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05-19-2010, 03:04 PM
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#1 | | What hasn't Killed me, has made me more tolerant of RS!
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Hey guys, I have a bit of an issue. I'm hoping to get some input/info on my current situation
My Wife and I financed a 2005 Chevy Cobalt back in 2006. We rushed into buying a car because we needed it for work and we were without a vehicle. needless to say but we payed way to much for it, I'm 4 years into our term and I still owe 10,917$. Canadian Black book on my car is 2500-4500$
Here is were the problem is. We just had our second child and anyone that owns or has driven a 2 door Cobalt knows that there is very little room in the back for anything let alone 2 car seats.
We are wanting to upgrade to a 4 door but because of the situation on our current loan a 10,000$ car=a 20,000$ car and most dealerships wont even consider re-financing us.
Is there anyway to possibly walk away from our current finance? is it possible to sell/give the car to someone and have them take over payments? or am I stuck with the car until the remainder of our term?
Any info is appreciated. Mods if I've posted this in the wrong spot sorry feel free to move it.
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05-19-2010, 03:21 PM
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#2 | | Rs has made me the woman i am today!
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anythimg is possible. I would just take the equity and put it onto your next loan.. wouldn't be too tough. hell I financed a woman trading in her 2009 jeep compass owing $26,000 on it, just to buy a 2009 patriot.... she had to finance lik $46,000. It's obviously not the best thing to do, but if it is neccessary, it is doable.
And yes you can have someone take over your payments. PM me and I'll help you find a new car for a reasonable price.
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05-19-2010, 03:24 PM
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#3 | | Media Officer / MOD
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You prob wont be able to let someone take over the finance, as you have 10k owing it's going to be difficult since the car's only worth 2500-4500.
that being said you can prob sell the car for 6k and then pay off the rest... or go to the bank ask for a loan or line of credit to pay the reminder off
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05-19-2010, 03:30 PM
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#4 | | Rs has made me the woman i am today!
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| Quote:
Originally Posted by aznboi128  You prob wont be able to let someone take over the finance, as you have 10k owing it's going to be difficult since the car's only worth 2500-4500.
that being said you can prob sell the car for 6k and then pay off the rest... or go to the bank ask for a loan or line of credit to pay the reminder off | ^yup
it is possible but not likely someone will go for it....
you could trade in your vehicle and put that towards the loan as well, then liek I said, just add the reminaing loan to the new one. do it all the time.
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05-19-2010, 04:09 PM
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#5 | | Ubereem Mod
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| Quote:
Originally Posted by Jgresch anythimg is possible. I would just take the equity and put it onto your next loan.. wouldn't be too tough. hell I financed a woman trading in her 2009 jeep compass owing $26,000 on it, just to buy a 2009 patriot.... she had to finance lik $46,000. It's obviously not the best thing to do, but if it is neccessary, it is doable.
And yes you can have someone take over your payments. PM me and I'll help you find a new car for a reasonable price. | ^ i wouldn't deal with the above guy, as this is probably the worst financial dealing on revscene I have ever seen. Yes anything is doable, but if you wanted to help her, cost her 20K more in financing for a 2009 patriot vs a compass when same year, different model. When the patriot costless then compass AND she's trading it in. WTF....how does this even work? Stay away.
First off - Where did you do your loan financing? At the Stealership or at a bank?
2nd. Life of loan left and monthly payments?
3rd: are you keeping both cars?
4th your questions: Is there anyway to possibly walk away from our current finance? NO - as you screw yourself for the next 7-10years of possible getting anymore financing for anything else.
is it possible to sell/give the car to someone and have them take over payments? Yup - but like above no one will go for it.
Am I stuck with the car until the remainder of our term? Always options with the dealership if that's where you have it. Your Bank could also help you out too.
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05-19-2010, 04:14 PM
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#6 | | Even when im right, revscene.net is still right!
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The best option you have is try to sell the car privately, and obtain a line of credit to pay off the differences so at least the interest don't accumulate on the balance. If you try to trade it into a dealership, you'll only get screwed over further more
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Originally posted by Miss_Girly
Bring some RS people with you to help u GANG BANG the guy!!
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05-19-2010, 04:15 PM
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#7 | | What hasn't Killed me, has made me more tolerant of RS!
Join Date: Aug 2006 Location: Williams Lake
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Loan was done through the Dealership, HSBC Auto Finance. I believe our term is up in 2012 it was a 4 year finance with a conditional 2 (I'm not sure as I don't have the contract in front of me currently.)
We have had some financial issues is the past but our current and only debt is in the car. Our credit may not be great so going to the bank is probably out of the question.
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05-19-2010, 05:02 PM
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#8 | | Rs has made me the woman i am today!
Join Date: Mar 2010 Location: PM
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| Quote:
Originally Posted by Gt-R R34 ^ i wouldn't deal with the above guy, as this is probably the worst financial dealing on revscene I have ever seen. Yes anything is doable, but if you wanted to help her, cost her 20K more in financing for a 2009 patriot vs a compass when same year, different model. When the patriot costless then compass AND she's trading it in. WTF....how does this even work? Stay away.
First off - Where did you do your loan financing? At the Stealership or at a bank?
2nd. Life of loan left and monthly payments?
3rd: are you keeping both cars?
4th your questions: Is there anyway to possibly walk away from our current finance? NO - as you screw yourself for the next 7-10years of possible getting anymore financing for anything else.
is it possible to sell/give the car to someone and have them take over payments? Yup - but like above no one will go for it.
Am I stuck with the car until the remainder of our term? Always options with the dealership if that's where you have it. Your Bank could also help you out too. |
I said it was possible. And I have no idea why the lady wanted to do it, she was in her old jeep for three months but didn't like it. It wasn't me specifically that did it, but I wrote everything up after it was all said and done.
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05-19-2010, 05:06 PM
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#9 | | Rs has made me the woman i am today!
Join Date: Mar 2010 Location: PM
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I just read over my first post and I clearly messed all the numbers up  you're right, she didn't finance the 46 k and the Patriot was the one that cost more. I'm just getting into the B.O thing coming from sales and it's all really confusing still | |
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05-19-2010, 05:07 PM
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#10 | | racing & tech mod.
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You are in a position where you are going to loose a signifcant amount of money no matter what you do.
It's unlikely you are going to get anyone to assume your finance. It's also a headache to get someone to do the paperwork for you. Don't waste time trying to pursue that option, unless you know someone who wants your car and can afford the payments.
IF you have $5000 in the bank, you can sell your cobalt for $6000 reasonably quickly, and pay off the lien, and start fresh. That might be your best bet.
If you DO NOT have $5000 to spare, you can try a dealer and see what happens.
When you are in this kind of situation (being 'upside down'), burying the car's balance into an affordable new vehicle at 0% interest can help you out a lot, especially if you are paying super high interest on your current loan. Of course, this will only work if you get approved for the 0% interest.
Again, if you don't have $5k or $6k in the bank to pay off the lien, my advice would be to find the cheapest small suv that you can afford that has very low interest on it. (0%-3%) and see how much it's going to cost you.
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05-19-2010, 05:14 PM
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#11 | | What hasn't Killed me, has made me more tolerant of RS!
Join Date: Aug 2006 Location: Williams Lake
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Unfortunately there is no money in the bank, I've looked into a 3% private loan but I have a hard time trusting random lenders.
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05-19-2010, 06:50 PM
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#12 | | Ubereem Mod
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One options, that you might consider is your family, i know most people find it difficult to ask the parents, but this might be a situation you might have to look into.
From general info, it's not money you can lose.
You got PM rotary.
__________________ Quote:
Originally Posted by Culture_Vulture sometimes I like to use kindergarten art class scissors to cut my pubes | | |
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05-19-2010, 07:18 PM
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#13 | | What hasn't Killed me, has made me more tolerant of RS!
Join Date: Aug 2006 Location: Williams Lake
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Ya, I'm gonna be talking to them this weekend they are actually in Hawaii until Saturday.
PM returned
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05-19-2010, 08:26 PM
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#14 | | Ready to be Man handled by RS!
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You should be able to trade your vehicle in to almost any dealership and bury the negative equity into your new loan. Hopefully you have prime credit, if not, you will be limited to how much you can bury. Next time, buy a Honda or Toyota or you will be getting into some serious negative equity on your third loan.
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05-19-2010, 08:29 PM
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#15 | | MiX iT Up!
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if you have access to a line of credit? maybe draw on that - pay off the cobalt n sell it for 2.5k?
use the 2.5k , and maybe buy a used car that fits your needs?
once the 10k is paid off you can consider getting a new car?
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