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Old 04-26-2011, 08:30 PM
FordDude1991 FordDude1991 is offline
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Default Need some advice

Ok first let me start off by saying iv'e made mistakes in my short life and i have lived from them, so please no "shouldn't have done blah blah" as i understand now hindsight is 20/20.

this story will give you a understanding of what got me in the predicament im in. alot of you are going to say i am too indecisive and iunderstand that, and im trying to learn life lessons allong the way.

August 2009, I owned a 1991 Ford Probe, was working on it one day and my mother ripped the door off the hinges the same day i was planning on trading it in on a truck i was looking at (1997 F150, got turned down, was barely 18 at the time)

She gave me 1000$ for it. Keep in mind this ford probe was my 1st car, i learned how to work on cars because of this car, therefore 80% of this car has been replaced (head gaskets to the entire braking system, to fuel pumps, etc etc.)

i then took the 1k my mom gave me for the probe and went and got myself a 4x4 s10, financed it for 3 years, was affordable, 4x4, insurance was cheap, but it was a MAJOR POS. broke down on my every week and in april of 2010, i decided it was time for a new car.


i took a trip over to the local Ford dealership with my uncle (a very pressureing person, WRONG person to take. but again im learning life)

test drove a 2010 Ford Focus and i liked it, was awesome on gas, insurance was cheap, fully loaded with sync. drove that for 3 months and seen a commercial for the new 2011 Ford Mustang V6, 305hp, looked like a beast. I no longer wanted the focus.

The Mustang was my dream car, from diapers on up i have always had a special place for mustangs, i took my little focus over to the Ford Dealer. Talked to the salesman, he said shouldn't be a problem. (i have 700+ credit score at 19) he called my Credit union and they said go get your mustang!

The car was amazing, it was fast, sexy, sleek, and handled like no other car iv'e ever driven, problem was it was a POS.
Tranny issues,
Engine issues,
Trim coming off, seat coming apart, and MORE!! the car was a nightmare, called Ford, and took it to 3 different dealerships, no issues were even attempted to fix.
I thought to myself i could not have a car with this many issues later on the the road, say 5 years later the engine blows up due to a head design flaw and im stuck with a blown up car im still paying 2 more years on, so i was determined to get out of this car.

January 2011, i wanted a truck and the f150 was out of my pricerange, so i looked at rangers, i fell in love with my sport, love it as much as my mustang.

Sorry for my essay but now you understand me.

now here's my problem.

Im paying 443 a month for this truck.
Insurance is 130 a month,
gas is about 160-180 a month.

this is 750+ dollars of my income.

now as you know the economy has declined severely and i lost my position as an assistant manager at my job. so now instead of making 1500-2000 a month, i now bring in about 1000-1100.

at the time of all 3 of these new cars i have never missed a payment and never had an issue paying it. the fact is 700+ total a month for ANY car is rediculous with my income and i'd like to go to school again but this truck is holding me back.

My questions to you guys is this:
If i volunteerly give back the truck and pay off the amout left owed will this still effect my credit?

is there a chance i could refinance?

my mom has agreed to sell me back the car for the same amout i sold it to her for, so i have my 1st car 80% restored other than rear struts, and a little rust.

what y'all think i should do and thanks for taking your time reading my ramble. I'm only 19 almost 20 and trying to figure out the right way to do things, and learn from my mistakes.

Thanks everyone,

-Dave
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Dave K
2011 Ford Ranger 4x4 Sport 4.0L "Dixie"
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FUTURE: 3' Body Lift/32's/Windshield Visor/Brush Guard.
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  #2  
Old 04-26-2011, 08:54 PM
VegasRanger02 VegasRanger02 is offline
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Default Re: Need some advice

Sounds like a predicament... Sorry I dont know to much about how your credit will be effected..
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  #3  
Old 04-26-2011, 09:04 PM
FordDude1991 FordDude1991 is offline
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Default Re: Need some advice

yeah man i dont know what to do
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Dave K
2011 Ford Ranger 4x4 Sport 4.0L "Dixie"
Rancho Suspension/Auto/3.73's/Pinstriped/Flowmaster SS Exhaust.

FUTURE: 3' Body Lift/32's/Windshield Visor/Brush Guard.
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  #4  
Old 04-26-2011, 09:09 PM
klinger86 klinger86 is offline
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Default Re: Need some advice

If I'm not mistaken even though you voluntarily give it back to the it still goes on your credit as being repo'd.
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  #5  
Old 04-26-2011, 09:11 PM
Twisty Twisty is offline
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Default Re: Need some advice

Try to refi, maybe a credit union will help.
Tell your story to the dealer and ask them if they can take it back.
Try to sell it and if you do, ask the finance company for a short pay off. Similar to a mortgage short payoff.
The good thing is you are wiser now. This will fade away.

One bit of advice from my experience - avoid felonious acts. That is one thing that cannot be shaken off or corrected - EVER!
I have a story and a paper trail that will follow me to my grave...
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Old 04-26-2011, 09:12 PM
FordDude1991 FordDude1991 is offline
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Default Re: Need some advice

i know this but when they resell the vehicle, if i pay on the remaining balance could it help my credit more?

EDIT: @ twisty, i work 40-60 hrs a week im too exhausted to get in trouble. & already dealing with a Credit Union, im using PSECU the State's credit union. FUCK! lol
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2011 Ford Ranger 4x4 Sport 4.0L "Dixie"
Rancho Suspension/Auto/3.73's/Pinstriped/Flowmaster SS Exhaust.

FUTURE: 3' Body Lift/32's/Windshield Visor/Brush Guard.
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  #7  
Old 04-26-2011, 09:18 PM
Jimmeh Jimmeh is offline
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Default Re: Need some advice

No, it will not help your credit and will in fact hurt it.

As twisty said, go to a local Credit Union and talk to one of the loan officers about your predicament BEFORE you fill out any paperwork. They will talk to you about some of their options, then they will probably have you apply for one of their loans. Before you do THAT, go talk to the bank your truck is financed through, and tell them what the credit union gave you as some of their options. If they refuse to work with you on it, then go back and fill out the app.

Giving the truck back would be a last resort if I were in your shoes (which I sorta am, only my debt to income ratio is quite a bit different). Try your hardest to refinance because even that will affect your credit depending on if you get denied and what not.

Got any well off family members? Might help to ask for a little help from them with a plan on paying them back if you happen to need a down payment for the refi.
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  #8  
Old 04-26-2011, 09:24 PM
FordDude1991 FordDude1991 is offline
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Default Re: Need some advice

thanks for the help so far.

does a repo ever come off your report?
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Dave K
2011 Ford Ranger 4x4 Sport 4.0L "Dixie"
Rancho Suspension/Auto/3.73's/Pinstriped/Flowmaster SS Exhaust.

FUTURE: 3' Body Lift/32's/Windshield Visor/Brush Guard.
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  #9  
Old 04-26-2011, 09:26 PM
Jimmeh Jimmeh is offline
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Default Re: Need some advice

Quote:
Originally Posted by FordDude1991 View Post
thanks for the help so far.

does a repo ever come off your report?
Yeah, I can't remember how long it takes though. If bankruptcies eventually come off, I imagine a repo will too, lol.
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92 Ford Ranger Supercab XLT 4X4.
Not a ton done to it, but it's nowhere near finished
05 Chevy Silverado 1500 W/T 4X4
Way too much done to list and it's also not even close to done

"The only woman I'm pimping from now on is Sweet Lady Propane. And I'm tricking her out all over this town."
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  #10  
Old 04-26-2011, 09:28 PM
FordDude1991 FordDude1991 is offline
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Default Re: Need some advice

well i've learned an important lesson: never buy a new car.

better off with some good ole used shit.
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Dave K
2011 Ford Ranger 4x4 Sport 4.0L "Dixie"
Rancho Suspension/Auto/3.73's/Pinstriped/Flowmaster SS Exhaust.

FUTURE: 3' Body Lift/32's/Windshield Visor/Brush Guard.
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  #11  
Old 04-26-2011, 09:53 PM
OhSoLowBoxBdy OhSoLowBoxBdy is offline
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Default Re: Need some advice

In tennessee a repo comes off in 4 yrs a bankruptcy in 8 and a foreclosure in 12. Now my mom was in the same situation as you and voluntarily gave her new van up and it was still the same as a repo. Idk how bad it will hurt your credit.
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  #12  
Old 04-26-2011, 10:05 PM
fstcarkid fstcarkid is offline
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Default Re: Need some advice

Y whdont you try and resell it on cl for a little more than what u have left on you loan? Payoff your loan, help your credit, and make a few bucks. And get the car.
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  #13  
Old 04-26-2011, 10:36 PM
Coleosis Coleosis is offline
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Default Re: Need some advice

Quote:
Originally Posted by klinger86 View Post
If I'm not mistaken even though you voluntarily give it back to the it still goes on your credit as being repo'd.
Its called voluntary reposession...Its a repo, but still looks better than just a plain repo...You should ask the dealer how much to pay it off early, then if you arent upside down in it, just sell it for what you owe.
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Old 04-27-2011, 05:33 AM
bigtoys2004 bigtoys2004 is offline
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Default Re: Need some advice

Well dude I'm not much older then you and have learned from my auto buying experiences (financed 2 new and 2 new/used) like you. But one thing yal might not have thought of or realized is that unless you get an extremely good deal on a vehicle (not likely on a new one) you WILL be upside down in it even the minute you sign papers. And then get another while upside down and the difference is rolled over. Now do this 4 times like in your situation. Not good. Find out what the truck is worth and what you owe. Try a refi cuz chances are all of the upside downs will prevent you from getting what you need in trying to sell it. This situation is A LOT like mine only I have a house and family so credit isnt of great importance anymore a voluntary repo has crossed my mind. If you can't pay in cash you dont really need it anyway.
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Old 04-27-2011, 06:13 AM
knightmare1015 knightmare1015 is offline
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Default Re: Need some advice

I would do my best to try and refinance it. Here's why:

#1: If you refinance it successfully you could lower your monthly payments and make your truck more affordable to own.

#2: Refinancing aint as bad as most people say it is because it keeps your credit report current with activity. After so many years once it's paid off, if you do need to get a vehicle it will be alot easier getting financing in the future, plus it keeps your credit report clean with a higher score.

#3: getting refinancing on a vehicle that you bought new and still have is alot easier than getting a loan on a new vehicle, cause they will finance it as a "USED VEHICLE". That means lower interest rates, alot more affordable payments, and most likely cheaper insurance cause the finaning company has to report to your insurance provider about your loan status. They'll re list it as a used vehicle.

I've been through this a time or 2 both on the new and used side of vehicles in my life. I will never buy a new vehicle again because it's a headache from hell and it changes everything. If you have a loan on any vehicle in my state you're required to have "full coverage insurance" on it until it's paid off. But I found that most insurance companies, offer a cheaper rate for full coverage on a refinanced vehicle than a brand new one. Well I hope this helps you out some and that you've learned a valuable lesson here.
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Last edited by knightmare1015; 04-27-2011 at 06:17 AM.
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