Anyone have a car repossesed??

[trucker]

moral of the story...


don't finance a car...ever, for any reason.if you can't write a check for it, you can't afford it, period.

they can't repo acar you old the pink for.

what yoou are going to find is that you are buried in that cobalt, you owe more than it's worth.
no matter hhow you do it, you are going to owe the bank a couple of thousand dollars.


now here comes 50 people telling me how i am wrong, and they will try to justify making payments on a car. don't waste your time, you are wrong, and you won't be able to show me otherwise.

and yes i have had a repop....i thought i was doing it the right way...then life stepped in and took over

 

[iwannadie]

I say dont put anything on credit unless you have the money in the bank to cover it. I know thats hard to do in most cases, just have to live within your means. When your poor and finance an expensive car and suddenly you loose your job, its all over. Call your finance company and ask what the buy out is on your loan.

I dont have a problem with credit/loans. I just keep enough cash to pay whatever debt I have off if something comes up. Credit scores these days are way to important to screw around with. I know people financing TVs and junk at 33% interest. They get pulled into those no payments for a year and stuff then totally get screwed in the end.

/rant

 

[Isphius]

well yes i would like to be done with the financing a car situation but its too late now. If it wasnt for what i want to do in the future i wouldnt give a crap about my credit score. But i want to buy a food place of some sort in the next few years(2? 5? whenever i can so it), and make that my career. And to hook that up im going to need a good credit history.

 

[Ckanderson]

moral of the story...

.if you can't write a check for it, you can't afford it, period.

so, you bought your house cash?

After selling cars for 2 years. the only people who EVER paid cash for a car were illegal immigrents who couldent get a loan.

I had like 2 people who paid cash.

everyone makes payments. it's part of life.

 

[iwannadie]

so, you bought your house cash?

After selling cars for 2 years. the only people who EVER paid cash for a car were illegal immigrents who couldent get a loan.

I had like 2 people who paid cash.

everyone makes payments. it's part of life.

I own 3 vehicles, paid cash for all of them. I will never finance a car no matter what, to me its not worth it. My mother just got done paying off a 6 year car loan. After all the finace fees she basically paid double what the sticker price was. Also, after 6 years the actual street value of the car is prolly 2 grand. I know tons of people in the same situation. People get these big car loans then work full time just to make car/insurance payments.

Its not part of life to buy a car you cant afford, its being stupid. People dont need a 30k SUV to drive around when they make 10k a year. A car is not an asset either. I hear people say all the time they arent in debt because they can sell their car any time. Ya well that 30k SUV with a high rate loan isnt 30k in your pocket.

Id like to pay cash for a house if I can, Im working towards it. If I cant cover the full price, my credit score will be up there to keep my finance rate livable.

 

[Isphius]

Well I made 35-40(got a raise in the middle) grand a year and bought a 12k$ car. Too me that made perfect sense. I just want to be done with it mainly for the insurance. But just like any other luxury you dont "need", having a nice car that wont fall apart and is warrantied is definatley a luxury id pay for. CK is right , it is part of life, if thats the life you choose. I do feel a lot better about this whole situation now though. This job im going for starts at 15 an hour with lots of overtime available. I just need to keep the bank off my ass for the first few weeks. Thanks everyone!

 

[thechori]

good luck dude, sounds like you've got it rough. i hope it all turns out for the better, i'll probably be in the same boat when i have to pay for college.. ugh

 

[DreamerTheresa]

so, you bought your house cash? Difficulty: NOT a trailer/mobile home.

everyone makes payments. it's part of life.

Win.

 

[2543arvin]

Paying cash for everything doesnt exactly build any credit.....

 

[foreverpsycotic]

no, but it doesnt build debt either

 

[iwannadie]

Paying cash for everything doesnt exactly build any credit.....

That why you finance certain things, get credit cards, take personal loans etc. Also, have cash in the bank to cover all of those things in case you need to pay them off.

Financing a car isnt the best way to build credit in my opinion.

 

[bigaaron]

I would never get in a situation where a car could get repossessed, but sometimes it feels like my car is possessed.

 

[Ckanderson]

^ yep, I make enough and keep enough in the bank that I can afford a few months of payments if i lost my job for some reason.

do that, and your set.

 

[Isphius]

no, but it doesnt build debt either

/\ Lol. If i got an SS in the first place, I would have been set. I just found a 2 month old letter saying my loan was denied but here is a modified higher intrest one, which would have given me the choice to not agree/sign. That happened to 2 other cobalts there, they were trying to sell to me. A yellow one with tinted windows that the guy got denied on and an orange SS with 2500 miles. And i really need to update my sig.