Alright guys I know I joke around a LOT on here and I mean a LOT on this website but I need help/advice.

So I missed 2 payments on my car because I lost my old job. I'm on my 4th payment right now. The sticker price for my cobalt was $21,540 but since I broke the lease on my old LS model it bumped it up to 27,000.

Now I need to know a few things...

Right now my car is NOT leased. It is bought. So if GM takes my car away I know thats Horrible on my credit report, but would I still have to pay for the cobalt?

How many months do I need to own the car before I could refinance it?
Any way to make my payments lower...right now its 497.12 a month and the dealer said to build up as much credit as possible to refinance the car in January. True?

Please don't flame me and be like you shouldn't of gotten that car if you knew you didn't have a steady job because I got the car in May and 2 weeks after I got the car, the restaurant was bought out and everyone was layed off.

Any help on things or any other information I would need to help me in my situation.

 

Those people who do not pay there payments and take peoples cars due to no payment they will auction it off and what they dont get out of it you will have to pay say they get 15,000 you will still have to pay 12,000 of it

 

And these auctions are normally taken where at? not at a Dealership I suppose?

 

The car goes back to the bank that holds the title and the loan. They sell the car to recover the money you owed against it. It usually gets sent to a dealer auction somewhere far away from you and sold to another dealership. Either way, a repo shows as that on your credit history, doesn't matter if its lease or buy. You will not want to buy a car for at least 7 years, or your interest will be 22% or higher, up into the 30's possibly, if anyone will even finance you.

Refinancing is BAD, all you do is take the interest you already owe and pay more interest on that. When you get done, you will have paid $40,000 for your car.

 

Well if I refinance the car just once wouldn't it lower my payments. I have a job now at Uhaul and I'm busting my ass over there. I don't really have a social life anymore and I think I might have to sell my xbox and my wii and I'm thinking of taking off my stock wing and selling it on here just to catch up a bit =/

I'm doing bad money wise now because of the car and I feel like I'm getting pinned up against a corner.


But since I'm paying 500 a month on my balt, wouldn't it be a better idea to refinance to help me with the payments.

 

Best thing to do... sell all the stuff that you don't need. I'm assuming you need a car more than video games etc. Sell your stuff and play catch up. Get a 2nd job if you can. Don't refinance, and don't get repo'd. You'll regret it later.

 

call the bank/lender and be straight with them, and throw money at it every chance you get

 

refinancing should be a last case scenario, but it's better than getting the car taken away. like stated, you'll be lucky if you get approved for anything new. not only a car, but no house, etc. 7 years is a long time. not sure how old you are, but assuming your 18 (i would guess you're not younger since you work full time) imagine not being able to buy another car untill you're 25. what do you do? get your parents to co-sign? they probably won't because you couldn't make the payments last time, fucked up your credit, and don't want the same to happen to them. their mortgage, any car payments, credit card rates etc. woudl sky rocket. so you'd basically be up ***** creek. and like stated, if you DO get approved, be ready for 20-30% rates. which means a 20,000 car will cost you 35,000. a 200,000 house will cost you 1.5 MILLOIN over 30 years with a 25% interest rate. so it's not something you want to **** up.

i'm not trying to scare you. but seriosly, get a 2nd job, do what you gotta do, stop partying, stop drinking beer, quit smoking, stop going to the titty bar, whatever it is you do just stop doing it. don't eat out anymore, pack a lunch, eat dinner at home, etc.

 

I agree. Look at it this way, if all your bills total $1000 a month, that means you only gotta get $250 a week to pay them. You can do that part-time. If you are working full time and not wasting the money (like buying a Wii and a 360, if you have to have one, just get one) you should be fine. I based my car purchase around a $900 a month bill limit. That makes sure I can always pay for it, I could work at McDonalds and make $300 a week. You have to learn how to control your spending and manage your money.

 

If you really want to keep the car you should be out looking for a job and not sitting online.

 

hoho...
this guy right here ^^^

 

you could have gotten a BMW for that monthly payment

 

how is that helpful?


besides, what BMW can you get for $27000 OTD?

 

seek credit counseling....they have free services