Need some advice about financing my car
12-30-2008, 08:47 PM
#1
laulongfei
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Need some advice about financing my car
I currently still owe about 18,000 on my car from Wachovia, I am having a thought about giving up financing the car, I do know if I give up and have my car repossess I will have bad credit for 10 years, plus debt collector will still keep asking for money. If they took away my car, Am I still have to pay the whole amount I owe or pay the difference that the car market value subtract the money I owe and pay for the rest.
I have bad credit to begin with since I got laid off from my job, its getting really tough on me. some advice please!
I have bad credit to begin with since I got laid off from my job, its getting really tough on me. some advice please!
12-30-2008, 09:39 PM
#2
I zoom therefore I am.
Simplest thing is to call Wachovia and explain what's going on. It's better to turn the car over to them then let a repo guy find you. You'll end up being upside down on the loan but at least they won't be tacking on what the repo guy will.
12-31-2008, 06:42 AM
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Also, it will only kill your credit score for about two years; it'll still be on there, but it won't hurt it as much overall the older it gets.
You would be responsible for whatever amount is in your original loan contract; some have it written you'll owe the difference between what you owe & what it gets at auction, however, some say the car is the collateral, and if it gets repossessed, that's the end of it. No way to know unless you find your original paperwork.
My ex-wife stopped paying the loan on a Mazda3 we had purchased together prior to getting divorced... She had her car repossessed, and it dinged the hell out of my credit score. BUT, now that it's been over a year, my score has rebounded to about 70 points of where it used to be. Not back to being great, yet, but considering here non-bill paying **** dinged it all the way down to the 400s (i know!! I didn't know credit scores even went that low!!), I'm not complaining....
Every month you don't pay your car loan will take off between 50 and 100 points on your credit score... Just a quick FYI...
You would be responsible for whatever amount is in your original loan contract; some have it written you'll owe the difference between what you owe & what it gets at auction, however, some say the car is the collateral, and if it gets repossessed, that's the end of it. No way to know unless you find your original paperwork.
My ex-wife stopped paying the loan on a Mazda3 we had purchased together prior to getting divorced... She had her car repossessed, and it dinged the hell out of my credit score. BUT, now that it's been over a year, my score has rebounded to about 70 points of where it used to be. Not back to being great, yet, but considering here non-bill paying **** dinged it all the way down to the 400s (i know!! I didn't know credit scores even went that low!!), I'm not complaining....
Every month you don't pay your car loan will take off between 50 and 100 points on your credit score... Just a quick FYI...
12-31-2008, 01:15 PM
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laulongfei
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Also, it will only kill your credit score for about two years; it'll still be on there, but it won't hurt it as much overall the older it gets.
You would be responsible for whatever amount is in your original loan contract; some have it written you'll owe the difference between what you owe & what it gets at auction, however, some say the car is the collateral, and if it gets repossessed, that's the end of it. No way to know unless you find your original paperwork.
My ex-wife stopped paying the loan on a Mazda3 we had purchased together prior to getting divorced... She had her car repossessed, and it dinged the hell out of my credit score. BUT, now that it's been over a year, my score has rebounded to about 70 points of where it used to be. Not back to being great, yet, but considering here non-bill paying **** dinged it all the way down to the 400s (i know!! I didn't know credit scores even went that low!!), I'm not complaining....
Every month you don't pay your car loan will take off between 50 and 100 points on your credit score... Just a quick FYI...
You would be responsible for whatever amount is in your original loan contract; some have it written you'll owe the difference between what you owe & what it gets at auction, however, some say the car is the collateral, and if it gets repossessed, that's the end of it. No way to know unless you find your original paperwork.
My ex-wife stopped paying the loan on a Mazda3 we had purchased together prior to getting divorced... She had her car repossessed, and it dinged the hell out of my credit score. BUT, now that it's been over a year, my score has rebounded to about 70 points of where it used to be. Not back to being great, yet, but considering here non-bill paying **** dinged it all the way down to the 400s (i know!! I didn't know credit scores even went that low!!), I'm not complaining....
Every month you don't pay your car loan will take off between 50 and 100 points on your credit score... Just a quick FYI...
I have to face the reality, I am really having a hard time financing the car, and I dont really want the car anymore.
My only concern is that if i turn of the car to Wacovia, will I have hard time to finance another car in the future?
12-31-2008, 01:19 PM
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laulongfei
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You would be responsible for whatever amount is in your original loan contract; some have it written you'll owe the difference between what you owe & what it gets at auction, however, some say the car is the collateral, and if it gets repossessed, that's the end of it. No way to know unless you find your original paperwork.
I dont quite get what you saying, my english is my second language please excuse me. Are you saying that even if i turn over my car to Wachovia, I just have to pay the difference after the auction amount, and my failure to pay for the car will only stay with me for 2 year, after that I will be fine? is that what you mean. Please explain to me again. Your advice and save my life!
I dont quite get what you saying, my english is my second language please excuse me. Are you saying that even if i turn over my car to Wachovia, I just have to pay the difference after the auction amount, and my failure to pay for the car will only stay with me for 2 year, after that I will be fine? is that what you mean. Please explain to me again. Your advice and save my life!
12-31-2008, 01:22 PM
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laulongfei
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I am currently 3 month behind the payment, the amount I owe is $1500. The car's value are a lot less then what I currently owe, do you think the repo guy will look for me soon? All this late payment already hurt my credit score the the bottom. like I said my only concern is that I might not able to finace another car in the future.
Last edited by laulongfei; 12-31-2008 at 01:24 PM.
12-31-2008, 01:30 PM
#7
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sorry to hear that you are having these problems.
Now that you are 90 days late, the repo guy will be looking for you soon. Have you called Wachovia to explain your situation?
With your credit score already at 300, you will not be able to finance a car any time soon. Unfortunately the credit markets have been severly hurt and will not be loaning much money to people with such a low credit score.
Now that you are 90 days late, the repo guy will be looking for you soon. Have you called Wachovia to explain your situation?
With your credit score already at 300, you will not be able to finance a car any time soon. Unfortunately the credit markets have been severly hurt and will not be loaning much money to people with such a low credit score.
12-31-2008, 01:39 PM
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laulongfei
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sorry to hear that you are having these problems.
Now that you are 90 days late, the repo guy will be looking for you soon. Have you called Wachovia to explain your situation?
With your credit score already at 300, you will not be able to finance a car any time soon. Unfortunately the credit markets have been severly hurt and will not be loaning much money to people with such a low credit score.
Now that you are 90 days late, the repo guy will be looking for you soon. Have you called Wachovia to explain your situation?
With your credit score already at 300, you will not be able to finance a car any time soon. Unfortunately the credit markets have been severly hurt and will not be loaning much money to people with such a low credit score.
I know it's a very embarrass situation, but really I want say thanks that you guys are trying to help me solve the problem
12-31-2008, 01:42 PM
#9
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laulongfei: we're here to help our fellow rotor heads in good times and bad.
Call Wachovia as soon as you can, I am sure they will be busy but keep trying. If they do not hear from you, they will assume that you are done paying the car and don't want to talk to them. (that is when they get serious about sending the repo truck)
maybe they can work out a payment plan for you?
do you still not want the car?
Call Wachovia as soon as you can, I am sure they will be busy but keep trying. If they do not hear from you, they will assume that you are done paying the car and don't want to talk to them. (that is when they get serious about sending the repo truck)
maybe they can work out a payment plan for you?
do you still not want the car?
12-31-2008, 01:50 PM
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laulongfei
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maybe they can work out a payment plan for you?
do you still not want the car?[/QUOTE]
Well, if I have to I can still barely afford the car, another thing is that this car is giving me so much mechanical problem, I have already spent so much money just to fix some stupid thing(SSV fail 3 times) just that I lost 2000 dollar. I just dont want to deal with this car anymore.
I love the look of RX8 and rotary, but I never expect to have that much problem.
do you still not want the car?[/QUOTE]
Well, if I have to I can still barely afford the car, another thing is that this car is giving me so much mechanical problem, I have already spent so much money just to fix some stupid thing(SSV fail 3 times) just that I lost 2000 dollar. I just dont want to deal with this car anymore.
I love the look of RX8 and rotary, but I never expect to have that much problem.
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