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Please I need help...Dont know what to do about my car

I have a jeep. I owe 9500 on it. Its only worth at the most 5000. I cant afford the payments anymore. I dont know what to do. They interest rate is sooooo high (17.99%) I dont want 2 let them repo it the have horrible credit. Do any1 have any suggestions

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Asked by Martina79 at 8:14 PM on Nov. 28, 2008 in Money & Work

Level 1 (0 Credits)
Answers (7)
  • My advice would be let it go back, that will not hurt your credit as bad as you might think especially if you call the finance company and explain your situation, maybe they could arrange where you can trade down to a more affordable payment without harming your credit.

    Answer by 1countrygal at 8:26 PM on Nov. 28, 2008

  • Sounds like you are kind of stuck. If you do send it back or it they repo it, you still might have to pay on it. If they sell the car and don't get what you owe on it, You might have to pay the difference. for example you owe 9500 on it, they sell it for 5000, you would still be responsible for that 4500. So I would really explore all of your options before you do anything.

    Answer by Anonymous at 8:30 PM on Nov. 28, 2008

  • Gotta disagree with countrygal. I had a voluntary repo in 2002. My credit is just now getting back to good.

    Answer by Anonymous at 8:33 PM on Nov. 28, 2008

  • Borrow money from a relative cuz if your credit gets ruined you will be all messed up.

    Answer by amber710 at 8:39 PM on Nov. 28, 2008

  • this happened to me when i was switching jobs they tried to take my car back.... First call the company where u pay the payments to and talk to them.... Then get a letter from them stating what u owe on it.... Take it to the local assistance office for ur state or town... then call and see if u can get the intrest down on the payments by telling them that another company has offered u a better deal... they lowered mine from 22.6% to 9%.... they might not lower it tha much but they will lower it and that will help u out in the future... hope that helped alittle

    Answer by Anonymous at 8:40 PM on Nov. 28, 2008

  • try refinancing it. if you have good payment history, youyr local credit union may be willing to refi it for you. if you can't refi it, then sell it and take out a loan to pay the difference off.

    Answer by teri4lance at 9:01 PM on Nov. 28, 2008

  • Thanks. the worst thing is its not even my truck I got it 4 my sis & she just lost her job. I knew it was a bad idea but at the time she was making good money & we got caught in the moment.

    Answer by Martina79 at 1:59 PM on Nov. 29, 2008

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