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

Stop b*tching about your poor financial decision. Figure out a way to pay off the loan even if you have to live in your car to do so. Look at it as punishment for your terrible decision to buy this car in the first place

briswiss wrote:

Stop b*tching about your poor financial decision. Figure out a way to pay off the loan even if you have to live in your car to do so. Look at it as punishment for your terrible decision to buy this car in the first place

I have a family; that's impossible.

What kind of a car is it?

car note trouble wrote:

briswiss wrote:

Stop b*tching about your poor financial decision. Figure out a way to pay off the loan even if you have to live in your car to do so. Look at it as punishment for your terrible decision to buy this car in the first place

I have a family; that's impossible.

I don't know if you qualify for something like this, but you might be able to find a p2p lender like Prosper to give you a loan for the balance at a higher rate. If so, use that money to pay off the car. Then you have freedom to either sell it yourself or even have someone like Carvana pick it up. Pay down the p2p loan upon sale of the car. You will end up with a smaller loan, a smaller payment, at a longer term and higher interest rate. If monthly cash flow is what matters to you, it's a very attractive solution and makes selling your car so much easier.

You may want to call the lender, explain you’ve lost income and ask them what your options are.

Here, you’re pretty much facing judgment for a decision you made years ago when your situation was different.

Fiscal responsibility wrote:

an American taxpayer wrote:

You're not "stuck" in a ridiculous car note. You willingly signed up for the loan, just like the student loan crybabies who want bailouts.

This ^^ x 1000

Also like airlines who get bazillions in bailouts after:

1) spending Trump tax windfalls on buybacks?

2) treat customers like utter sh.t, day in, day out?

Are they "crybabies" too?

A monthly payment of $850 is $10200 a year!

You could buy a car for that in cash. In two years a pretty good car.

This was a very bad decision. Let's hope you follow some of the good suggestions made here in this thread.

X-Runner wrote:

You may want to call the lender, explain you’ve lost income and ask them what your options are.

Here, you’re pretty much facing judgment for a decision you made years ago when your situation was different.

They keep telling to to catch up, but it wasn't until last night that l really figured out what was going on. I am 30 days behind at this point, no big deal,but it's all interest l am paying. Can l roll this over into another car? I want out, but repo is not an option. I don't have an outer big dets, but this. The problem is l lost everything to Covid and l didn't realize what was going down till last night. Can't l roll this over on a used car?

car note trouble wrote:

I pay a ridiculous note of $ 850 a month and am about 3 years in on the loan. This past year l missed a few payments because of Covid and a long story short, only about $600 of all l paid all year went to the principal amount l have on the car loan, and that's out of $ 4,500 dollars in payments for 2020. How can l get out of this loan? I lost my job. Can l flip it on another car at a cheaper value, thus getting out from under this note and car and into another car; a cheaper car. I paid 30k towards this car and owe 26k and the car was worth about 40k 3 years ago. Right now it's not an option to pay more a month.

Start following the weather nationally. Drives to places where hail is predicted until you get walloped. Problem solved.

car note trouble wrote:

X-Runner wrote:

You may want to call the lender, explain you’ve lost income and ask them what your options are.

Here, you’re pretty much facing judgment for a decision you made years ago when your situation was different.

They keep telling to to catch up, but it wasn't until last night that l really figured out what was going on. I am 30 days behind at this point, no big deal,but it's all interest l am paying. Can l roll this over into another car? I want out, but repo is not an option. I don't have an outer big dets, but this. The problem is l lost everything to Covid and l didn't realize what was going down till last night. Can't l roll this over on a used car?

A lot of lenders have stricter lending criteria on used vehicles and they aren't going to want to roll negative equity into a used car they can't resell. They would essentially be giving you, for example, $30k on a used car worth only $12k if they have to repo and sell it. I can't imagine even hometown credit unions would do that without additional collateral.

Mfrs don't offer rebates on used vehicles and so the dealer will do whatever possible, and it will usually be "cheaper", to put you into a new vehicle. You might see a 2020 going for, used, 3-4k, above what you can get a brand new 2021 for. And you, since you already did this once, are going to walk out with a 2021 with "around the same payment" but "it's better because it's newer and will have less maintenance issues than my 3 year old car."

Yes, you can roll this over into a used car but you have to qualify for financing if you owe more than a dealer will give you for the car.

If you aren’t working, I don’t know how you will get financing even for a $6,000 car plus the difference of what you owe.

You will need to come up with cash.

There may be some dealers that could come up with something with a very high interest rate.

So he paid almost $4000 in interest on a 26k loan, that’s like 15% interest rate?

NO MORE COMMENTS UNTIL HE TELLS US WHAT KIND OF CAR IT IS AND PICS.

car note trouble wrote:

sdfkjbndsbvksndfklvnskdfvkj;sdfnvdfslvbn wrote:

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

Car note, loan; same thing.

Aren't you all supposed to be socialist or something? Just go have the Ministry of Cars pay it off.

Kenaneeser Beckelay wrote:

NO MORE COMMENTS UNTIL HE TELLS US WHAT KIND OF CAR IT IS AND PICS.

Just a test

car note trouble wrote:

X-Runner wrote:

You may want to call the lender, explain you’ve lost income and ask them what your options are.

Here, you’re pretty much facing judgment for a decision you made years ago when your situation was different.

They keep telling to to catch up, but it wasn't until last night that l really figured out what was going on. I am 30 days behind at this point, no big deal,but it's all interest l am paying. Can l roll this over into another car? I want out, but repo is not an option. I don't have an outer big dets, but this. The problem is l lost everything to Covid and l didn't realize what was going down till last night. Can't l roll this over on a used car?

What do you mean you "really figured it out"?

You didn't immediately notice your principle barely moving each month?

Why did you take a loan at 15%

Alan

9/10

Kenaneeser Beckelay wrote:

NO MORE COMMENTS UNTIL HE TELLS US WHAT KIND OF CAR IT IS AND PICS.

Nissan Maxama 2017 SL, added gap insurance and other stuff equals 41 thousand. Gap insurance is a must!

Runningart2004 wrote:

car note trouble wrote:

They keep telling to to catch up, but it wasn't until last night that l really figured out what was going on. I am 30 days behind at this point, no big deal,but it's all interest l am paying. Can l roll this over into another car? I want out, but repo is not an option. I don't have an outer big dets, but this. The problem is l lost everything to Covid and l didn't realize what was going down till last night. Can't l roll this over on a used car?

What do you mean you "really figured it out"?

You didn't immediately notice your principle barely moving each month?

Why did you take a loan at 15%

Alan

My first car loan ever. I was moving other years, but l didn't get a picture of what was going down till last night when a phone rep, an American on, not form the Philippines took the time to explain it to me, actually she said she was in the same position her self. Should l roll this loan on a cheaper car and get out of this at least with another vehicle and a clean start. I might pay less per month? Who knows.