I am stuck in a ridiculous car note and paying mostly interest this past year Help

who calls it a car note? are you from europe?

That’s a lot of money a month. Give it back?

cbdolloway wrote:

That’s a lot of money a month. Give it back?

You can't give it back because l will get taken to court for the difference in the amount l owe vs what the car is worth and l will be destroyed credit wise.

sdfkjbndsbvksndfklvnskdfvkj;sdfnvdfslvbn wrote:

who calls it a car note? are you from europe?

Car note, loan; same thing.

Ya dude you need to sell it yourself (not to a dealer) for as much as you can. The $30k is a sunk cost - its gone. You essentially rented a nice car you couldn’t afford for the last three years. You could possibly not need to get a small loan to pay the difference if it’s worth less than you sell it for. And you need to buy a beater until you can get back in a stable place. You have no business owning a car that expensive.

what kind of car

We all make bad decisions in life. Mark this as one of them .

Alan

yore upside down wrote:

Ya dude you need to sell it yourself (not to a dealer) for as much as you can. The $30k is a sunk cost - its gone. You essentially rented a nice car you couldn’t afford for the last three years. You could possibly not need to get a small loan to pay the difference if it’s worth less than you sell it for. And you need to buy a beater until you can get back in a stable place. You have no business owning a car that expensive.

I probably can't qualify for a loan because of all the late payments. Can you sell a car your paying notes on?

car note trouble wrote:

yore upside down wrote:

Ya dude you need to sell it yourself (not to a dealer) for as much as you can. The $30k is a sunk cost - its gone. You essentially rented a nice car you couldn’t afford for the last three years. You could possibly not need to get a small loan to pay the difference if it’s worth less than you sell it for. And you need to buy a beater until you can get back in a stable place. You have no business owning a car that expensive.

I probably can't qualify for a loan because of all the late payments. Can you sell a car your paying notes on?

Talk to your bank about your options.

Alan

Also......why did you think this loan was a good idea? How old are you?

Read what you said.......you have paid 30k on car worth 40k and still have 26k to pay.....assuming that's principal.

Talk to your lender about your options. Get current and sell back to bank. Or....long shot here.....see if you can sell the car to a private buyer. I'm not sure what you'll get.....but if it's less than what you have left to pay to the bank then you'll owe the bank the difference. Or just get repossessed. Either way is going to suck.

Alan

I second what has been said.

- you made a mistake and recognize it, good.

-sell the car privately for as much as you can

- attempt a low interest loan from a local credit union for the balance

In the future, NEVER buy a car you can't pay for fully in cash. If that means you drive a "beater" then that is all you can afford.

,.................. wrote:

I second what has been said.

- you made a mistake and recognize it, good.

-sell the car privately for as much as you can

- attempt a low interest loan from a local credit union for the balance

In the future, NEVER buy a car you can't pay for fully in cash. If that means you drive a "beater" then that is all you can afford.

I haven't taken out a loan for a car in 35 years (excepting when they offered 0 interest). However, when I first started out I did take out loans for cars. I needed good reliable transportation and didn't have the savings.

If this tale is real...

1. Sell it. Try carmax or diy it. If it's a desirable car you might get out of it. Used car values are high now.

2. Refi it. Your payment could drop by half. Can someone cosign to offset your credit?

3. Let them repo it. Worse things happen, you'll get over it.

And to the inevitable poster who claims to pay only cash for cars, here is my {eye roll}.

With low or no interest loans the norm, and stocks flying, why would anyone take 30k that will be 50k in 4y of investing and buy something in cash that will be worth 12k in 4y?

Take the stupid Dave R./Suzy O act elsewhere.

quality control wrote:

If this tale is real...

1. Sell it. Try carmax or diy it. If it's a desirable car you might get out of it. Used car values are high now.

2. Refi it. Your payment could drop by half. Can someone cosign to offset your credit?

3. Let them repo it. Worse things happen, you'll get over it.

And to the inevitable poster who claims to pay only cash for cars, here is my {eye roll}.

With low or no interest loans the norm, and stocks flying, why would anyone take 30k that will be 50k in 4y of investing and buy something in cash that will be worth 12k in 4y?

Take the stupid Dave R./Suzy O act elsewhere.

Used cars cost less and are reliable if you choose the right make/model. Heck, new cars are unreliable if you choose the wrong make/model.

Is a car just a mode of transportation or a status symbol? People spend money frivolously in many things.

Alan

quality control wrote:

If this tale is real...

1. Sell it. Try carmax or diy it. If it's a desirable car you might get out of it. Used car values are high now.

2. Refi it. Your payment could drop by half. Can someone cosign to offset your credit?

3. Let them repo it. Worse things happen, you'll get over it.

And to the inevitable poster who claims to pay only cash for cars, here is my {eye roll}.

With low or no interest loans the norm, and stocks flying, why would anyone take 30k that will be 50k in 4y of investing and buy something in cash that will be worth 12k in 4y?

Take the stupid Dave R./Suzy O act elsewhere.

I agree with this post, and as a car lover myself understand buying the most car you can afford. I’m my 15th car or so and I’ve only paid cash once. I mostly lease because I like getting a new car with zero maintenance and no hassle turning it in. As the previous poster mentions, I’d rather pay 3% in interest and make 8-10% on my cash in the stock market.

What kind of car is it? If it’s a desirable used car, Carmax may not be a bad option. They will give you a cash offer and pay off your loan. They aren’t going to give you top dollar, but it’s easier than selling to a private party. If you’re underwater, i.e., the offer is less than your loan, you will need to need to come out of pocket for the difference. Ive sold private party as well and if the buyer is willing to agree on a price and do the transaction with you so can simultaneously pay off the loan, that is an option, but it’s a more complicated process.

It sounds like you may be living paycheck to paycheck if you missed payments, so yes it’s probably best to pick up a cheaper used car. Good luck.

Do you pay for TV? Do you have a cell phone? Do you buy coffee? Do you ever eat out? Cancel all of those unnecessary things and pay for that car. You would lose way more money by getting out of the car now instead of keeping it for the next 10 years.

Financial guru wrote:

Do you pay for TV? Do you have a cell phone? Do you buy coffee? Do you ever eat out? Cancel all of those unnecessary things and pay for that car. You would lose way more money by getting out of the car now instead of keeping it for the next 10 years.

Maybe, maybe not. If he’s break even on the payoff and car value or even a bit underwater, he may still be better off selling now.

We don’t know all the information other than it seems to have cost over $50K. If it’s a British or European car that is expensive to maintain, he may still be better off cutting his losses and getting a cheaper used Toyota, Honda or other reliable car with cheaper maintenance.

I do agree with cutting back on non-essential items if he’s in a bind.

There are a couple options here and this is similar to another thread.

One way to get out of making these payments is to simply stop making the payments (again).

Sure, they will repo the car but not for a couple months, at least.

Another is to let someone steal the car or maybe

drive it off a cliff (don’t stay in the car).

Focus on getting a job.

Maybe remote work so you won’t need a car.

You should NOT be or have been purchasing cars for $40.0K!!!