SPEEDY CASH Auto Loan HELP
Date: Thu, 09/22/2011 - 17:49
I am upside down on the car even though my payments are current so I was surprised they would even consider taking it as collateral but again I was desperate. It has only been one month and I CANNOT make the payment due.
I have also just now realized that after making a $208 payment only $8 will go to the principal balance of the loan. Basically I am going to be paying over 7 grand on a $2700 loan. I regret taking this out so badly but there is nothing I can do right now or anytime in the future.
I expected things to get better but they have just gotten worse and worse. I seriously feel like they took my emergency and RAN with it knowing I didn't have the ability to pay that much money!
My question is, are they going to take my car? If so how can they take my car when I don't even own it? (and I won't for a few more years).
I signed a paper with them about "power of attorney" at the DMV, what does that do? Is there any way I would be able to keep my car besides paying them right now? PLEASE PLEASE HELP.:confused:
One more question, If they are allowed to take the car what happens to the balance I owe the auto lender?
You have taken out the loan. Therefore, you are responsible to p
You have taken out the loan. Therefore, you are responsible to pay it off. Simple! If you are not able to make payments on the loan, then the lender may take it away. Contact the lender asap. Explain your situation and ask you give some time. You'll be responsible for the deficit balance.
I know I am responsible BUT I am telling you, I have already tal
I know I am responsible BUT I am telling you, I have already talked to them, they will not help me or give me more time. If they need to take my car then take it, I'm just wondering HOW they can take something from me as collateral that was not mine to give. So If they take the car, I obviously stop paying on it, if I stop paying on the car the car will get repossessed from them?
How can they take my car when neither of us have the title? I had NO idea this loan was the way it was. I even called my mom to see if she could loan me the money to pay it in full when I saw the intrest rate. She said she could help BUT even though I took the loan out 30 days ago it is still over $6000 to pay off a $2700 loan! I don't know what to do. I have been trying to build my credit by paying up the a$$ on a 2005 car every single month and this company takes advantage of my ignorance and helplessness by giving me a loan that is going to ruin my life.