Need your help and advice concerning buy here pay here lots?
Here is my problem. I recently had to get another vehicle, for work. Due to past credit problems, charge-offs, and repos I had to go this route. Keeping my job was important to me, so at the time I had no choice. Now my eyes are open to what a ripp-off this is. Completed my downpayment of $800 although I told them I only had $300 to put down, which they accepted. My payments are $169.77 twice a month, for a 2000 Saturn that had 105,000+ miles on it. Will be paying on this car for 3yrs. After finally "really reading" the contract I was all but happy about my choice. How do I get out of this situation legally? Know defaulting will not help my credit situation, but it's already bad. What can I do? Am really in need of some sound advice, cause this is really hurting me financially.
- 1 decade agoFavorite Answer
buy here pay here lots usually do not help or hurt your credit score. they have thier own rules. sme will not even let you take the car out of state for a road trip without defaulting on your loan. my suggestion would be do what you need to do. if the car is giving you problems save your payments from it and drive it till they come get it. as this is what they hope for in the first place. the down payment that you paid is what they have in the car in the first place any other money is just a bonus to them. good luck
- fire4511Lv 71 decade ago
You signed a contract. No one held a gun to your head to force you to do so. You did it of your own free will.
You did not qualify for conventional financing "due to past credit problems, charge-offs, and repos". You are a high risk borrower. You have a history of not paying your bills. The dealer was willing to take a chance on you when most others would not!!
They were able to work out a deal to get you into a vehicle, which allowed you to keep your job. You had to pay a higher rate, because you are a higher risk! If you default on this car, the dealer will take it back. Most likely they will sue you, and garnishee your wages.
Did you sign a conditional sales contract, or a finance contract. If it was a finance contract, you will be liable for all costs of collection, and any deficiency balance when the car is sold. With a conditional sales contract, you will be liable for the total amount financed, and any costs of collection, with no credit for the sale of the reposessed vehicle.
Pay your payments on time. This will help you repair your credit rating. You may feel you paid too much, but you at least have a car. If you had been responsble with your finances in the first place, you would not be in this situation!!Source(s): 27 years in the auto business
- mccoybluesLv 71 decade ago
I would let them repo that crap car and get out of that crap of a deal fast. Do you realize that at the end of this car deal you will have paid $12,250.00 for a car that is worth around $6500.00. And it you are 2 hours late on one of your payments they will come and get your car and you'll lose everything you paid out.
You got screwed. Let them repo this car and learn a thing or two about contracts. Next time stay away from these crooks and take your $800 and pay cash for a car.
- 1 decade ago
if you dont make a payment, be ready to walk, the other guy is right, they are not like banks. most of the time the owner is right there on monday morning, and who ever hasnt paid will walk. they are not going to sit around and listen to excuses from some one with bad credit.You have allready proven your ability not to pay, they will take that into account and do what they need to do. SO BE SURE! remember you are not the first person to do this to this lot.
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- polivickLv 44 years ago
first of all, in case you have been in any respect experienced or in the journey that your fiancee grow to be a coach you does not be on line asking us those extraordinarily simplistic questions. for this reason, you may desire to in no potential be dealing with a one-year old colt. you will not have the potential to interrupt this horse out until eventually he's 3 in case you pick to assure soundness and toughness; moreover, guidance for an extreme discipline which contain barrels, cutting, roping, etc. should not be began until eventually he's 5- their little bodies won't be able to manage it! finally, for those disciplines, you will pick to seem at affirmation as properly as pedigree. No be conscious his sire or dam's accomplishments, and it sounds like he's envisioned to be tall. observe what the adult adult males who artwork livestock are driving: smaller, heavily muscled horses. A tall horse might properly be ok for barrels, as long as he's short-backed. If I have been you, i could hire a horse from a spectacular barn the place there'll be stepped forward riders to oversee you, and in time- once you have suitable centers and care types known, seem into adopting an older, properly-broke horse.
- 1 decade ago
check your local paper for a used car from a person selling one. i could have bought that car you decribed at a aution for less than your down payment.look for a elderly persons car.that needs to stop driving.they have usally been maintained well. i would find another car.after i did i would let that car go back.there are a lot of good resonaly priced cars out there.besides that car would be really lucky to make it the 3 years anyway.then you would pay for a dead horse anyway. is there a special model your looking for?
- jayLv 71 decade ago
Like someone else said, they don't follow the same rules as banks......But remember they don't follow the same rules as banks. I don't think they'll repo the car as easy as the bank, they want their money, it may include a bat.