Previous Thread
Next Thread
New Reply
Print Thread
Joined: Apr 2004
Posts: 433
ArumnDark
Senior Member
ArumnDark Dec 8, 2:59am - #346049 
2004 Silver Streak Toyota Celica
Senior Member
2004 Toyota Celica

Joined: Apr 2004
Posts: 433
Independence, California
If you have to get rid of your car, but you still owe money...

How does that work? Say you lose your job and can't find a new one and end up unable to make the payments on your car.
(I mean owe a lot of $$$, like $25 grand or so).

So what would you do in that situation?

[Linked Image]
Joined: Dec 2004
Posts: 104
Poisoner
Member
Poisoner Dec 8, 3:01am - #346050 
2004 Solar Yellow Toyota Celica
Member
2004 Toyota Celica

Joined: Dec 2004
Posts: 104
Tx
If you have gap insurance, wreck that hoe, or have someone steal it.
Joined: Jan 2004
Posts: 573
blitzceli
Senior Member
blitzceli Dec 8, 3:02am - #346051 

Senior Member
2000 Toyota Celica GTS

Joined: Jan 2004
Posts: 573
orange park florida
repo will taking it in the middle of the night, Id part out, and sell my car.(So you dont lose all the money you sent in mods.) then pay it off, or sell it and have the payments switched over into the buyers name

"friends dont let friends drive stock"
Joined: Jul 2004
Posts: 777
ExNihilo
Cold Warrior
ExNihilo Dec 8, 3:48am - #346052 
Cold Warrior
2004 Toyota Celica GTS

Joined: Jul 2004
Posts: 777
Tempe, AZ
Well, if you don't take any action and default on the loan, and your car get repossessed, you would presumably be bad enough off to declare bankruptcy. You're then sort of a "ward of the insurance companies." You can actually get out of most of your debt at that point, but your credit rating is ruined for a minimum of seven years, and you lose most anything of any value at that point (like a house if you own one, cars, etc). Pretty much you can't get anything on credit after that, and if you do, the interest rates are very high.

What would I do? I'd try to sell my car pretty quickly and get whatever money I could, then decide if I wanted to try paying off the unpaid part of the car loan (i.e. the "gap") if there was one. Its better to not allow a car loan to become "upside down" (have a "gap") though. That means you owe more than what you could get if you sold the car. Its always better to make a high down payment if you can, and keep your loan "rightside up."

300,000 KM/Sec. Its not just a good idea, its the law.
Joined: Aug 2004
Posts: 1,002
Pnoy
Specialist
Pnoy Dec 8, 4:15am - #346053 
02 Spectra Blue Toyota Celica
Specialist
02 Toyota Celica

Joined: Aug 2004
Posts: 1,002
Chicago, IL
hhmm... rolleyes GOT GET A NEW JOB! rofl
Joined: Sep 2004
Posts: 323
jl2fast4u
Member
jl2fast4u Dec 8, 4:38am - #346054 
2001 Black Toyota Celica GT
Member
2001 Toyota Celica GT

Joined: Sep 2004
Posts: 323
Central Ca
Originally Posted by Pnoy
hhmm... rolleyes GOT GET A NEW JOB! rofl


English just owned your ass.

[Linked Image]
'01 Black Celica GT 5spd - custom catback exhaust, polished AEM CAI, TWM SS, TYC black tails, 6500k h3/h7, s2000 antenna, tein s.techs, 35%/5% tint, debadged
Joined: Sep 2004
Posts: 106
CivicRunner
Member
CivicRunner Dec 8, 4:24pm - #346055 
2000 Carbon Blue Toyota Celica
Member
2000 Toyota Celica

Joined: Sep 2004
Posts: 106
melbourne, Fl
^ haha rofl
Joined: Jun 2004
Posts: 182
UnlimitationZ
Member
UnlimitationZ Dec 8, 5:57pm - #346056 

Member

Joined: Jun 2004
Posts: 182
San Francisco
You shoulda save some extra money in the bank for the "Rainy Days". Which is also today for you.

Murphy's Law, "When something could go wrong then it will go wrong."

You should know better to have some extra money in the bank for situations like these. Hope everything works our for you though.

I buy your car for 5K. lol thumbsup

.::Expect The Unexpected::.

{o.0}
Joined: Aug 2002
Posts: 1,096
Eman
Black Sheep
Eman Dec 8, 5:59pm - #346057 

Black Sheep
2000 Toyota Celica GT

Joined: Aug 2002
Posts: 1,096
818, CA
Originally Posted by jl2fast4u
Originally Posted by Pnoy
hhmm... rolleyes GOT GET A NEW JOB! rofl


English just owned your ass.


rofl

Ima TuRD fa life
Joined: Aug 2004
Posts: 1,029
kmlgts
Specialist
kmlgts Dec 8, 9:15pm - #346058 

Specialist
2000 Toyota Celica

Joined: Aug 2004
Posts: 1,029
California
Originally Posted by Eman
Originally Posted by jl2fast4u
Originally Posted by Pnoy
hhmm... rolleyes GOT GET A NEW JOB! rofl


English just owned your ass.


rofl


lollol
Joined: Apr 2004
Posts: 433
ArumnDark
Senior Member
ArumnDark Dec 8, 11:30pm - #346059 
2004 Silver Streak Toyota Celica
Senior Member
2004 Toyota Celica

Joined: Apr 2004
Posts: 433
Independence, California
I'm looking for a job tongue

And I have money in the bank that should last about 2 months, was just wondering for 'just-in-case' smile


Thanks for the input folks!

[Linked Image]
Joined: May 2002
Posts: 3,295
Steven
ECelica Staff
Steven Dec 9, 12:01am - #346060 
2001 Spectra Blue Mica Toyota Celica GTS
ECelica Staff
2001 Toyota Celica GTS

Joined: May 2002
Posts: 3,295
Riverside, CA
I'm glad my car is paid off
Joined: Oct 2003
Posts: 1,549
JBing
Pizza Geek
JBing Dec 9, 9:40am - #346061 

Pizza Geek
2002 Toyota Celica GT

Joined: Oct 2003
Posts: 1,549
Detroit
Originally Posted by Steven
I'm glad my car is paid off


ditto

all in all, if you cant make the payments its a lose, lose situation. either way you gonna get punk'd with a 100 credit rating or have to file for the 11.

if I may ask how long have you been out of work? and do you own your own house? if you have a house you could try to take out a home eq and pay it off, hell if you havent yet do a complete refi and lower your house pmt and roll the car in too at the same time.

This may see a little extreme but there notthing worse then defaulting on a car note, except for maybe a mortgage

[Linked Image]
FS: 19" ADR M Sports
Joined: Apr 2004
Posts: 433
ArumnDark
Senior Member
ArumnDark Dec 10, 6:12am - #346062 
2004 Silver Streak Toyota Celica
Senior Member
2004 Toyota Celica

Joined: Apr 2004
Posts: 433
Independence, California
Nah, I'm only 17 wink Technically, the car's not even mine (not signed in my name, that is). But I drive it, and I pay for it, so in practice, it's mine smile

I'm not completely out of the job yet, but there has been a pretty big cutback, so I'm getting a little worried... I think with what I have in the bank and what IS coming in, I'll be able to swing it, if I'm careful smile

I only have to last 'til June, then I can get a 'real' job (as I'll be out of school and 18)... Then I should be OK to pay 'er off - I just have to scrape by 'til then! ... Or end up in a wreck and have her totaled tongue But I wouldn't do that on purpose, as insurance would probably suck, and I'd probably get killed anyway wink


Soo anyway, thank you folks for the input, I'm sure it will all come in handy! grin

Also, what if you essentially 'gave your car back'? That'd be just like having it repo'd, wouldn't it? Lose what you've paid and credit goes to hell?

[Linked Image]
Joined: Oct 2003
Posts: 1,549
JBing
Pizza Geek
JBing Dec 10, 7:48am - #346063 

Pizza Geek
2002 Toyota Celica GT

Joined: Oct 2003
Posts: 1,549
Detroit
by giving your car back its a voluntary repossession and yes it will ruin your credit. There is no difference between the two

[Linked Image]
FS: 19" ADR M Sports
Join the conversation - Register now or Sign in to add your comment


Moderated by  isaac 

Customize Your Toyota CelicaPrivacy Policy · About · Contact
CelicaHobby.com is an independent Toyota Celica enthusiast website. CelicaHobby.com is not sponsored by or affiliated with Toyota Motor Sales, USA, Inc. in any way. The Toyota and Celica names and logos are trademarks owned by Toyota Motor Sales, USA, Inc.
© CelicaHobby.com, 2001-2016