Stuck in a car loan - what's new?
Date: Fri, 01/07/2011 - 14:11
Hello there (again). I have found myself stuck in a car loan and am curious to see what sort of advice y'all might have to offer. In 2009 I bought a car for about 20K with my dad as a cosigner. The agreement was that so long as I was attending school, he would make the payment. Low and behold, a year later, he informed me that he would be unable to continue to make the payments and sent me over the bill. Well, in order to make the payment, I withdrew from school to get a FT job, which I have been unable to find (or any work, for that matter.) I've somehow managed to pay, albeit just before 30 days passed, but am no longer able to do so.
My payment is about 360/mo. I owe about 18K principal now, and the car, on a low end, is worth about 12K (high miles).
Being that I am still unemployed, I can't rollover the debt on a car that is affordable as I can't get a loan. I cannot sell the car, as there's no way I could get the remaining sum to pay off the loan. I don't think I trust a payment transfer. The bank won't allow me to defer a payment since I'm already delinquent and I don't know about refinancing.
Does anyone have some advice on how I can get out of this without having to go down the voluntary repo route? I don't want to be stuck with a leftover balance after auction.
Any help is greatly appreciated!
My payment is about 360/mo. I owe about 18K principal now, and the car, on a low end, is worth about 12K (high miles).
Being that I am still unemployed, I can't rollover the debt on a car that is affordable as I can't get a loan. I cannot sell the car, as there's no way I could get the remaining sum to pay off the loan. I don't think I trust a payment transfer. The bank won't allow me to defer a payment since I'm already delinquent and I don't know about refinancing.
Does anyone have some advice on how I can get out of this without having to go down the voluntary repo route? I don't want to be stuck with a leftover balance after auction.
Any help is greatly appreciated!
You are probably not going to get out of it. Does you dad know
You are probably not going to get out of it. Does you dad know you cant make the payments? He will be affected to ...as cosignor he is just as responsible for the repo/deficeincy balance as you are.
