Help me im in trouble : /

[mp3_559]

Well Im 17 in highschool and paying for this car by myself it has come tot he point where i can not afford it any more. The car is as good as new and has 7500 miles on it the oil has been changed nice been park inside for the term of its life has an autopage top of the line secuirty installed. I need to sell it however i dont want to get less then what is left on the loan.. I live in sacramento, CA and the loan has a 18868.01 debt left on it. Any advise or any one interested in buying it for remotly close to this price?

 

[<Mp3 Speed>]

Dude, your ******, get it repoed.

 

[gonzoATX]

lol that's messed up dude... but yeah you are screwed just drop out and get a couple of jobs...

 

[APEXistud]

Damn man, I think you're gonna have to take a loss and sell it for less than the loan amount and pay the difference. Put it on Ebay or AutoTrader.com Wish I knew what to tell you.

Oh, you could also get a part time job save up some cash and ask your parent to help you refinance. You'll need at least $1500-$2500 to lower the payments. Goodluck

[ 01-14-2002: Message edited by: APEXistud ]

 

[NC_MP3]

You could "steal" it your self one night and drive it into a river or something and total it so insurance would pay it off

 

[OceanPark]

LOL
That's not an nice idea NC_MP3.

 

[C Rae]

take her to the dealer and ask him general manager if you can put it in his showroom, he will say NO, then ask him what he would give you on a trade in.
1. trade in for a protege 5 cheaper payments
2. go the illegal route i would;nt
3. see if you can sell at car shows ect
4.dont let your car get repoed, it will **** up your credit big time.(shows that you cant pay bills.
5. call different dealers outside your area and see if they have any requests for you car
6. call mazda and see if anyone has contacted them on a mp3 to buy.

good luck bro.

 

[gonzoATX]

i'll steal it for you then resale it back to you after your insurance pays for it

 

[Brian]

you still owe 18,8xx on the car ... dag gone i only payed 18,500.00 and that was still to much

 

[YellowMP5]

Yes, i was wondering how is it that you owe more on a car than what its worth? Did the dealer screw you? BTW, don't drop out, what are you gonna do? work at mcdonalds for the rest of your life? If you can't sell it for what you owe (and probably not since it is allready used) sell it at a loss and ask your parents to pay of the rest. Then in time you will return them money.

 

[MalkavianMP3]

The reason he owes more than what he bought the car for is known as INTEREST. When you buy a car and take out a loan on it, be it thru Mazda Credit, BB&T, or your own bank, you are paying for what you took out and also the privilege to use that money. Interest is a credit company's way of making money. Working at a Mazda Dealer affords me knowledge of knowing that anybody on this site who didn't pay for the car in cash, didn't get a 0.0% financed loan on the vehicle. so your car payment however long you are paying on your car will build up something called negative equity(what you owe over the value of the car). so there is everybodies answer to why they owe more than the car.

[ 01-21-2002: Message edited by: Malkavian ]

 

[mp3_559]

Yes interest and tax and all that was added to the loan i ddintput any down plus dealer screwed me 700 bucks

 

[70]

Why didn't you ask for the insurance on your financing??

When you get your car financed the lender is supposed to offer payment insurance to cover the spread if you go "up-side down" on your loan. I realize it's to late now, but your best bet is to sell for as much as possible and get help with the rest.