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I was baited into a $550 car note in which I can not afford. I have a co signer who is ready to obliterate me due to my slow, portionate payments. It's been a year now and I been ducking and dodging repossession with my dicey payments. Would I be amble to refinance with my expense car note and rough credit?? Should I give up the car and what am or I is there a way to spin this in my favor?
I was baited into a $550 car note in which I can not afford. I have a co signer who is ready to obliterate me due to my slow, portionate payments. It's been a year now and I been ducking and dodging repossession with my dicey payments. Would I be amble to refinance with my expense car note and rough credit?? Should I give up the car and what am or I is there a way to spin this in my favor?
If you can't afford the car, then sell it. How much do you owe? How much is it worth?
Refinancing will be difficult, since you will doubtless need another co-signer. The one you have now will likely not qualify, since you have ruined their credit for years to come.
If you can't afford the car, then sell it. How much do you owe? How much is it worth?
Refinancing will be difficult, since you will doubtless need another co-signer. The one you have now will likely not qualify, since you have ruined their credit for years to come.
This is pretty much your only option.
Sucking someone else in to be you cosigner would be wildly inappropriate too.
I only feel slightly bad for the cosigner. A truly responsible cosigner would make sure they were on the deed with the co-borrower, and then require proof of payment on time every month. If proof is not provided, the cosigner should go and take the car (legal because they are a co-owner) and takeover the payments.
If I were ever to cosign for anyone, those are the terms I would require, in order to ensure that my credit was never damaged.
OP, your question still shows a high degree of irresponsibility. Your question should have been "What is my best option at this point to damage my cosigner's credit the least? But you are still worried about whether you can "spin this" in your favor, after a year of "ducking and dodging".
I agree that at this point, you should sell it if there is ANY possible way to do so. Even if you have to bring some money to the table to make that happen.
And I hope that you have given a personal, heartfelt apology to your cosigner, and not been ducking and dodging them as well.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Refinancing is only an option if you have significant equity and decent credit. If your loan is 60 or 72 months, you probably haven't made a dent in the principal yet. It may also be hard to sell since you won't have the title, and may have to kick in a few thousand to pay off the loan if you can't find a buyer willing to pay what you owe. I don't see a clean way out of this.
You need to find a bank/credit union (hopefully one that gave you the loan) to give you an unsecured loan for the difference in what you can sell it for yourself and the remaining balance. To get as much possible you have to sell it yourself to a buyer NOT to a dealer. Use Kelly Blue Book or Edmunds to get the "private party sale" price not the wholesale you'd get from a dealer. If you owe $15000 and the value is 10,000 you'd have to borrow $5000 in order to sell it. Then your friend would be off the hook and you'd only owe $5000.
If you "give it up" and the dealer repossesses it, they will auction the $10,000 car for around 6000 and then sue you AND your co-signer for $9000++.
If you can't get the loan, you'd better start driving for Uber or Lyft or delivering pizzas.
I was baited into a $550 car note in which I can not afford. I have a co signer who is ready to obliterate me due to my slow, portionate payments. It's been a year now and I been ducking and dodging repossession with my dicey payments. Would I be amble to refinance with my expense car note and rough credit?? Should I give up the car and what am or I is there a way to spin this in my favor?
Was there a gun pointed at your head? Were you threatened with. Some bodily harm up to and including death if you didn't purchase the car? You were not baited. You were unwilling to say no thank you. And good job in screwing your cosigner. This is a perfect example why you don't cosign for anyone.
You need to sell the car if you can, start making more money to pay the payment or restructure your finances and make the car payment a priority. You're not only screwing yourself you're screwing your friend. I can't blame the cosigner for wanting to obliterate you. I would too. People dont think of the consequences of cosigning for someone
How were you baited into a $550 car note? did you not read your loan papers?
I agree.
If you want to try to keep the car is there any way to earn extra money that will go towards your car payment? Get a second job? Do some paying "gigs" like working on your days off from your regular job doing babysitting or eldercare or lawn mowing or snow shoveling or something else? Is there anyway that you can get a pay raise at your current, main job? Can you work overtime at your current job?
Do you have anything that you can sell off to get caught up on your payments?
Perhaps a combination of things will help.
I know someone who got into a similar jam who managed to get a second, almost fulltime, job to catch up on his loan payments and to pay ahead enough so that he could sell the car without losing too much. He worked his tail off for six months but was able to sell the car and then buy a much, much, much cheaper car where he could afford the payments.
BTW, I don't know how old you are or what type of job you have but I know many people with well paying professional jobs who could not afford $550 a month car payments.
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