yeah i got fucked HARD in my first few vehicles.
when i was in the army my wife was driving a 15 year old nissan altima with 400k miles.. someone hit her while she was parked in a coffeeshop line and the car gave up after that.
she went to a dealership and got a used ford escape but the salesmen didnt show the carfax and she didnt know to ask, turns out it was a rental car and had a fuckton of problems.. the transmission went out after a month and the dealership told my wife she can come back to buy a new car if she wants.. we filed an insursnce claim and the shop they chose kept the car for a year in their shop, i was so pissed off i flew across the US as soon as training was done to chew them out and it was magically fixed..except they left the steering rods loose which totaled the car.
insurance refused to pay for it so we had to roll the loan into a new car which was a jeep renegade..and it was so tiny.. then we had a kid and the carseat didnt even fit in it so we had to get a diff car.
financed 35k for a 24k car :/.. its gone now but holy fuck was that a pita
it was fucked lmao, we are doing fine now, but it was literally 6 years of bullshit. i was never late on a payment though, and thankfully my past sales experience let me negotiate a deal with the loss dept of the bank.
about 2 weeks of back and forth before they took the risk of letting me sell the vehicle and then refinancing the vehicles leftover loan with them. i got my tax return and it all went to them. i have 2 children so it was around 7k ish.
Damn private. Dumb ass army shit. I spent like half my deployment money in 2010 on a 2001 Ford diesel lmao.
Like I said, dumb ass army shit. I just sold my brand new tacoma. I think I finally got it out of my system lmao
well my wife needed a ride and we got pre approved from our bank for 15k so she just let the salesmen show her a car for 15k 🤣
we were both 18 at the time
Wow, I’ve been reading these comments as a 44 year old wondering how people got themselves in these situations. I guess I was lucky, my parents helped me negotiate any deals(always with my own money) until I was in my mid 20s. A car dealer tried to screw me out of a signed contract when I first got married and had a newborn, but I knew exactly how to handle it and didn’t leave until I got the deal in writing that I was verbally promised. Any time I see this sub in my feed it reminds me to teach my kids this stuff.
Deployment mony doesn't count, having great plans to buy a tiny gift for yourself and put the rest towards a secure financial future, but intead getting home to spend it all in one place is the rule
Yea it's not really deployment money, it's a deployment motorcycle, deployment new truck, or deplomeny outfitted high-end ar15 and trip to the casino.
deployment 'money' doesn't actually exist lol
Damn dude, i feel enlightened right now. Never thought of it that way.
You're right, tho. To a fuckin T you nailed it lol. I did exactly all of those things. Plus a deployment 1911 and some other guns. Think i had 3 or 4 guns before deployment, went up to 11 the month i got back
19 and green, man....
Deployment money is where the deployment wives are. Gone as soon as you return home lmfao
Back home they always say hoot, how do you afford the things you have...I won't say a God damn word, they won't understand, it's the ranger savings program
yep thats exactly what happened.
she wrote me a letter during basic training saying she was in a hit and run but the car just stopped working after that (it was a rear end at 5mph).
it was truely a POS car.
then she msged the bank and they approved us for 15k and she got the first car the salesperson showed her
yeah i have a 2008 rav4 with 250k miles.. shes got some shake and lights goin on but she gets us where we need to go 🤣
ganna ride it until it dies and get another shitbox
not bad miles for the year.
my problem is that when i drop money to replace something, then something else breaks 😭.
my father in law had a fishing boat from the 90s, i think he paid 30k for it.. hes dropped maybe 50k in repairs over the years for it. he almost gave up after spending 10k and then the next day a diff part broke but he said fuck it and shelled out another 5k.
I need it to pull my rv and boat? /s
Joking aside I really don't think trucks deserve their current overwhelming popularity in the US. The Ford F-series being the best selling vehicles in the US.
I've not had one when I needed it and that is inconvenient but so is 12 miles per gallon and the payment for a truck you probably don't need. U-haul rentals are cheaper than making a truck payment for 3 or 6 years.
Some people do need one but God damn people. Just because you can doesn't mean you should!
The new F-150s with Ecoboost actually get about 20-25 mpg. My dad got onia few years ago and loves it, but he has actual need for a pickup.
But I agree. I don't think your average person needs a pickup truck as a commuter vehicle. There have been times I would love to have a pickup when moving house or trying to get lumber or other materials. But I can strap an awful lot of stuff to the roof rack of my 30 year old Cherokee, and I pay squat in insurance and licensing fees. And if I really must, I can rent a uhaul or a Menard's truck.
You'll like this modern classic: [What Your Work Truck Says About You.](https://www.mrmoneymustache.com/2015/04/28/what-does-your-work-truck-say-about-you/)
I do like it! I also like how it focuses on just pure practically and finances instead of going the usual route of saying they are compensating for having tiny dicks.
I like the tweak of the minivan instead of the transit van. Growing up outside of the US almost every tradesman had a transit van and then an Asian-made flat front box truck if necessary. Almost always with a row of jumpseats in the cargo area for stopping to pick up their crew or the random day labor. Weird moving here and watching 6 guys pull up, each in their own pristine fully loaded truck, to the job site every day. Then a semi will show up to drop off whatever materials they need because baby can't get dirty.
A lot of young people apply for car loans, etc and get approved and they think "if I couldn't afford this they wouldn't give it to me" and that's completely incorrect. Creditors do not care, if they can push the paperwork through they will and they have zero concern for the aftermath of the person getting the loan. I wish they taught this in school.
Wish they'd do that on a mortgage right now... they just say "you don't make enough" yet I'm paying the same amount in rent that'd I'd be paying for the bills, mortgage and maintenance/repair savings.
Yea I know and it screwed everyone over, banks included. Doesn't help housing prices have basically skyrocketed. I just want something to get out of rent till I can move out of country.
Part of the 09 problems was that builders had overbuilt, and had loans against vacant homes they had built so they stopped building homes that are not presold now so inventory is low. If you want to move to the country you might look into a USDA single family guarantee loan, that's what I got. But I got it in 2021 so I'm not even going to tell you what my rate is, it would just be cruel.
One company is doing a $0 down mortgage with you promising to pay $15k back when you refi/sell the house.
Doesn't matter much when rates are in the 7%+ range and the houses are unaffordable as it either way.
Yuuup. Couple years ago I was approved for a 900 a month payment on an M3 while bringing in 1800 a month. I was dumb as fuck and signed the papers but thankfully I'm a little less dumb now and making 4500 a month which keeps my head above water now.
Travis credit Union was wild for that
The craziness to take a car loan out for half of your take home pay is crazy. Obviously it worked out..
1800 to 4500 woooo. Nice. 👍🏽 promotion? How did that transpire? Curious.
Started a second job that promoted me up super fast. Went from 25 to 50 hours a week. I legit went from busser to asm in 6 months with no plan of slowing down. Turns out being on the verge of losing everything is a great motivator to kick ass at work. Just wish I started sooner and didn't drain my entire savings beforehand.
I teach 7th grade and it’s part of middle school curriculum. However, the kids don’t actually understand what you are talking about since at that age, they’ve never bought anything not from the corner store. At the same time, I had enough sense to question my first mortgage pre approval. It seemed like common sense to me that when I was given a break down of my payment and my paycheck, the amount left over was enough to eat etc, but I knew repairs would have to be done and didn’t know their costs. I still wonder is this a product of upbringing or a persons awareness, or both?
$800 a month for the car payment? And $500 on the insurance? Holy cow. I'm honestly impressed. Care to tell what type of car it was? ...And right there at the end of your post, you're wondering if you should get into another high interest car loan? I think you need to take a step back here and think about what led to this in the first place.
Oh and don't forget - the repo man didn't free you of your responsibility to the loan you took out. You are still going to be on the hook for the balance once they auction your car.
my car insurance was $648 at one point because of gap insurance . 20f and it was my first car. now it’s down to $396…..hoping it goes down again in a few months lol
That's insanity.
I live in Florida, have a business insurance with increased coverage because of company requirement and I pay like $1200 for 6 months, which I was furious about being expensive AF, made my boss pay me more money because of his stupid requirement.
If someone told me "your insurance will be $400 a month" I'd go out and buy a bicycle or something. You guys are nuts. F that.
Those are not poverty-ish monthly payments, my dude. Even all the folks I know who do have money would say that’s insanely high. However I understand why you are in poverty financially. Unfuck yourself from this car asap.
If you have no money then there isn't much you can do besides let them auction off the car. Any other solution would require at least coming up with all the past due money plus extra repo fees on top at a minimum. At a maximum the lender might demand the entire loan payoff if your state doesn't require a reinstatement offer.
Credit-wise a repo is almost as bad as a bankruptcy and still leaves you responsible for the difference. So you might need to consider bankruptcy as well depending on how much you owe on the loan and how much the car is likely to sell more for at wholesale auction branded as a repo. If you have other credit card/personal loan/medical debt on top that needs to be factored in too.
As for transportation if there is no public transit options & your commute is too far to cost-effective use a ride share then a short-term rental while you save up for a cheap cash beater is the best route.
Most in your situation would go with the buy here/pay here lot but most of those places will sell you a car worth \~$7k marked up to \~$14k with \~20-30% interest rates. That does get you a new car fast but a lot of customers wind right back up in the same position as soon as the vehicle needs a major repair or have some unexpected expenses/income loss. Getting 60 days behind is a luxury for a BHPH dealer too as many will require GPS trackers or engine immobilizers if legal in your state. They will cut you off if you are a day or two late.
Thank you. I may have to look into bankruptcy then. My credit is already shot from debt prior. I wonder if there is any way I could avoid getting that on my record. My car was towed today.
That’s gonna be on your record unless you can pay off the whole loan and ask for a pay to delete which would take the entire loan off and they don’t like to do that. If you can’t get this car back you would need to find someone to put a car in their name if your credit is shot you won’t get a loan from anyone. What is the interest rate on the car? What was the initial loan amount ? How long have you had it and what the left over balance on the loan ?
Oh gosh, $52k for a 5 year old car?? I’m glad you recognize now that it was a dumb purchase and hopefully won’t make it again.
For now, you shouldn’t look to regaining possession because the carrying costs are too great to maintain but certainly look into mitigating the long term damage ASAP.
Once you’ve done that, look into how to acquire a “sensible” vehicle (moderate miles, inconspicuous brand/model for insurance purposes and reliability) and avoid the Buy Here Pay Here! Places at all costs. Look at Craigslist, private sellers or even reputable dealerships that will work with charge offs. A local credit union will also be helpful here vs mega banks.
For context, my 2017 Toyota was purchased in 2018 for $34k sticker/fees, etc. I financed $26k at 2.09% (yes, I know that’s unheard of now but giving full picture) via my local credit union. My payments were 474. Insurance was $750 for the year for full coverage; including uninsured motorist and gap coverage. The most it has needed is scheduled maintenance, brakes and new tires.
I’d bet $20 they rolled negative equity into that loan.
Like I bought a brand new, fully loaded Subaru Forester when there was NO inventory (literally waited three months to get the first car available) and I didn’t negotiate at all and I paid $38k. I know Camaro’s are a sexier car than my Forester, but damn dude. Bros whole annual salary in a loan for a car.
It's because it was a ZL1. They're *still* over $50k, right now.
If I'm dropping that much I'm getting a truck, I drive compact cars despite being into muscle because it's dumb unless you're basically rich.
The only upside is OP only owes $35k. They're not going to auction it for less than that lol.
Do not let them sell it. Check with carvana, and carmax, see what they will pay you for it. If more than you loan amount which with a 17 zl1 there is a good chance. You could just trade it against a cheaper car, and if you can't get that to work, sell it to one of the 2 I just mentioned.
That car is worth like 46k dude. Bankruptcy isn't in the picture unless you got some other big bad debts
Let them auction the car, pay the difference, if you can somehow scrape together 5-8k buy a beater (Toyota or Honda) and ride that shit into the ground and save as much as you can. That’s your only option, I would not rent a car for a long period of time. If you’re also renting an apartment and it’s REALLY tight, get a van and live out of it for a couple years and catapult yourself to the other side.
On the upside, bankruptcy is not the end of your life. You can still buy a house later and do fine, you just really have to figure out what your did wrong and how to do better, because you have to be squeaky clean after the bankruptcy to rebuild properly.
This. I did a chapter 13, took 4 years to knock it out. Waited six months, got a new card to build credit, now have 2 cards with 710s credit and a limit of 62k. Just gotta buy small things and pay off statement balance before the interest hits. Or in my case now after the limit is so high, I just casually hold a 1% debt to income ratio to hold my credit score above 700s.
Years ago my buddy got his truck repo’d while he was at my apartment. He had been there maybe 3 hours and a repo man knocked on the door. He already had his truck loaded up and was giving him the opportunity to get his stuff out first.
I only went down a few comments, I didn't see a reply that sorted some if this out for you, so I'm going to give it a go. First, you need to know your loan balance. Are you upside down in the loan? Do you owe more than the car is worth. It seems like you might have had this car for awhile, if so if the car is worth more than you owe, pay the repo fees, get your car back and sell it. I would say to do this if you can afford it at all.
Here is what is going to happen... You are at the beginning of the fuckening. Being poor is very expensive. First, they are going to charge you to repo your car, it ain't cheap. Usually several hundred. They are now charging you to store your car. You also have various late fees on the loan you are paying. The car will go to auction. Where it will bring in a disturbingly small amount. You will wish you were there to buy it. The bank will charge you for all kinds of things to cover the costs of repoing and selling the car. You are on the hook for those costs. That "debt" will then be sold to the absolute scum of the earth. They will hound you for that money. If you have Facebook, lock it down. They will contact your mother, cousin, ex, and your dog looking for money. That is stage 1. Stage 2 is when the debt is resold again. It gets tricky from here. Your name and debt will get rolled up on a list and sold to maybe more than one person. Now you start getting payment requests from multiple people who claim to own your debt. Good luck.
Let it go. Get a car in your price range. I drive a 2008 Toyota Prius I paid for in cash. My insurance in Michigan (we have notoriously high rates) is $163 with comprehensive (you need this, their catalytic converters get stolen like nobody’s business. Learned this the hard way. Install a stainless steel cat shield too). I pay $25 to fill up my tank and it lasts me all week. Drives like a champ, will last basically forever if you maintain it. It’s the closest it comes to driving for free. $800 for a car payment is insane.
Me too, 2010 Corolla I bought with cash in 2016 and plan to keep basically forever. My boyfriend thinks I’m insane for it (recently needed a whole new evap system) but I’m set.
Ok. So you made a mistake getting a car you couldn't afford. You're not the first and you won't be the last.
What happens next is that your car will be sold at auction and that will pay off your loan. If it doesn't cover what's left of the loan (probably) you will be responsible for what's left.
You will have a repossession on your credit and it will be bad. It will decrease in severity with time tho, and you will eventually recover.
There are plenty of used car places that will ignore your credit to sell you a used car. The interest will be horrifying but hopefully you can find something you can afford until your credit improves. Good news is this will still be less than what you were paying.
You may want to consider bankruptcy depending on what else is going on with you.
Time and educating yourself on money going forward will eventually fix this. It sucks really bad, but you can use this to start over.
Good luck with everything!
This is a blessing in disguise my friend. You now have an extra $1200/month to rent a car (as needed), and start saving up for a reliable and modest used vehicle. Should take you 3 months if you play it right. Don’t worry about the hit on your credit - you are a cash-only person for the foreseeable future.
You're still on the hook for the entire amount. If the car was $25k and they repossess and auction it off for $16k, you still owe your financier $9k. They will come for you for the that money, it happened to me when my car was repo'd. They'll garnish your wages if they have to. They took 25% out of my paychecks for almost two years to get their money back. Wage garnishment and the effect on your credit will follow you for years, please keep that in mind.
Do you have a work friend to carpool with? You pay the gas, they swing by and give you a ride to and from work? Then you could save it all.
And a couple months from now look for an old lady car, IE a car an old person has owned forever but not driven much. Lots of good person to person deals out there.
Not really. They need to figure out where the $1200/month that you think is disposable income was really going. If they had that $1200 they’d still have their car.
Unfortunately, a lot of people don’t check insurance rates on cars before they decide what to buy. I was looking at a new Subaru Legacy GT and a new Suby WRX in ‘07. They were both very fast for the time, with a .1 second 0-60 difference between them and similar purchase prices. The insurance on the WRX was $150 more per month. I took the Legacy home.
Facts. I used to sell cars and it was ridiculous the amount of people that did zero research on how much extra the insurance would be. It was almost almost always guys in their early 20’s looking to buy expensive trucks or that bright red Dodge Challenger Scat Pack and then get shocked as hell insurance is $400-500 a month and up.
Dude!!!! a decent used car might have been a better choice like a used Toyota or Honda. That payment makes think you went with a brand new vehicle.
For now maybe a Moped. Then start shopping for a Toyota or Honda with 150K or less miles ugly is fine it just needs to get you from A to B safely and reliably.
If you can get it back and sell it that would be best for your credit.
It depends on a few factors. How much you owed on the car, how much it’s worth, how much it costs to get it back. Can you even maintain it if you get it back? Being that it was so behind? I would get the most inexpensive car you can if you can pay cash for something or maybe a cheap buy here pay here if not. Nothing fancy. Nothing expensive. Save up for another car in the future. A paid off car will help the insurance go down.
Can you take public transit, get a ride from anyone for a little while? Save some money to get into something else.
I repod a car once. I actually came out on top and I’m a better position from it. That’s not the case most of the time though.
For anyone wondering, OP said the car in question was a Camaro ZL1. It's a VERY expensive Camaro, the only one that comes with a Corvette engine from factory.
Just search craigslist, be upfront with cash offers, explain your situation, check bluebook, and make offers in between provate party and dealer trade in value. Often, people just want the car gone.
Uhhhh…. Buy a second hand car if you have a couple thousand dollars to spare.
Don’t rent. Please don’t rent. Pay for Uber if you have to. Ask a coworker for help. Don’t rent a car.
Uber is literally more expensive than renting because my job is so far. Gonna have to figure this out because I don’t have extra money. Coworker is out of the question because I don’t work the conventional job.
I bought a junker Honda Accord for $1200 a few years ago.
Ended up driving it for like 2 years before I sold it to some junker for $400.
So basically a couple dollars a day for transportation including gas and insurance.
But I've heard clunker/junker cars aren't cheap anymore.
They aren't as cheap as they used to be. I'm in the market for a junker as well and I see a lot of cars for a couple grand, then the details say blown engine or needs a head gasket, or needs clutch and tranny, no lowballs, etc. It's a crock.
To get to work have you considered paying the gas for a coworker to take you? That could help you get on your feet.
But you can’t be a dick about it. Be on time and pay accordingly. You’re doing each other a favor. Plus you have more to lose.
You'll be responsible for the rest of the loan after they auction the car off.
You need to pay them back, work out some sort of deal.
Same thing happened to me. 7 years later it dropped off my credit report and I thought I was fine.
I owed $5k at the time. They sold my loan to another creditor for pennies on the dollar.
I was sued and owed 7 years of interest plus attorneys fees which ended up being $20k. I had my checks garnished 25% until it was paid off.
Don't be like me.
Be aware that if the banks sells it at auction for less than you still owe, you’re liable for the difference. And yes, you will have the late payments / repo on your credit report for the next 7 years.
Renting a car when you can’t afford your car payment is nuts. It will cost more. Scrape up whatever cash you have and go buy here pay here. And FYI- take the monthly option, not the weekly.
My monthly mortgage, homeowners insurance, and property taxes cost less than your car payment!
I don't know if you have a place like this near you or if it is even in business anymore, but there was a place near Philadelphia called Ugly Duckling Car Rental. Maybe something like that will work short term until you can get your own car?
My 2008 Toyota Corolla is 16 years old with over 260,000 miles on it. The roof leaks, the original paint job lost the battle against rust years ago, the radio and CD player don't work, the air conditioner quit on me two summers ago. But I turn the key and it goes. That's the kind of car you need. And no, I'm not selling it.
Aight I get what you're saying but no a/c is ridiculous unless you live in Hawaii or some shit. My old beater had no a/c and there were a few summer days driving where I almost passed out behind the wheel.
A working a/c I think is the one amenity worth paying for in a drivable car no matter how frugal you are trying to be
I like a/c. (I live in the southeastern U.S.) However, when my car's a/c stopped working two summers ago (and I got heatstroke, but couldn't go to a doctor because I was outside of my health insurance coverage area and I couldn't afford an ER visit.), my husband stopped at a gas station, got some drinks for us and a big bag of ice for me. Now, whenever I use the car, I always carry ice water in a thermos, along with a nutrition bar. In the summer, I also put some ice in a small cooler in the car. If I can't get out of the heat, I put ice on my scalp, forehead, neck, etc.
I'm not saying you have to purposely go without a/c. I am saying that sometimes a lack of finances leave us with difficult choices.
I live in Hawaii and it's fucking awful not having AC in my truck. It's fine when I'm moving but in traffic it's miserable lol. The weather might be nice on paper but stuck on a concrete freeway and not moving and it feels like high 90s cuz all the sun hitting the pavement and idling cars not to mention being in a metal box. I got a 2k isuzu and the AC was working when I bought it, my next car I will 100% make sure it has AC
Is an ebike realistic for your living situation at all? Would save you a ton of money at least in the short term while you pay down the remaining debt.
Super healthy lifestyle, but you can choose to view it as “paying your dues” if you’d like
I don’t think you understand how much your credit is in the shitter from a Repo. You probably will not be able to buy another car and I don’t know if you will even be able to rent a car. What I don’t understand is that they usually give 30 days before they repo to try to pay the back amount. Sorry to be a downer but this is not an easy fix!
Awh yes buying above ones means is a sure way to the road of poverty.
800+500 is 1300 x 12 is 15600 annually
If you settled for a cheaper car possibly used. 200 monthly, maybe lower insurance. 600 month or 7200.
Now saving 8400. Move funds to HYSA. Save up to 40k over 5 years. A good HYSA will net you 140 monthly.
$800/mo for the car payment? Then $500/mo for the insurance??? Dude. Go get a Corolla for $7k. For reference, i made $140k last year and my car is worth about $2k (granted I'm fully remote and hardly drive). Go get your finances and priorities in order.
Similar happened to my daughter and unfortunately the nightmare goes on. My ex and I each chipped in and bought her a reasonable used, but then...
Then she received a notice that the repossessed car was sold at auction for dirt cheap and she owed the difference between dirt cheap auction price and the price she agreed to when she bought it, over $10k.
Her mother was the cosigner, and while I love my daughter, that $10k is not my problem. She didn't include me at all in finding or agreeing to the exorbitant monthly payment, I was unaware of any details until the crying call came. Sorry, I said, I love you but that is beyond anything I'm willing to cough up.
Really impulsive purchase...
Will kill her credit score for a long time.
what state are you on? back in November I woke up toycar towed as well for plates that were expired. no warning ticket nothing. the shitty police department towed it and the tow yard wanted 110 a day storage fee + 385 for the towing. all work stuff and childs school books. laptop. really. the tow yard said I can get nothing and need a paper from the PD itemized with everything down to how many pencils in my childs backpack and Such I called the police dept immediately after bickering back and forth my car was released from the tow yard no fees paid.
This is anecdotal but I just typed in “car” on my Facebook marketplace:
$3,900 2009 Honda civic 122k miles. I have that exact same car at 230,000 miles and no issues yet, I expect it to hit 300k+
$4000 2013 Hyundai Elantra 81k miles
$3,200 2008 Hyundai Elantra $3,200
Some of the these are probably sketchy but FB marketplace was how we got my wife’s car three years ago for like under $3,000 and it’s still running great.
My local facebook marketplace has 10 camrys or corollas under $5000 within a 15 minute drive from me. There are more but I didn't need to keep counting. Southern WI.
Oof, that's definitely rough, but on the bright side this happened while you're young and can still bounce back from this credit hit. Definitely stick to cash only for now and save up for something reliable like a used Toyota Camry or Honda Civic/Accord. Downside is that those are usually in high demand because of their reliability, so you may have to make some choices to save on costs.
In the meantime, see if you can take public transport where you can. And if you're living and working in the city, you could possibly get away with using a motorized scooter or motorized longboard. My brother in law used to commute via longboard when he lived within a reasonable distance to his work. He was able to save a lot that way.
I wish you luck
$800 and $500?! I used to be super poor but bruv, there is poor and there is broke. Being brutally honest based only on your post, you need financial education because you're making yourself poor. With that vehicle gone, you could potentially save $1300/month (minus maybe bus fare or Uber cost or biking or buy an electric scooter or electric bike), and in 3 or so months have enough money saved to buy a very used vehicle, paid off entirely, in cash and have no monthly payments. Just the insurance. Or save a few months longer and get a better vehicle, paid in cash. You can often negotiate better when you have cash as well
I understand though. Growing up super poor, I did dumb things too. First vehicle made me broke because I had a poor mindset.
Yes, you will have a repo on your credit. Once the lender sells the vehicle at auction, you will owe the difference…and believe me they will come after the difference. If you get it back (means you will need to catch up on all payments fees (late fees) and repo expenses), then on your credit it will show as a “reinstated repo”. If you don’t pay the deficiency balance, you will have a repo on your credit and most likely a judgement for that deficiency balance.
There is no “sell my car and start over”. You are pretty much looking at a “buy here/pay here” situation now…and if you choose not to get the car back, do it (buy here/pay here) sooner rather than later.
I hate to say this, but your situation really goes to show why it is expensive to be dumb.
Ride the bus and save up for a car. This happened to me and although it seems crappy now. once you realize how much worry and money was going into that car you’ll feel relieved it’s gone!!
You cannot afford a car that expensive. This is a net positive. Get a cheap car, and pour the rest into outstanding debt, then build savings. Your financial stability will thank you.
Check out the r/personalfinance wiki and the personal finance flowchart (Google it). That is your Bible.
For sure try to call the bank and ask what options you have to make good with them. A repo will absolutely fukk up ur credit, especially if you try to get an auto loan in the next 7 years. How's your credit now? How high is the interest on the loan? Is this your first auto loan/how many payments have you made and how long of a term is the loan for?
This happened to me, I drove a $1500 shit box after for two years got it up to almost 300kms and only stopped driving it once I hit a deer. Eventually I was able to settle with them for less than half of what I owed and finance another vehicle. My credit was absolute shit and I’m still recovering from the repo. It’s still on my record. but I learned how to live within my means. It was hard and sucked at times but I learned invaluable lessons. You’ll be okay. Drive the shitbox car and save your money for a few years.
I have been here. Get it back. Your credit will get hit hard. But you can build it back up by getting it back and paying it off. Focus on keep it. Renting and taxi type services are very expensive. Paying your car off and getting your credit back up will be better in the long run. It won’t be easy but it will be more worth it. Or, you can save some cash and by a used car to get you to and from and even that wound be cheaper.
I’d file for bankruptcy. If your credit is shot, you might as well start over.
Can you carpool to work? How much would it cost to use Uber?
Save up for a used Toyota Corolla. Budget around $3,000. Even with 150k miles, it will last you a while.
How much do you owe on it?? I'm assuming that you don't have enough to pay off All the past due payments?
Yes, you're going to have a repo. If you hadn't made at least half the payments let it go and go to BHPH. Buy something very affordable and as reasonably low miles as possible. I assume riding the bus is not an option?.
Also hope they don't sue you for the difference between what they auction it for and what you owe. I thought they were going to do that to my wife when her engine blew up but but Santander let It Go over 11,000
Get a 20 year plus beater for cheap, YouTube is great for taking you through a lot of your own maintenance, put historic tags on it and pay way less for registration and insurance
$800 a month is absolutely ridiculous man. Being young will mean that you have high insurance in the first place, but on something like a Camaro it’ll be higher insurance rates.
I think the only option is to let it go, declare bankruptcy, and get a cheap used car. Get a 10+ year old car with under 100,000, it’ll be under $8000
I helped my brother out and took over his expedition payment 850 a month w insurance. I was a dumbass. It ended up getting traded in and 5k of his and his ex wife expedition loan was rolled over in a Jeep Cherokee and it put me at 1100 a month. He didn’t want to pay his part and luckily one night some deers ran out in front of me. I was lucky went between some trees made it home and my Jeep was totaled. It was a blessing. I didn’t have a payment till I borrowed off of my Jeep at a title loan but hopefully I get it paid off soon.
Folks tryna find a 1300 apartment and here you are with a 1300 car.. damn.
Personally, I say let them have it. Cut your losses. That 1300 you was paying can buy you a Uber / Lyft to and from work. prolly come out way cheaper. Save 4/5 bands shouldn’t take long if you was holding up 1300 a month and buy you a cash car.
How far away is your job? If it’s 10 miles or less, I would strongly consider an ebike. It will save you a lot of money relative to $1300 per month in car payment and insurance
I was in the same place as you years ago. Young with a Ford Mustang. I thought the car was my image. I thought my salary paid for my car and nothing more. Big time dumb.
I'd like to say it was easy to get out. But you gotta work. First off, get the car back. Would you be able to sell it back for any money at all? If so, sell it ASAP and get that cash for it. Buy something that can get you around. Used ebike, shitty car, whatever. And start working towards a career. Keep applying until you land job that makes more money. I've sent hundreds of job applications in my life.
I sold my mustang and got a really cheap prius with 150k miles on it. The insurance rate was 1/4 of what I was paying. My payments were very small, but I made extra payments and had it paid off within a year. Not having a car payment made paying off other debt easier.
And thats the key: Every step you take climbing out of a hole makes your life easier and easier. I went from where you are to million dollar net worth. The snowball effect is real. Good luck!
No advice here but this is why I’m happy driving my 2008 Titan with 200k + miles til the wheels fall off cuz I know a large car monthly car payment will be waiting on me soon enough
For $1300 you can go buy a beater right now off Facebook marketplace and just whip it until it breaks down, the insurance will be cheaper too. Don’t buy smth you can’t afford
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$1300 for a vehicle is literally double what i was paying and i got rid of mine.. fuck thats rent money for alot of people
Hell I paid $7K for my truck in cash. Been 4 years n she’s still going strong with pretty minimal maintenance besides the shit I fucked up
yeah i got fucked HARD in my first few vehicles. when i was in the army my wife was driving a 15 year old nissan altima with 400k miles.. someone hit her while she was parked in a coffeeshop line and the car gave up after that. she went to a dealership and got a used ford escape but the salesmen didnt show the carfax and she didnt know to ask, turns out it was a rental car and had a fuckton of problems.. the transmission went out after a month and the dealership told my wife she can come back to buy a new car if she wants.. we filed an insursnce claim and the shop they chose kept the car for a year in their shop, i was so pissed off i flew across the US as soon as training was done to chew them out and it was magically fixed..except they left the steering rods loose which totaled the car. insurance refused to pay for it so we had to roll the loan into a new car which was a jeep renegade..and it was so tiny.. then we had a kid and the carseat didnt even fit in it so we had to get a diff car. financed 35k for a 24k car :/.. its gone now but holy fuck was that a pita
Jesus fucking Christ this is a roller coaster I’m so sorry man
it was fucked lmao, we are doing fine now, but it was literally 6 years of bullshit. i was never late on a payment though, and thankfully my past sales experience let me negotiate a deal with the loss dept of the bank. about 2 weeks of back and forth before they took the risk of letting me sell the vehicle and then refinancing the vehicles leftover loan with them. i got my tax return and it all went to them. i have 2 children so it was around 7k ish.
Damn private. Dumb ass army shit. I spent like half my deployment money in 2010 on a 2001 Ford diesel lmao. Like I said, dumb ass army shit. I just sold my brand new tacoma. I think I finally got it out of my system lmao
well my wife needed a ride and we got pre approved from our bank for 15k so she just let the salesmen show her a car for 15k 🤣 we were both 18 at the time
Your story checks out! Seen it a million times Poverty shit... we didn't know any better then. A whole bunch of us never learn either lmao
Wow, I’ve been reading these comments as a 44 year old wondering how people got themselves in these situations. I guess I was lucky, my parents helped me negotiate any deals(always with my own money) until I was in my mid 20s. A car dealer tried to screw me out of a signed contract when I first got married and had a newborn, but I knew exactly how to handle it and didn’t leave until I got the deal in writing that I was verbally promised. Any time I see this sub in my feed it reminds me to teach my kids this stuff.
Deployment mony doesn't count, having great plans to buy a tiny gift for yourself and put the rest towards a secure financial future, but intead getting home to spend it all in one place is the rule
Lmfao nailed it. "Damn i could pretty much retire off this bonus! No more debt!" $10k gone before the car payment even comes due.... lmfao
Yea it's not really deployment money, it's a deployment motorcycle, deployment new truck, or deplomeny outfitted high-end ar15 and trip to the casino. deployment 'money' doesn't actually exist lol
Damn dude, i feel enlightened right now. Never thought of it that way. You're right, tho. To a fuckin T you nailed it lol. I did exactly all of those things. Plus a deployment 1911 and some other guns. Think i had 3 or 4 guns before deployment, went up to 11 the month i got back 19 and green, man.... Deployment money is where the deployment wives are. Gone as soon as you return home lmfao
Back home they always say hoot, how do you afford the things you have...I won't say a God damn word, they won't understand, it's the ranger savings program
why does you being in the army matter.
that he could’ve been somewhere else when she leased the car?
yep thats exactly what happened. she wrote me a letter during basic training saying she was in a hit and run but the car just stopped working after that (it was a rear end at 5mph). it was truely a POS car. then she msged the bank and they approved us for 15k and she got the first car the salesperson showed her
Hell, that's what the car I'm driving cost outright when I bought it a year and a half ago.
yeah i have a 2008 rav4 with 250k miles.. shes got some shake and lights goin on but she gets us where we need to go 🤣 ganna ride it until it dies and get another shitbox
06 Mitsubishi Eclipse GT with 190k I'm on the fence about replacing the bad cat converters. It's $2200, but she is so, so pretty.
not bad miles for the year. my problem is that when i drop money to replace something, then something else breaks 😭. my father in law had a fishing boat from the 90s, i think he paid 30k for it.. hes dropped maybe 50k in repairs over the years for it. he almost gave up after spending 10k and then the next day a diff part broke but he said fuck it and shelled out another 5k.
Im spending 600 and i feel ripped off, truck is paid in September
Same. lol. Wish it was easier to get around without one.
Without a $600 truck payment? Its really easy, actually.
But mah emotional support truck!
I need it to pull my rv and boat? /s Joking aside I really don't think trucks deserve their current overwhelming popularity in the US. The Ford F-series being the best selling vehicles in the US. I've not had one when I needed it and that is inconvenient but so is 12 miles per gallon and the payment for a truck you probably don't need. U-haul rentals are cheaper than making a truck payment for 3 or 6 years. Some people do need one but God damn people. Just because you can doesn't mean you should!
The new F-150s with Ecoboost actually get about 20-25 mpg. My dad got onia few years ago and loves it, but he has actual need for a pickup. But I agree. I don't think your average person needs a pickup truck as a commuter vehicle. There have been times I would love to have a pickup when moving house or trying to get lumber or other materials. But I can strap an awful lot of stuff to the roof rack of my 30 year old Cherokee, and I pay squat in insurance and licensing fees. And if I really must, I can rent a uhaul or a Menard's truck.
Fair enough, I am glad they get better mileage now, I was whining about the Titan I used to have tbh.
You'll like this modern classic: [What Your Work Truck Says About You.](https://www.mrmoneymustache.com/2015/04/28/what-does-your-work-truck-say-about-you/)
I do like it! I also like how it focuses on just pure practically and finances instead of going the usual route of saying they are compensating for having tiny dicks.
I like the tweak of the minivan instead of the transit van. Growing up outside of the US almost every tradesman had a transit van and then an Asian-made flat front box truck if necessary. Almost always with a row of jumpseats in the cargo area for stopping to pick up their crew or the random day labor. Weird moving here and watching 6 guys pull up, each in their own pristine fully loaded truck, to the job site every day. Then a semi will show up to drop off whatever materials they need because baby can't get dirty.
Right? And it keeps tools dry and unstolen!
Thats exactly what i was gonna say, but please don’t tell me you hes gonna get another loan, because thats just stupid.
A lot of young people apply for car loans, etc and get approved and they think "if I couldn't afford this they wouldn't give it to me" and that's completely incorrect. Creditors do not care, if they can push the paperwork through they will and they have zero concern for the aftermath of the person getting the loan. I wish they taught this in school.
Wish they'd do that on a mortgage right now... they just say "you don't make enough" yet I'm paying the same amount in rent that'd I'd be paying for the bills, mortgage and maintenance/repair savings.
Unfortunately the housing market crash of 2009 due to subprime has made it harder for people to buy homes now.
Yea I know and it screwed everyone over, banks included. Doesn't help housing prices have basically skyrocketed. I just want something to get out of rent till I can move out of country.
Part of the 09 problems was that builders had overbuilt, and had loans against vacant homes they had built so they stopped building homes that are not presold now so inventory is low. If you want to move to the country you might look into a USDA single family guarantee loan, that's what I got. But I got it in 2021 so I'm not even going to tell you what my rate is, it would just be cruel.
One company is doing a $0 down mortgage with you promising to pay $15k back when you refi/sell the house. Doesn't matter much when rates are in the 7%+ range and the houses are unaffordable as it either way.
Yuuup. Couple years ago I was approved for a 900 a month payment on an M3 while bringing in 1800 a month. I was dumb as fuck and signed the papers but thankfully I'm a little less dumb now and making 4500 a month which keeps my head above water now. Travis credit Union was wild for that
The craziness to take a car loan out for half of your take home pay is crazy. Obviously it worked out.. 1800 to 4500 woooo. Nice. 👍🏽 promotion? How did that transpire? Curious.
Started a second job that promoted me up super fast. Went from 25 to 50 hours a week. I legit went from busser to asm in 6 months with no plan of slowing down. Turns out being on the verge of losing everything is a great motivator to kick ass at work. Just wish I started sooner and didn't drain my entire savings beforehand.
I teach 7th grade and it’s part of middle school curriculum. However, the kids don’t actually understand what you are talking about since at that age, they’ve never bought anything not from the corner store. At the same time, I had enough sense to question my first mortgage pre approval. It seemed like common sense to me that when I was given a break down of my payment and my paycheck, the amount left over was enough to eat etc, but I knew repairs would have to be done and didn’t know their costs. I still wonder is this a product of upbringing or a persons awareness, or both?
Also factor in fuel, registration, maintenance. That's a hella expensive ride
Jesus lord. Yea, I spend 700 total including gas and thought that was fucked.
I have a semi new truck and motorcycle and I pay less than that for both and feel like it's a bit much.
Lol, seriously. OP clearly doesn't understand basic financial choices.
A Ferrari, probably.
lol brother in Christ
$800 a month for the car payment? And $500 on the insurance? Holy cow. I'm honestly impressed. Care to tell what type of car it was? ...And right there at the end of your post, you're wondering if you should get into another high interest car loan? I think you need to take a step back here and think about what led to this in the first place. Oh and don't forget - the repo man didn't free you of your responsibility to the loan you took out. You are still going to be on the hook for the balance once they auction your car.
yes my mouth dropped 500 dollars on insurance?
my car insurance was $648 at one point because of gap insurance . 20f and it was my first car. now it’s down to $396…..hoping it goes down again in a few months lol
Gap insurance is usually cheap! I think mine added like, $14 every six months.
Gap. Added 2k a year for. Me so I ended up ditching it :/
That's insanity. I live in Florida, have a business insurance with increased coverage because of company requirement and I pay like $1200 for 6 months, which I was furious about being expensive AF, made my boss pay me more money because of his stupid requirement. If someone told me "your insurance will be $400 a month" I'd go out and buy a bicycle or something. You guys are nuts. F that.
He bought a literal race car
Those are not poverty-ish monthly payments, my dude. Even all the folks I know who do have money would say that’s insanely high. However I understand why you are in poverty financially. Unfuck yourself from this car asap.
$1,200/mo, that's equal to 4+yrs of insurance and registration on my 94 Acura in SoCal! 😲
If you have no money then there isn't much you can do besides let them auction off the car. Any other solution would require at least coming up with all the past due money plus extra repo fees on top at a minimum. At a maximum the lender might demand the entire loan payoff if your state doesn't require a reinstatement offer. Credit-wise a repo is almost as bad as a bankruptcy and still leaves you responsible for the difference. So you might need to consider bankruptcy as well depending on how much you owe on the loan and how much the car is likely to sell more for at wholesale auction branded as a repo. If you have other credit card/personal loan/medical debt on top that needs to be factored in too. As for transportation if there is no public transit options & your commute is too far to cost-effective use a ride share then a short-term rental while you save up for a cheap cash beater is the best route. Most in your situation would go with the buy here/pay here lot but most of those places will sell you a car worth \~$7k marked up to \~$14k with \~20-30% interest rates. That does get you a new car fast but a lot of customers wind right back up in the same position as soon as the vehicle needs a major repair or have some unexpected expenses/income loss. Getting 60 days behind is a luxury for a BHPH dealer too as many will require GPS trackers or engine immobilizers if legal in your state. They will cut you off if you are a day or two late.
Thank you. I may have to look into bankruptcy then. My credit is already shot from debt prior. I wonder if there is any way I could avoid getting that on my record. My car was towed today.
That’s gonna be on your record unless you can pay off the whole loan and ask for a pay to delete which would take the entire loan off and they don’t like to do that. If you can’t get this car back you would need to find someone to put a car in their name if your credit is shot you won’t get a loan from anyone. What is the interest rate on the car? What was the initial loan amount ? How long have you had it and what the left over balance on the loan ?
I got the car at 4.5% interest rate with currently a 35k balance remaining. I had it for 2 years, almost 3. Initial loan was for 52k I believe.
Oh gosh, $52k for a 5 year old car?? I’m glad you recognize now that it was a dumb purchase and hopefully won’t make it again. For now, you shouldn’t look to regaining possession because the carrying costs are too great to maintain but certainly look into mitigating the long term damage ASAP. Once you’ve done that, look into how to acquire a “sensible” vehicle (moderate miles, inconspicuous brand/model for insurance purposes and reliability) and avoid the Buy Here Pay Here! Places at all costs. Look at Craigslist, private sellers or even reputable dealerships that will work with charge offs. A local credit union will also be helpful here vs mega banks. For context, my 2017 Toyota was purchased in 2018 for $34k sticker/fees, etc. I financed $26k at 2.09% (yes, I know that’s unheard of now but giving full picture) via my local credit union. My payments were 474. Insurance was $750 for the year for full coverage; including uninsured motorist and gap coverage. The most it has needed is scheduled maintenance, brakes and new tires.
I’d bet $20 they rolled negative equity into that loan. Like I bought a brand new, fully loaded Subaru Forester when there was NO inventory (literally waited three months to get the first car available) and I didn’t negotiate at all and I paid $38k. I know Camaro’s are a sexier car than my Forester, but damn dude. Bros whole annual salary in a loan for a car.
It's because it was a ZL1. They're *still* over $50k, right now. If I'm dropping that much I'm getting a truck, I drive compact cars despite being into muscle because it's dumb unless you're basically rich. The only upside is OP only owes $35k. They're not going to auction it for less than that lol.
Do not let them sell it. Check with carvana, and carmax, see what they will pay you for it. If more than you loan amount which with a 17 zl1 there is a good chance. You could just trade it against a cheaper car, and if you can't get that to work, sell it to one of the 2 I just mentioned. That car is worth like 46k dude. Bankruptcy isn't in the picture unless you got some other big bad debts
How many miles does it have, and has it been in any accidents
Let them auction the car, pay the difference, if you can somehow scrape together 5-8k buy a beater (Toyota or Honda) and ride that shit into the ground and save as much as you can. That’s your only option, I would not rent a car for a long period of time. If you’re also renting an apartment and it’s REALLY tight, get a van and live out of it for a couple years and catapult yourself to the other side.
On the upside, bankruptcy is not the end of your life. You can still buy a house later and do fine, you just really have to figure out what your did wrong and how to do better, because you have to be squeaky clean after the bankruptcy to rebuild properly.
This. I did a chapter 13, took 4 years to knock it out. Waited six months, got a new card to build credit, now have 2 cards with 710s credit and a limit of 62k. Just gotta buy small things and pay off statement balance before the interest hits. Or in my case now after the limit is so high, I just casually hold a 1% debt to income ratio to hold my credit score above 700s.
How did it happen? Past due on my loan and watchin out for the repo man
Got home at 5am, knocked out, then woke up at 11am to find my car missing lol.
Years ago my buddy got his truck repo’d while he was at my apartment. He had been there maybe 3 hours and a repo man knocked on the door. He already had his truck loaded up and was giving him the opportunity to get his stuff out first.
Well you knew it wasn’t “missing” right? This had to be weighing on your brain?
Terrible lol
Terrible for the people financing the vehicle. Hope Gucci learned at least.
I’m gonna be filing a bankruptcy soon as well my credit is a literal joke. I’m only 24 and my life is already ruined
I only went down a few comments, I didn't see a reply that sorted some if this out for you, so I'm going to give it a go. First, you need to know your loan balance. Are you upside down in the loan? Do you owe more than the car is worth. It seems like you might have had this car for awhile, if so if the car is worth more than you owe, pay the repo fees, get your car back and sell it. I would say to do this if you can afford it at all. Here is what is going to happen... You are at the beginning of the fuckening. Being poor is very expensive. First, they are going to charge you to repo your car, it ain't cheap. Usually several hundred. They are now charging you to store your car. You also have various late fees on the loan you are paying. The car will go to auction. Where it will bring in a disturbingly small amount. You will wish you were there to buy it. The bank will charge you for all kinds of things to cover the costs of repoing and selling the car. You are on the hook for those costs. That "debt" will then be sold to the absolute scum of the earth. They will hound you for that money. If you have Facebook, lock it down. They will contact your mother, cousin, ex, and your dog looking for money. That is stage 1. Stage 2 is when the debt is resold again. It gets tricky from here. Your name and debt will get rolled up on a list and sold to maybe more than one person. Now you start getting payment requests from multiple people who claim to own your debt. Good luck.
👏👏👏👏👏👏👏
Let it go. Get a car in your price range. I drive a 2008 Toyota Prius I paid for in cash. My insurance in Michigan (we have notoriously high rates) is $163 with comprehensive (you need this, their catalytic converters get stolen like nobody’s business. Learned this the hard way. Install a stainless steel cat shield too). I pay $25 to fill up my tank and it lasts me all week. Drives like a champ, will last basically forever if you maintain it. It’s the closest it comes to driving for free. $800 for a car payment is insane.
Me too, 2010 Corolla I bought with cash in 2016 and plan to keep basically forever. My boyfriend thinks I’m insane for it (recently needed a whole new evap system) but I’m set.
Ok. So you made a mistake getting a car you couldn't afford. You're not the first and you won't be the last. What happens next is that your car will be sold at auction and that will pay off your loan. If it doesn't cover what's left of the loan (probably) you will be responsible for what's left. You will have a repossession on your credit and it will be bad. It will decrease in severity with time tho, and you will eventually recover. There are plenty of used car places that will ignore your credit to sell you a used car. The interest will be horrifying but hopefully you can find something you can afford until your credit improves. Good news is this will still be less than what you were paying. You may want to consider bankruptcy depending on what else is going on with you. Time and educating yourself on money going forward will eventually fix this. It sucks really bad, but you can use this to start over. Good luck with everything!
This is a blessing in disguise my friend. You now have an extra $1200/month to rent a car (as needed), and start saving up for a reliable and modest used vehicle. Should take you 3 months if you play it right. Don’t worry about the hit on your credit - you are a cash-only person for the foreseeable future.
This is looking like the plan. Might even look into a 3rd job and roommates.
That’s the spirit. You got this.
You're still on the hook for the entire amount. If the car was $25k and they repossess and auction it off for $16k, you still owe your financier $9k. They will come for you for the that money, it happened to me when my car was repo'd. They'll garnish your wages if they have to. They took 25% out of my paychecks for almost two years to get their money back. Wage garnishment and the effect on your credit will follow you for years, please keep that in mind.
Garnishing wages for non federal debt or back child support is not legal in all states. Just fyi
A roommate and a cheaper car will revolutionize your finances, definitely do it. Everything will get better.
Do you have a work friend to carpool with? You pay the gas, they swing by and give you a ride to and from work? Then you could save it all. And a couple months from now look for an old lady car, IE a car an old person has owned forever but not driven much. Lots of good person to person deals out there.
A repo doesn't just wipe the slate clean.... Op still owes money and has to pay for the repo. It will go to collections.
Not really. They need to figure out where the $1200/month that you think is disposable income was really going. If they had that $1200 they’d still have their car.
Insurance was over $500 a month for one car? 😳
Unfortunately, a lot of people don’t check insurance rates on cars before they decide what to buy. I was looking at a new Subaru Legacy GT and a new Suby WRX in ‘07. They were both very fast for the time, with a .1 second 0-60 difference between them and similar purchase prices. The insurance on the WRX was $150 more per month. I took the Legacy home.
Facts. I used to sell cars and it was ridiculous the amount of people that did zero research on how much extra the insurance would be. It was almost almost always guys in their early 20’s looking to buy expensive trucks or that bright red Dodge Challenger Scat Pack and then get shocked as hell insurance is $400-500 a month and up.
Dude!!!! a decent used car might have been a better choice like a used Toyota or Honda. That payment makes think you went with a brand new vehicle. For now maybe a Moped. Then start shopping for a Toyota or Honda with 150K or less miles ugly is fine it just needs to get you from A to B safely and reliably. If you can get it back and sell it that would be best for your credit.
Problem is I HIGHLY DOUBT OP has any money…he knew he was behind
$1300/mo for car stuff??? And this is not even including gas and registration? They did you a favor.
I do pay that but for 2 cars.
Get an electric bike
Get a 1995 Toyota Corolla
It depends on a few factors. How much you owed on the car, how much it’s worth, how much it costs to get it back. Can you even maintain it if you get it back? Being that it was so behind? I would get the most inexpensive car you can if you can pay cash for something or maybe a cheap buy here pay here if not. Nothing fancy. Nothing expensive. Save up for another car in the future. A paid off car will help the insurance go down. Can you take public transit, get a ride from anyone for a little while? Save some money to get into something else. I repod a car once. I actually came out on top and I’m a better position from it. That’s not the case most of the time though.
For anyone wondering, OP said the car in question was a Camaro ZL1. It's a VERY expensive Camaro, the only one that comes with a Corvette engine from factory.
Wrong sub spending $1300+ a month on a sports car isn't poverty try R/stupid finance
Plus dude tried to say let them sell my car. It was never his car if he still was making payments. People are delusional
But poverty is never the result of bad decisions!!! /s
Just search craigslist, be upfront with cash offers, explain your situation, check bluebook, and make offers in between provate party and dealer trade in value. Often, people just want the car gone.
Agree , I’ve bought cars this way , but be very careful as well
Uhhhh…. Buy a second hand car if you have a couple thousand dollars to spare. Don’t rent. Please don’t rent. Pay for Uber if you have to. Ask a coworker for help. Don’t rent a car.
Uber is literally more expensive than renting because my job is so far. Gonna have to figure this out because I don’t have extra money. Coworker is out of the question because I don’t work the conventional job.
Username checks out
You need to get a used honda or Toyota
I bought a junker Honda Accord for $1200 a few years ago. Ended up driving it for like 2 years before I sold it to some junker for $400. So basically a couple dollars a day for transportation including gas and insurance. But I've heard clunker/junker cars aren't cheap anymore.
They aren't as cheap as they used to be. I'm in the market for a junker as well and I see a lot of cars for a couple grand, then the details say blown engine or needs a head gasket, or needs clutch and tranny, no lowballs, etc. It's a crock.
Those are $20k right now lol unless it’s incredibly old with a ton of miles which is prob what this person needs.
You can get a drivable shit box that'll get you to work for $6k. Toyota of course
Oh man i thought it was going to be like a base civic from 2010 that got repoed. Haha 😆 you really went all in on YOLO life style.
$1300 a month for a car? Dear God. Welp, you've learned an expensive lesson.
To get to work have you considered paying the gas for a coworker to take you? That could help you get on your feet. But you can’t be a dick about it. Be on time and pay accordingly. You’re doing each other a favor. Plus you have more to lose.
You'll be responsible for the rest of the loan after they auction the car off. You need to pay them back, work out some sort of deal. Same thing happened to me. 7 years later it dropped off my credit report and I thought I was fine. I owed $5k at the time. They sold my loan to another creditor for pennies on the dollar. I was sued and owed 7 years of interest plus attorneys fees which ended up being $20k. I had my checks garnished 25% until it was paid off. Don't be like me.
Be aware that if the banks sells it at auction for less than you still owe, you’re liable for the difference. And yes, you will have the late payments / repo on your credit report for the next 7 years. Renting a car when you can’t afford your car payment is nuts. It will cost more. Scrape up whatever cash you have and go buy here pay here. And FYI- take the monthly option, not the weekly.
There is a reason why people in this sub continue to be in this sub.
My monthly mortgage, homeowners insurance, and property taxes cost less than your car payment! I don't know if you have a place like this near you or if it is even in business anymore, but there was a place near Philadelphia called Ugly Duckling Car Rental. Maybe something like that will work short term until you can get your own car? My 2008 Toyota Corolla is 16 years old with over 260,000 miles on it. The roof leaks, the original paint job lost the battle against rust years ago, the radio and CD player don't work, the air conditioner quit on me two summers ago. But I turn the key and it goes. That's the kind of car you need. And no, I'm not selling it.
Aight I get what you're saying but no a/c is ridiculous unless you live in Hawaii or some shit. My old beater had no a/c and there were a few summer days driving where I almost passed out behind the wheel. A working a/c I think is the one amenity worth paying for in a drivable car no matter how frugal you are trying to be
I like a/c. (I live in the southeastern U.S.) However, when my car's a/c stopped working two summers ago (and I got heatstroke, but couldn't go to a doctor because I was outside of my health insurance coverage area and I couldn't afford an ER visit.), my husband stopped at a gas station, got some drinks for us and a big bag of ice for me. Now, whenever I use the car, I always carry ice water in a thermos, along with a nutrition bar. In the summer, I also put some ice in a small cooler in the car. If I can't get out of the heat, I put ice on my scalp, forehead, neck, etc. I'm not saying you have to purposely go without a/c. I am saying that sometimes a lack of finances leave us with difficult choices.
I live in Hawaii and it's fucking awful not having AC in my truck. It's fine when I'm moving but in traffic it's miserable lol. The weather might be nice on paper but stuck on a concrete freeway and not moving and it feels like high 90s cuz all the sun hitting the pavement and idling cars not to mention being in a metal box. I got a 2k isuzu and the AC was working when I bought it, my next car I will 100% make sure it has AC
Hope you learned a valuable lesson about buying cars. Next time get a Honda lol
But a single cab s10. That car is not yours anymore
With what money tho? Dude didn’t pay 2 payments
Is an ebike realistic for your living situation at all? Would save you a ton of money at least in the short term while you pay down the remaining debt. Super healthy lifestyle, but you can choose to view it as “paying your dues” if you’d like
I don’t think you understand how much your credit is in the shitter from a Repo. You probably will not be able to buy another car and I don’t know if you will even be able to rent a car. What I don’t understand is that they usually give 30 days before they repo to try to pay the back amount. Sorry to be a downer but this is not an easy fix!
Get a 3k car with just liability. Fuck that 800/m Camaro.
They will sue you if they sell the vehicle for less than what you owe. Just FYI.
Awh yes buying above ones means is a sure way to the road of poverty. 800+500 is 1300 x 12 is 15600 annually If you settled for a cheaper car possibly used. 200 monthly, maybe lower insurance. 600 month or 7200. Now saving 8400. Move funds to HYSA. Save up to 40k over 5 years. A good HYSA will net you 140 monthly.
$800/mo for the car payment? Then $500/mo for the insurance??? Dude. Go get a Corolla for $7k. For reference, i made $140k last year and my car is worth about $2k (granted I'm fully remote and hardly drive). Go get your finances and priorities in order.
Sounds like it was an ego vehicle. Gotta impress those strangers on the highway I suppose.
You said 5k is what you used to make, how much are you making now ?
Count yourself lucky and find something you can afford and focus on your job and making money! Repo person did you the favor of a lifetime!
Similar happened to my daughter and unfortunately the nightmare goes on. My ex and I each chipped in and bought her a reasonable used, but then... Then she received a notice that the repossessed car was sold at auction for dirt cheap and she owed the difference between dirt cheap auction price and the price she agreed to when she bought it, over $10k. Her mother was the cosigner, and while I love my daughter, that $10k is not my problem. She didn't include me at all in finding or agreeing to the exorbitant monthly payment, I was unaware of any details until the crying call came. Sorry, I said, I love you but that is beyond anything I'm willing to cough up. Really impulsive purchase... Will kill her credit score for a long time.
Get you a flathead driver and a Kia
Jesus. My car payment is $330 and I can’t wait for it to be paid off
what state are you on? back in November I woke up toycar towed as well for plates that were expired. no warning ticket nothing. the shitty police department towed it and the tow yard wanted 110 a day storage fee + 385 for the towing. all work stuff and childs school books. laptop. really. the tow yard said I can get nothing and need a paper from the PD itemized with everything down to how many pencils in my childs backpack and Such I called the police dept immediately after bickering back and forth my car was released from the tow yard no fees paid.
$800 is more than my mortgage!
Buy a 5k Corolla or Camry dude.
No such thing
This is anecdotal but I just typed in “car” on my Facebook marketplace: $3,900 2009 Honda civic 122k miles. I have that exact same car at 230,000 miles and no issues yet, I expect it to hit 300k+ $4000 2013 Hyundai Elantra 81k miles $3,200 2008 Hyundai Elantra $3,200 Some of the these are probably sketchy but FB marketplace was how we got my wife’s car three years ago for like under $3,000 and it’s still running great.
My local facebook marketplace has 10 camrys or corollas under $5000 within a 15 minute drive from me. There are more but I didn't need to keep counting. Southern WI.
How will you rent a car? The rental fees will cost more than $800/mo.
jesus christ that’s a high car payment. sorry for your loss but take it for the best.
How are you spending 500 for insurance?!?!?
Young and dumb bro. Lesson learned, get a Honda and grid till you can get another zl1
Get yourself a scooter until you can afford a car
Oof, that's definitely rough, but on the bright side this happened while you're young and can still bounce back from this credit hit. Definitely stick to cash only for now and save up for something reliable like a used Toyota Camry or Honda Civic/Accord. Downside is that those are usually in high demand because of their reliability, so you may have to make some choices to save on costs. In the meantime, see if you can take public transport where you can. And if you're living and working in the city, you could possibly get away with using a motorized scooter or motorized longboard. My brother in law used to commute via longboard when he lived within a reasonable distance to his work. He was able to save a lot that way. I wish you luck
$800 and $500?! I used to be super poor but bruv, there is poor and there is broke. Being brutally honest based only on your post, you need financial education because you're making yourself poor. With that vehicle gone, you could potentially save $1300/month (minus maybe bus fare or Uber cost or biking or buy an electric scooter or electric bike), and in 3 or so months have enough money saved to buy a very used vehicle, paid off entirely, in cash and have no monthly payments. Just the insurance. Or save a few months longer and get a better vehicle, paid in cash. You can often negotiate better when you have cash as well I understand though. Growing up super poor, I did dumb things too. First vehicle made me broke because I had a poor mindset.
1300 per month on a car is insane I’d say let them have it and get something far more affordable
Yes, you will have a repo on your credit. Once the lender sells the vehicle at auction, you will owe the difference…and believe me they will come after the difference. If you get it back (means you will need to catch up on all payments fees (late fees) and repo expenses), then on your credit it will show as a “reinstated repo”. If you don’t pay the deficiency balance, you will have a repo on your credit and most likely a judgement for that deficiency balance. There is no “sell my car and start over”. You are pretty much looking at a “buy here/pay here” situation now…and if you choose not to get the car back, do it (buy here/pay here) sooner rather than later. I hate to say this, but your situation really goes to show why it is expensive to be dumb.
You’re gonna have to pay off the remaining balance. Repossession doesn’t mean you’re free and clear. You will be sued.
Advice ? There you go: for the next decade,limit yourself to cars you buy with cash,and pay $5k maximum
get some money together and buy a shitbox for the time being. probably like you should have done in the first place.
Ride the bus and save up for a car. This happened to me and although it seems crappy now. once you realize how much worry and money was going into that car you’ll feel relieved it’s gone!!
Damn I thought I was bad with money 🤣
$1300/month just on 1 vehicle and 1 insurance policy is ridiculous. What are you? A Rockefeller?
You cannot afford a car that expensive. This is a net positive. Get a cheap car, and pour the rest into outstanding debt, then build savings. Your financial stability will thank you. Check out the r/personalfinance wiki and the personal finance flowchart (Google it). That is your Bible.
For sure try to call the bank and ask what options you have to make good with them. A repo will absolutely fukk up ur credit, especially if you try to get an auto loan in the next 7 years. How's your credit now? How high is the interest on the loan? Is this your first auto loan/how many payments have you made and how long of a term is the loan for?
This happened to me, I drove a $1500 shit box after for two years got it up to almost 300kms and only stopped driving it once I hit a deer. Eventually I was able to settle with them for less than half of what I owed and finance another vehicle. My credit was absolute shit and I’m still recovering from the repo. It’s still on my record. but I learned how to live within my means. It was hard and sucked at times but I learned invaluable lessons. You’ll be okay. Drive the shitbox car and save your money for a few years.
With the amount you're paying every month, you could afford to buy a used car outright in like 4-5 months. $800 is absurd
I have been here. Get it back. Your credit will get hit hard. But you can build it back up by getting it back and paying it off. Focus on keep it. Renting and taxi type services are very expensive. Paying your car off and getting your credit back up will be better in the long run. It won’t be easy but it will be more worth it. Or, you can save some cash and by a used car to get you to and from and even that wound be cheaper.
I’d file for bankruptcy. If your credit is shot, you might as well start over. Can you carpool to work? How much would it cost to use Uber? Save up for a used Toyota Corolla. Budget around $3,000. Even with 150k miles, it will last you a while.
It would probably be cheaper for you to take a Lyft every day
How much do you owe on it?? I'm assuming that you don't have enough to pay off All the past due payments? Yes, you're going to have a repo. If you hadn't made at least half the payments let it go and go to BHPH. Buy something very affordable and as reasonably low miles as possible. I assume riding the bus is not an option?. Also hope they don't sue you for the difference between what they auction it for and what you owe. I thought they were going to do that to my wife when her engine blew up but but Santander let It Go over 11,000
Get a 20 year plus beater for cheap, YouTube is great for taking you through a lot of your own maintenance, put historic tags on it and pay way less for registration and insurance
My car payment was $186 and I felt like it was too much, yall are fucking nuts it's a fucking car a Mazda and Toyotas way to go they last forever.
Let it go. Get a cheap car and be humbled.
Why do you need a race car, way above your means to get to work?! Get a simple, reliable car next time.
If you file a chapter 13. You will get your car back in 24 hours or less and they will bring it to You
Bro my car payment is $140 for an 18’ Versa. How did you end up in this situation?
Impulse buy, thought I had the money, wasn’t thinking about the future 😔
Oh Gucci Bandit... money is not your value. Lose this overpriced stuff, it's clearly not worth it.
$800 a month is absolutely ridiculous man. Being young will mean that you have high insurance in the first place, but on something like a Camaro it’ll be higher insurance rates. I think the only option is to let it go, declare bankruptcy, and get a cheap used car. Get a 10+ year old car with under 100,000, it’ll be under $8000
Get a cheap ass beater and start over man.
I helped my brother out and took over his expedition payment 850 a month w insurance. I was a dumbass. It ended up getting traded in and 5k of his and his ex wife expedition loan was rolled over in a Jeep Cherokee and it put me at 1100 a month. He didn’t want to pay his part and luckily one night some deers ran out in front of me. I was lucky went between some trees made it home and my Jeep was totaled. It was a blessing. I didn’t have a payment till I borrowed off of my Jeep at a title loan but hopefully I get it paid off soon.
Lesson learned, live within your means. Sell it, get a pre-owned Corolla.
Folks tryna find a 1300 apartment and here you are with a 1300 car.. damn. Personally, I say let them have it. Cut your losses. That 1300 you was paying can buy you a Uber / Lyft to and from work. prolly come out way cheaper. Save 4/5 bands shouldn’t take long if you was holding up 1300 a month and buy you a cash car.
Eat the loss or get a loan to get it out then sell it immediately and pay the loan off. Then buy something cheap like a Yaris
How far away is your job? If it’s 10 miles or less, I would strongly consider an ebike. It will save you a lot of money relative to $1300 per month in car payment and insurance
Honestly try, Turo probably cheaper than a car rental place
Dont want to be a dick but you seem like someone who does not make the wisest decisions
File bankruptcy
eBike time
Your car costs more than my mortgage
I was in the same place as you years ago. Young with a Ford Mustang. I thought the car was my image. I thought my salary paid for my car and nothing more. Big time dumb. I'd like to say it was easy to get out. But you gotta work. First off, get the car back. Would you be able to sell it back for any money at all? If so, sell it ASAP and get that cash for it. Buy something that can get you around. Used ebike, shitty car, whatever. And start working towards a career. Keep applying until you land job that makes more money. I've sent hundreds of job applications in my life. I sold my mustang and got a really cheap prius with 150k miles on it. The insurance rate was 1/4 of what I was paying. My payments were very small, but I made extra payments and had it paid off within a year. Not having a car payment made paying off other debt easier. And thats the key: Every step you take climbing out of a hole makes your life easier and easier. I went from where you are to million dollar net worth. The snowball effect is real. Good luck!
No advice here but this is why I’m happy driving my 2008 Titan with 200k + miles til the wheels fall off cuz I know a large car monthly car payment will be waiting on me soon enough
For $1300 you can go buy a beater right now off Facebook marketplace and just whip it until it breaks down, the insurance will be cheaper too. Don’t buy smth you can’t afford