Getting straight raped by this auto loan I recently signed...

[beenz]

I actually laughed at this...fukk you cuz . Just opened a credit union savings/high rate checking so i'll be closing my wells fargo account's once I get all information back. Appreciate the advice given about that bruh. Going to probably keep the car and just refinance after a yr or so with the credit union (unless i can do it earlier) and get my % down some. My total debt is only about -6-8k pending on how long it takes me to pay this off. I'm paying for school outta pocket right now (partially the reason I didn't have much money for a $2000 car) combined with HOPE scholarship. Had to buy books and everything literally 1 week before my car went out. Again, CFU! Appreciate all the advice but I'm going to be ok. I that offered positive/neutral advice. To those that were just in here to try to kick a dude when he a little down....

said this earlier, but ur gonna be hard pressed to find a conventional lender to refinance a 11 year old whip.

my credit union won't even give u a loan for a car thats over 4 years old.

 

[Klyk21]

said this earlier, but ur gonna be hard pressed to find a conventional lender to refinance a 11 year old whip.

my credit union won't even give u a loan for a car thats over 4 years old.

K well in the meantime I'll just be dumping as much money on it as possible....all for credit sakes....

 

[Buckeye Fever]

K well in the meantime I'll just be dumping as much money on it as possible....all for credit sakes....

Beaniemac is right, but this post is also the best option now. Just make sure they report to the 3 credit bureaus.

 

[Mass]

Been considering armed forces for a while now. Just got in school this semester to try to build credits and shyt for the armed forces because I have GED, they want college credits in lieu of GED (or so I've read...haven't contacted recruiter yet). I know I'm late and I feel the pinch bruh.

Son .. im in the forces .. there are some things that suck about it ... but they take care of you in the long run. Consider it.

 

[Mountain]

goddamn you got raped like 4 times in one deal breh. were you high when you signed the contract?

 

[winb83]

K well in the meantime I'll just be dumping as much money on it as possible....all for credit sakes....

how much is your car actually worth? did you look up the bluebook on it?

 

[Typical Knicks Fan]

how much is your car actually worth? did you look up the bluebook on it?

He said its worth $4000 but that all depends on who you sell it to. By the time he pays it off, it won't be worth shyt.

 

[TheBigBopper]

I'm not going to judge you. You did what you felt you had to do. Some people have a leg up in this world so they'll never understand. They can only speak from their experience.

Just take this as a learning experience and keep it moving. All situations change. These dudes in here clowning might be middle class this year and facing eviction the next.

The only thing you fukked up on is sharing this shyt with the forum. You got upset when people went in. Don't share Ls you can't laugh about yourself. These nikkas are just looking for daps, reps, lols and s. nikkas need to start posting sensitive information on the appropriate messageboards if they aren't built for the backlash.

You say the new gig is close to home? Like MARTA distance? If so you might want to "get rid" of that car and collect. No reason not to fukk over the system that fukked you.

Sent from my SAMSUNG-SGH-I997 using Tapatalk 2

Real talk. Sharing this story on some place like MyFico.com would have given you more value than here.

 

[Klyk21]

@ Klyk21, how many years u got on this 28% loan? that loan is so fukked up. at least if the car were newer, you'd have a chance of possibly refinancing that loan after a year. but no one is gonna refinance a loan on an 01 vehicle. did they at least give a carfax so u can see if the car has ever been in a wreck or flood?

2 years ( carfax is clean and car runs good thus far) but lease is up in Jan.... Im going to be moving back in with my sister. I'll save close to 400 to 500/month and I'm getting my income tax money and dumping that shyt straight onto it. Hopefully I'll get FA next yr for school and that will help tremendously.

Jist think at how your credit score will rise

Plus, play lottery every once in a while. U might win

I play....played in december and all my #'s were off my 1 number breh my fam was trippin about that one

Beaniemac is right, but this post is also the best option now. Just make sure they report to the 3 credit bureaus.

They are on of the few buy here lots that do...

Son .. im in the forces .. there are some things that suck about it ... but they take care of you in the long run. Consider it.

still considering but I'm going to try to make it out here before I fully commit. Once I'm in, I plan on staying for 20 years so that's why I'm out here trying to do the thing before that point. I'll contact recruiter soon.

how much is your car actually worth? did you look up the bluebook on it?

3.5 to 5.5

 

[Two Stacks]

i hope you understand that there are businesses out there called predatory lenders that prey on the working poor and poor people. when you're poor and a catastrophe happens you don't have many options. banks aren't gonna fukk with you. you probably don't know many people that have the disposable income to lend you money or give you money.

these are the sorts of people that go to buy here pay here lots, that go to rent a center, that go to pay day loan places. they do those things to keep afloat. these businesses fukk them over criminally too.

many people probably even ones posting in this very thread are barely above water and if something goes wrong those sorts of places would be the only thing between them and rock bottom.


many of those lots don't report your credit unless you fall behind and they have to repo. its a business based on selling cars to people that can't really afford them. its why they make you pay biweekly cause at some point they know you're likely to default on the loan.

they make it both as easy and as difficult as they can for you to repay the loan. they give you small biweekly payments so you can pay back as much as possibly before they repo the car. when you inevitably fall behind they repo the car then put it back on the lot and sell it again. its like pimping cars to poor people. by the time the car is resold its already made a good profit and its all gravy.


people do it all the time. the new lender makes money off buying your old car loan and basically extending the term and on top of that it gets added into the new car so they increase the interest they make there too.

these car lots are in the business of making money so they aren't just gonna be out here giving money away. pretty much everything they do is a win for them and typically at your expense. if you still own money on a drivable car unless you owe less than the trade in value you have no business trading it in.

breh fall back financial shyt is my profession im not dumb. i know that very well. which is why from age 16 i made sure i never fell into any of those traps. 10 yrs later im eating damn good over here.

 

[winb83]

breh fall back financial shyt is my profession im not dumb. i know that very well. which is why from age 16 i made sure i never fell into any of those traps. 10 yrs later im eating damn good over here.

then how you gonna criticize a man for doing what he had to do to stay afloat? he didn't really make a mistake per say he paid the price society deems people of lower income pay for cars.

its not as easy as making sure you don't fall into that trap. some times life deals people blows they can't just shrug off.

 

[Two Stacks]

then how you gonna criticize a man for doing what he had to do to stay afloat? he didn't really make a mistake per say he paid the price society deems people of lower income pay for cars.

its not as easy as making sure you don't fall into that trap. some times life deals people blows they can't just shrug off.

im sorry son, ida paid daily cab fare before doing that deal. owing 9500 on a car worth 5000 max is not smart at all.

i dont make a shyt load of money either...im going to go away now because what i have to say will go over people's heads..

to give an example, I owe $7,141.15 on my car as of this second. It is worth $11,500 (low end) all the way up to $13,600 (high end). my car is 4 years old. i have 23 payments left.

why? because I did my research and understood what i signed my name to and had the power to walk away.

 

[Ikwa]

Never goes anywhere near anything that has interest in it
Never has to worry about shyt like this

 

[Klyk21]

then how you gonna criticize a man for doing what he had to do to stay afloat? he didn't really make a mistake per say he paid the price society deems people of lower income pay for cars.

its not as easy as making sure you don't fall into that trap. some times life deals people blows they can't just shrug off.

Don't worry, a lot of these dudes in here fronting anyways. Like they never signed/ spent money unwisely. Hell, I could dump on dudes for owing 50k for some education that you coulda just paid for outta pocket like I'm doing right now. Could be like "you could've went to military to cover cost of college, ya know" or some shyt like that but I'm not doing that man. Every group of black people I've been around and I mean EVERY fukkING SINGLE ONE BRUH, there's been those people who laugh at your pain. I'm super picky now b/c of that and I only hang with people with positive energy (some posters here are like that), not negative "why YOU DO THAT" nikka's. I understand it wasn't the best decision in the world but at the time, the pro's outweighed the negs. People may or may not understand that but it's w/e. Had nikka's straight calling me dumb, stupid and even talking about my mental health bruh. I recently signed up on this site (from sohh) b/c I initially thought I was joining a group with positive energy. I didn't post much on sohh after all the 1star shyt. These people need to come down off their fukking high horse and realize that it's people out here that have adult fukking problems and are just trying to do what needs to be done. nikka's straight overlooked my savings I had and the books I paid for before and instead as ALL nikka'S DO, laugh at other black men in pain.

 

[Rawtid]

Klyk, I just hope you learn to make better decisions in times of crisis because if not you'll keep fukking yourself. Maybe not on another car, but something else. I saw you talk about using Financial Aid, its not from loans is it?