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my_son_wants_to_know · Joined: 14 Dec 2003 Posts: 5

I currently pay $452 for a 2004 Toyota Corolla S that is now worth only about $8,000. I still have a remaining $18,000 on the loan and about 5 more years to go.My credit history is pretty awful. I tried to refinance and was declined. I'm not sure what my options are. I'm working on rebuilding my credit history but I'm not sure what to do or what is the fastest way to fix this problem. In addition to that, when I bought the car a year ago the dealership was really shady. They wouldn't even let me test drive the car and upon further inspection this past June it was revealed that the car had previous damage and rust in the engine compartment from being poorly done. The alignment of the vehicle is also way, way off. I know it's a little late to do anything with the dealership, though.Any suggestions? What's the best way out of this besides driving off a cliff?!

CJ6068 · Joined: 16 Jul 2006 Posts: 4

once you have been making timely payments for at least 6 months. go back in and refinance it. by this time your credit report is looking better, because of your good payment history. good luck.

StephanieLovesSammy · Joined: 27 Jun 2005 Posts: 3

even with good credit, most lenders will not loan $10000 over what a car is worth, they will do a percentage of wholesale, so if your car has a wholesale of $8000 and they will lend 140% of wholesale they would lend $11200, so you don't have many options, you can try to sell the car for close to pay off, maybe borrow some money to pay down the loan and then refinance

JimJ · Joined: 19 Jul 2004 Posts: 6

It's a bit late to do anything, and you answered your own question really.My credit history is pretty awful. I tried to refinance and was declined.With bad credit, you're at the mercy of the system.They wouldn't even let me test drive the car and upon further inspection this past June it was revealed that the car had previous damage and rust in the engine compartment from being poorly done. The alignment of the vehicle is also way, way off. I know it's a little late to do anything with the dealership, though.And you bought it anyway? WHY? Always test drive, and always have YOUR mechanic check anything you are interested in. If the dealer won't allow that RUN, don't walk, to the nearest exit.None of this helps you now though. Even if you allow repossession, you would be responsible for the difference between the amount owed and the fair market value. Same scenario if you 'accidentally' wrecked it.Sorry.

Propertytaxguy · Joined: 02 Nov 2005 Posts: 5

Wow. That is a complete and total butt rape! Looking at this from a business standpoint. My best suggestion to you is to let them repossess the car. They usually won't come and get it until you miss 4 to 6 months of payments. Make sure you save the money you would have sent and use it to buy a used car or to put a down payment on a new car under somebody Else's name. I was in the same situation with a 16%APR on a Ford Escort. I let that one tank and had my mom put down $3000(the money I saved) on a newer Accord at 5.75%APR and just had her put me on her insurance, which I paid. It sounds like I did the dealership dirty but I really don't feel bad for them because, just like you, they took advantage of my inexperience. This was 7 yrs ago and since then I've gotten my credit score above 700, I've bought a new Accord and still have the other one as a commuter. And like your Carolla, I'm pretty sure the loan would've outlived my Escort.

Farmbredgrainfedallnatura · Joined: 30 Jan 2005 Posts: 6

First off The fantastic superspider x man is a COMPLETE RETARD. Never let a car be repossessed. I am A Finance manager for a car dealer in Indiana and would love to talk about this with you FREE of CHARGE and let you know how to handle everything. Feel free to IM me (jimi061) I will be on After 6pm eastern time and usually go to bed @ 11ptalk to you soon,Jimi

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