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Car payments

I went car shopping and out of desperation got a car I really can't afford,its $170 every two weeks,I told them it shouldnt be a problem but the thing is it kept me up all night worrying about what I'm gonna do. And heres the thing I have crappy credit and couldnt prove my income because when I cash my checks they dont all go into the bank. They made a big deal out of it and they asked me several times if I was sure about the care. What should I do? I know I made a stupid move I'm scared to go back to them I might lose the money.

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Anonymous

Asked by Anonymous at 9:07 AM on Feb. 12, 2011 in Money & Work

Answers (16)
  • First of all, I'm surprised they sold you the car if your credit was iffy and/or if you couldn't prove your income sufficiently. Regardless, you have personal responsibility for the situation you're in. So it's a done deal? You signed paperwork indicating you'd promise to pay X amount X times a month until the loan has been satisfied? Not sure you can get out of it.
    Anonymous

    Answer by Anonymous at 9:11 AM on Feb. 12, 2011

  • Sit down with your budget and see what you can afford. If you can't afford this car, the only thing you can do is go back and explain the situation. It sounds like they told you they were concerned about you not being able to make the payments; I wouldn't expect a full refund, but you might be able to get some of the money back. (They aren't obligated by law to return anything).
    Scuba

    Answer by Scuba at 9:13 AM on Feb. 12, 2011

  • There should be a grace period. Read your paperwork. Your job gives you a paycheck and should be able to write a letter letting them know how much you make. Why did you not just show them that? That is all you need...they don't need to see your bank unless they wanted to do automatic withdraws for payment. Go back after reading your paperwork and tell them that this car is going to cost to much....they may have something else cheaper.
    Anonymous

    Answer by Anonymous at 9:15 AM on Feb. 12, 2011

  • I know in our state you have 72 hours to change your mind on any car sale. You should call them and let them know you made a mistake and would like to bring the car back. Maybe they would have something much less expensive you could afford. It sounds like you went to a buy here pay here place since its a biweekly thing and they didnt mind your credit.
    If you need a car and cant afford one try and find someone to cosign. You can get a brand new car on lease for alot less. I saw an ad for the little Nissan last night for $99 a mth on a lease.
    gemgem

    Answer by gemgem at 9:23 AM on Feb. 12, 2011

  • I looked at my buyers agreement and it says I have a 3 day money back guarantee it says I can completely void the financial transaction at anytime during that period without penalty so I would need to take it back today cause tomorrows sunday and if I wait it will be too late. I think I will go in and talk to them today.
    Anonymous

    Comment by Anonymous (original poster) at 9:29 AM on Feb. 12, 2011

  • I hope the price of the car matches the car itself. For $340 a month it should be a good car. Find out if you can return it and then save at LEAST 3 months worth of what you wouldve paid which is about $1020 to buy a used car that is dependable. If you can go on without a car for a few more months build up the savings to get a better car.
    KayGia0704

    Answer by KayGia0704 at 9:30 AM on Feb. 12, 2011

  • Kay yes thats what I was thinking thank you. I looked up the problems with the car that it can have and tons of consumers complained about the car,so I think this might be a good reason tto take it back. Plus when I was driving it the first time I did nt feel anything bad but then when I turn the wheel I feel a knock in the steering or something and the temperature gage doesnt work. I just am gonna have to suck it up and tell them I made a mistake and take it back. Of course Iw ill have to wait for my money probally
    Anonymous

    Comment by Anonymous (original poster) at 9:33 AM on Feb. 12, 2011

  • I know someone that has iffy credit and was able to be approved for an auto loan through roadloans.com. One BIG downfall is that dealers try to scam you with the loan. Roadloans charges the dealer a hefty fee and the dealer tries to pass it on to you. The only relable roadloans dealer that will not do that is CARMAX because they are a large chain and deal with the roadloans on a daily basis. The other thing with roadloans is the high interest rate which is what you are more likely to get with iffy credit. Well the person I know that got the loans through roadloans bought her car at carmax . She bought a 2009 Toyota Camry and her payments are about 300 with a 16% interest rate... I know this because this person was me. Its tough getting a loan with iffy credit and I did searches on line and found them though they were not legit but they are. Horror stories are online about the dealers adding the fee to the price of the car
    Anonymous

    Answer by Anonymous at 9:34 AM on Feb. 12, 2011

  • and giving people a hard time but Carmax will not. Call carmax and ask if the accept roadloans and they will explain it all to you. Good luck and if you have any questions you can email me carlajabinga@aol.com
    Anonymous

    Answer by Anonymous at 9:35 AM on Feb. 12, 2011

  • Oh yea another horror story with roadloans is if you are late they will call you every day.
    Anonymous

    Answer by Anonymous at 9:36 AM on Feb. 12, 2011

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