Question?

iVillage Member
Registered: 09-11-2007
Question?
7
Tue, 09-30-2008 - 1:15pm

Has anyone ever been upside down on their SUV bigtime? I am wanting to get rid of it,I cannot afford it anymore, they are killing me with late fees, and they call me every week about my payments. I am not close to it getting reposseed but I have been late a few times. US BANK is horrible..


HOW CAN I GET RID OF IT? I just want to take it backc to Toyota and hand them the keys back. I will go buy a piece of crap I dont care. My payments are 457 a month I can only afford half that now with gas prices and rent increases this is ridiculous.

Blue Glitter Name Text Christine Words - MySpace Layouts, MySpace Graphics

iVillage Member
Registered: 09-30-2008
In reply to: confusedblnde
Tue, 09-30-2008 - 4:45pm

I am going through this right now and it is hard. I have a car and I am so over. My boyfriend's mother gave me some good advice. Here are the steps. She is out of debt completely so I am sharing what I know from the wise.


1. Try to get a credit union loan for the difference between the kelly blue book value of your car and the loan balance on your car, i.e. loan balance 20k - kelly blue book value 15k = 5k


2. Sell your call for the kelley blue book value


3. Get a beat up car for what you can afford.


Let me know if this helps you. I am posting my car online tonight to sell. Good luck!!!

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
In reply to: confusedblnde
Tue, 09-30-2008 - 5:10pm

We were upside down in our truck when we sold it about 4 years ago.

All my best,
Danni

iVillage Member
Registered: 09-11-2007
In reply to: confusedblnde
Wed, 10-01-2008 - 7:48am

We have a credit Union here at work but the problem is, I am deliquent in my two Credit Cards. My House and truck is whats keeping my credit from being a 300 right now.


I was told from the dealership my truck is only worth 15k..which makes me sick, I bought it for 35k less then two years ago.

iVillage Member
Registered: 08-09-2002
In reply to: confusedblnde
Wed, 10-01-2008 - 11:52am

Toyota's usually hold their value, but in this economy, everything is messed up.

iVillage Member
Registered: 01-25-2006
In reply to: confusedblnde
Wed, 10-01-2008 - 12:01pm

It sounds like your credit is in pretty bad shape.

iVillage Member
Registered: 09-11-2007
In reply to: confusedblnde
Wed, 10-01-2008 - 3:46pm

Wow...now I am really scared and confused. I really do not want to "voluntarily have it repossessed " The house in now my ex-husbands I did a quick claim but its still in my name and he never is late or misses a mortgage payment. I'm just really struggling since my divorce, I only make 34K a year and my rent and truck alone is 1250 a month. That's why i stopped paying my CC's..I was going to settle on my CC's I am 19K in Debt from only 3 cards. Sad but true.


But I left my husband with nothing so I racked them up. Anyway, thank for all the advice. Also, Do any of you guys know how long it takes to have a vehicle repossessed?

Blue Glitter Name Text Christine Words - MySpace Layouts, MySpace Graphics

iVillage Member
Registered: 01-25-2006
In reply to: confusedblnde
Wed, 10-01-2008 - 11:11pm

Christine,
I'm so sorry to have scared and confused you! I misread your first post and thought you wanted to know if you could do that. Maybe you would be better served to have a meeting with a debt counselor so you can ask lots of questions and fully understand your options. Look for a not-for-profit consumer credit counselor (CCCS or MMI are the names I know of) and they can give you all the information you'll need to make a good decision going forward. They will be able to help you figure out if settling vs. bankruptcy is a better choice and what your options are with the vehicle. Hang in there!

Peg