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Joined: Apr 2004
Posts: 433
ArumnDark
Senior Member
ArumnDark
2004 Silver Streak Toyota Celica
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2004 Toyota Celica

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Posts: 433
Independence, California
Dec 7, 7:59pm - #346049 
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?


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Poisoner
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Poisoner
2004 Solar Yellow Toyota Celica
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2004 Toyota Celica

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Tx
Dec 7, 8:01pm - #346050 
If you have gap insurance, wreck that hoe, or have someone steal it.

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blitzceli
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blitzceli

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2000 Toyota Celica GTS

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Posts: 573
orange park florida
Dec 7, 8:02pm - #346051 
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"
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Posts: 777
ExNihilo
Cold Warrior
ExNihilo
Cold Warrior
2004 Toyota Celica GTS

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Posts: 777
Tempe, AZ
Dec 7, 8:48pm - #346052 
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."


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Pnoy
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Pnoy
02 Spectra Blue Toyota Celica
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02 Toyota Celica

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Chicago, IL
Dec 7, 9:15pm - #346053 
hhmm... rolleyes GOT GET A NEW JOB! rofl

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jl2fast4u
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jl2fast4u
2001 Black Toyota Celica GT
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2001 Toyota Celica GT

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Central Ca
Dec 7, 9:38pm - #346054 
Originally Posted by Pnoy
hhmm... rolleyes GOT GET A NEW JOB! rofl


English just owned your ass.


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'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
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CivicRunner
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CivicRunner
2000 Carbon Blue Toyota Celica
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melbourne, Fl
Dec 8, 9:24am - #346055 
^ haha rofl

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UnlimitationZ
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UnlimitationZ

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San Francisco
Dec 8, 10:57am - #346056 
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}
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Eman
Black Sheep
Eman

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2000 Toyota Celica GT

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818, CA
Dec 8, 10:59am - #346057 
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
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kmlgts
Specialist
kmlgts

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2000 Toyota Celica

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California
Dec 8, 2:15pm - #346058 
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

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ArumnDark
Senior Member
ArumnDark
2004 Silver Streak Toyota Celica
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2004 Toyota Celica

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Independence, California
Dec 8, 4:30pm - #346059 
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!


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Steven
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Steven
2001 Spectra Blue Mica Toyota Celica GTS
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Riverside, CA
Dec 8, 5:01pm - #346060 
I'm glad my car is paid off

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JBing
Pizza Geek
JBing

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2002 Toyota Celica GT

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Detroit
Dec 9, 2:40am - #346061 
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


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ArumnDark
Senior Member
ArumnDark
2004 Silver Streak Toyota Celica
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2004 Toyota Celica

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Posts: 433
Independence, California
Dec 9, 11:12pm - #346062 
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?


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JBing
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JBing

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2002 Toyota Celica GT

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Detroit
Dec 10, 12:48am - #346063 
by giving your car back its a voluntary repossession and yes it will ruin your credit. There is no difference between the two


FS: 19" ADR M Sports
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