me out SO much! |
if you want to sell it you can try autotrader.com.. i've sold all my cars through that web site |
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I'm a huge Dave Ramsey fan and this questions comes up all the time. His advice is to sell the car and get a bank loan for the difference that you owe. He says that its much easier to pay back $2K than $25K even if you no longer own the car. He calls it "stupid tax" and we have all paid it. LOL I have also seen where people in this situation sell the car, asking the buyer to take over the payments. This isn't a smart move on the buyer's part but I have seen it done. |
You might want to talk to the people where you got the loan, and ask them to lower the rate, or your going to have to go elsewhere to try to refinance. Sometimes they will come down if they think their going to lose you as a customer. |
We just got a car at 18% (we don't have the best credit), but we put a lot down 12,000... so our payments aren't too terrible. We talked to our bank, who we have our mortgage through and were told that it would be best to make 12 payments (1 year) before attempting to refinance for the best possible interest rate. Do you think you could hold out another 7 months at the payment now? Or you could call your bank and look into refinancing earlier. Have you worked out how much you can afford each month? Sorry you're in this situation. We have had a car repossesed far in the past and let me tell you it is something you want to avoid at ALL costs. I was a co signer on my DH's loan and it really ruined both of our credit and still affects us to this day. Good luck to you! |
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