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brothersl2000 | How can I get out of a bad car loan? |
18 months ago my girlfriend purchased a car for her brother (in her name) against my better judgement. She took out a $29,000 loan at 15% interest, which he was to pay. 18 months later, the brother can no longer afford the payments and my now fiance is stuck with the balance. The car has a trade-in value of app. $17,000 but $26,000 is still owed to the bank. Any recommendations on how to get out of this mess without ponying up the balance right now? I have much better credit than her and some cash to pay down the balance, so I thought about trading in for an inexpensive car and rolling the balance into a new loan. Not sure how this might work.
Additional Details
Hypothetically, would it make sense to go to the dealer, trade-in the car and select a $10,000 car? In this case I would roll the negative equity ($9k) into the new loan and just make payments on a $19,000 loan, while the car's value is only $10,000? Based on the reply's it doesn't seem like a dealer would give me a loan twice the car's value. |
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SPIFIMAN1
 |
Auto finance is what I do for a living and when you are upside down in a loan there are only a few things that you can do to get out of it.
1. You can make a large down payment and buy yourself out.
2. You can buy another vehicle that will suck up the negative equity, but this will raise your payment in most cases.
3. You can simply keep driving it.
If you trade for a less expensive car you will have to put more money down because this will effect the loan to value which is one of the most important things auto loans are based on.
About the most you can get carried is 150% of trade value. So if you trade for a car that has a trade value of say $10,000.00 the most you can borrow is $15,000.00. This is only $5,000.00 and you are $9,000.00 hooked.
Above all do not return the car. It will show as a volentary repossession on your girlfriends credit.
Have you thought about taking the worthless brother to court? |
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Dzo
|
Hi,
It's certainly a messy situation and in my view, you should go for a refinancing. If you opt for trade-in, your car's value would go down drastically and it's not worth trying. You can visit http://www.autoloanguide.info for some useful tips. Good luck! |
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NY PTK
|
Tell that deadbeat to get a second or third job to pay for his mistakes....... I feel so sorry for you and the (future) Mrs. Paying down the debt to the "Dealer Trade in value" would not be a bad idea... some dealers will offer you the opportunity to finance above the value of what your trade in is...several options are on the table. I would ask around at a few dealerships and then take what they all say the same...add a few gallons of water and the truth will surface.. |
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smart E
 |
There are several options, none of them good.
First, I have to say "wow" to the 15 percent.
Take the brother to small claims court. There is a distant chance she can get his wages she can get his wages garnished.
If you own property, take out a mortgage to pay down to the trade value.
Dealerships, are in a crunch right now and you may find one who will trade it for a new vehicle and roll the difference into the new loan. The drawback from this is there is still a loan to pay, and when the time comes to sell the new car, you will probably be upsidedown on it. |
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SCH
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The problem with financing above dealer trade in is that you will be upside down int the next loan. Have you considered calling the finance company and working out a return of the car (and then you would have a balance left, but not 26k and it wouldn't show up on a repo).
Or she could take posetion of the car and sell the auto she has now and just keep the more expensive car. The vehicle she has now, can her brother afford to pay for that car and then you keep the expensive one? |
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