DK1219

I was only able to make 3 car payments on the car and then i lost my job. After another 3 months without paying, the Bank called (about a week ago) saying i pay or lose the car. They still have not picked up my car, and sadly i started working Thursday and its too late since they stated "Make one month's payment before Oct. 31" .

But i was getting royally ripped off, 2004 Acura TL, $23,000 and at $474 a month %12 Interest (wtf was i thinking). Dealer said after 3 months we can refinance, and when i called Citi-Financial, they said it wasnt until 6 months that i could refinance... With that being said, and ruining my credit, my Father wants to provide me a car, with his credit if this job goes well and stable. And i LOVE Acura all together, so most likely ill go to a official Acura dealer (not some rip off Repo Dealer) and take out a Used TL (No thanks the 09 TL, is too risky for me to buy). What do you guys pay on your TL? Or what should i expect to pay on a 04-06 TL (maybe TL-S? ). All help appreciated, and dont call me spoiled, i was able to afford the TL before and a 07 Mustang before that (Thank you, Aviation company that is going bankrupt). But anyone can get fired from a job nowadays.

SR-71TL

Damn, I'm sorry to hear that. I'm always afraid that I am going to be put in that situation. I've got a 2004 TL that I got for $18k. I took out a 60 month loan with no down at around 12.5% and I am paying about $415/ month. I'm going to refinance in a few months once I get my year end bonus and pay down my credit cards and improve my credit score. Good luck with everything.

jtkoo7

Sorry to hear that buddy. I don't know how much money you've got left or what your dad wants to give, but I've been told that if you can't make your full payment then you can make an interest only payment on your car. Since you just got the loan, most of your payment's probably interest, so that won't help much, but it's better than nothing.

stillhere153

iTrader: (1)

i blame bush

usc

Well, something you should consider is what the repossession means/does to your credit score. It doesn't affect/matter to you much when you're 18. But in 5-10 years, when more of life's bullsh!t comes flying at you, it's going to hurt a lot more if you've got less than stellar credit. Just some food for thought.

Anyhoo, sorry to hear about your loss of the car. It's just a car, no biggie.

old coastie

Yeah, the credit industry is in a mess. We used to get 6-7 credit card apps in the mail every week and since Sept, nothing. I think the best thing to do is talk to your dad, see how much pain he is willing to endure and then contact Citi and explain the situation. They will probably set up something for you, like short term reduced payments, etc. What Citi does not want is to own a TL, no matter how well you've taken care of it. They and a lot of other banks are swimming in a sea of bad debt right now. I'm sure they will work with you...but you've got to call and talk with them. Don't just walk away, bad credit now can have bad consequences later when you try and buy a house, another car, etc.

blakura

Yes, do what you have to (with in reason) to clear this loan up, the sooner the better, but don't just let it go bad. I got some credit cards when I was 17 and decided I didn't have to pay them, well when I turned 18, and the accounts went to a collection agency, they caught up with me in the Army and my Commander told me that I had to pay them. I paid them all off, but the fact that I was so late and the accounts went to collections stayed on my credit reports until I was 24. When I got married at 20 (I don't recommend it) I wasn't able to get anything on credit, all the furniture and the car had to go in my wife's name, that sure built up some resentment on her end. In short, do what you have to to keep your credit looking good.

xen-cuts

Have you seen the highly burdensome tax plan and the plummeting price of stock after the election? Anyone purchasing a TL better be making over $120k...

YeuEmMaiMai

I blame you, as it is far more likely that you had something to do with the current crisis than the President of the US did........


OP since you got a repo on your record you are going to find out that you are going to get ass raped even more if you can even get a car loan

death

12% interest? I'm sorry but that is INSANE. That's basically like putting the entire cost of the car on a credit card.

Refinance asap if possible, your best bet is to join a federal credit union. I would also have had your parents co-sign on the loan if your credit is so so.

Best of luck with fixing this mess.

stillhere153

iTrader: (1)

here's a thought, go to municipal credit union and have ur dad buy out the car, that way it will be in his name anyway

hope that helps

DK1219

Well apparently, my dad doesn't want ANYTHING to do with the car and he doesn't even want to try to fix this. I did however, call last month and they said they would wait until i get a job...

Two days later i get a call saying, "We need the money now, your account is in default" I explained what the previous Representative told me, he said, "Where do you live, we are going to take the car." So i just hung up, because of the attitude he treated me with. I called back later, and they said there was nothing they could do about it, and that i have until the 31st of Oct to make a payment, or they will just take the car away.

I CAN'T refinance, or leave the payments till the end, or ANYTHING. They gave me absolutely no solution. I don't understand how they want a car they aren't going to sell with the economic crisis we are in. My dad has no money on top of him not being able to work, my mom is the only one really paying the bills (House, Food, Water Electricty) and now recently, i can finally relieve some stress off her. And i am making sufficient to pay, not $474 because thats just a rip off from the dealer, but enough for a lesser decent amount.

Pfft, was even looking at Carmax.com, and they have TL's for under 21k newer than mine. Citi, is closed now, and tomorrow. I will see if Monday, during my lunch break i can call, if anything ill let them take the car away. And most likely just use my dads beater car, until i feel safe to get a new/used TL.

x rsx 2 env x

iTrader: (1)

if u cant afford this shit, what makes u think u can go jump into another one?? theres always a way to scrape up some money man u have to think outside of the box damn, if u cant think of it right away, i wouldnt leave it parked at home without a garage or a car behind it at all times.. or that shit WILL be gone

death

Don't buy a car you can't afford. Go buy a 99-01 accord for $3-5k then save up for something nicer.

minkl81

iTrader: (2)

i think its better to borrow some money and pay up the past dues. if the bank repo your car, they'll auction the car off. and if there is a difference between your remaining loan and final auction price, you'll be billed for the difference.

ggesq

iTrader: (1)

Don't go from one bad situation into another. Your 18, use your father's beater car until your credit is better, your dad gets a job, go to school and get an education.....

Your parents really need to step up and mentor you in the right direction because clearly this is not a good situation for any of you.

DK1219

Whoa, Whoa, Whoa... What? If you can't afford a car, you can't afford its difference. Its their loss, they should try and work out a way for them not to keep a car they won't sell, and get their money back.


As for others, like i said, i will have my dads Corolla when i do lose my car, and its just fine, i just have to kind of suck it up and drive it. I need to humble down. Alot... I wont, get another TL until i can afford a strong down payment. And advance in my current job.

ggesq, My dad can't work because he has health complications. They have lead me in the right direction, the experience i gained in my last job allows me to advance quickly in a job. Your right though, ill use the beater car :P. But right now i still have some kind of hope to give a solution to this.

WalkerUA6

iTrader: (1)

In all honesty, we love to have more TL's on the road, however, in your situation, you CANT pay for an 04TL what makes you think you can afford a type S, Im in the same boat as you are with credit wize, actually no, im not, I still have my job (nock on wood) and I still make my monthly payments every mo ($577 a mo for an 05) but dont get me wrong, its all negative equity with my s2k's, however my wife is preggo and i needed to make a last ditch effort to get a nice sexy 4dr and i did, now im paying for it, I also have delinquent creditcard bills, I stopped modding my car to try and pay those off as fast as i can so i can get my credit back up and refinance my TL later on.

With that said, honestly bro, leave azine for a while and get yourself a beater car and a stable job. pay your creditcards and get your life back on track before you think about getting another TL, they'll always be around. Getting your car repo'd is REALLY bad, its ALMOST as bad as going bankrupt.

Stop relying on your dad to clean up your mess, you are now an adult and dont THINK about ruining your dad's credit. I was out of my house at 16 and working and paying my own bills, now I have a great steady job with the city and still paying my own bills, sure i got caught up and my credit is going to shit, but before i think about modding my car, I think about my wife and future family and how Id love to have a nice house to call my own. I NEVER ran to family and ask them for help.

I hope I nocked some sence into you.

WalkerUA6

iTrader: (1)

Oh and FYI, you CAN work with your bank, They dont want to take the car as much as you dont want to give it back to them. All they see is this doods not paying his shit for 3mo's and it doesnt seem to be going well, tell them hold on your trying your best to get a job, until then ask your father to help you make monthly payments.

minkl81

iTrader: (2)

well but the bank have less loss by repoing your car and auctioning it. and bill you later for the remaining balance unpaid after the auction. so even if the bank repo your car, you'll still get call from the bank almost everyday to cough up the remainder.

park your tl other than your home and try earning more time to catch up with late payments. unless towing truck will tow away your tl. and few days later, you'll get a letter saying either you make lump sum payment of your loan or the car will be auctioned away.

DK1219

Wow, fucking a.

I don't get paid until the 17th, i will have to call Monday then and see what i can work out. I can pay for one month at least, since its my first paycheck after 3 months of not having a job. Hopefully i will be allowed to leave the past due payments at the end when my car is almost paid off.

Unless they open tomorrow. Ill give it a shot and tell you guys.

WalkerUA6

iTrader: (1)

^+1 hide your shit, and come up with the money.

01tl4tl

OK- here is an adult perspective

The bank gets upset when you dont call and tell them whats going on'
When they have to call you- it realllly pisses them off,...
if no payments for 3 months it automatically goes to collections dept- which is often a different company and you get differing stories, since percentage of recovery bonuses abound in this industry.

Call your creditor and TELL THEM what you can pay this week, and next week, etc and work out a new payment schedule till your income is back up

Dont worry about what 1 person said, that persons job is to collect info and money!
Where do you live?
like the bank doesnt know!!!- I would have accused him of fraud at that point- you dont know my address-then you must not have legal right to that info!!
So you must be a car thief/scam artist---goodbye!

On the repo man finding it-
cop cars now have cameras that record every license plate they see on the side of the road- school parking lots- shopping mall lots...
and run it thru a database of stolen or otherwise wanted cars- if it pops up repo, they may have agreements with tow company looking for that car- and tell them where its at.
Be that school, work, home- stashed at buddies- If they want it they will get it.

Even after its been picked up- you have another time period to refinance and get it back.
If not- then it goes to auction where it sells for 16-18 grand, leaving whatever differance in the total loan payoff and the sales price as YOUR amout STILL due!

Try to get another car with this on your record?!?!?!?- better buy dads beater

Aside from that-- best wishes to recovered health for your dad, and strength to your mom to take care of both of you and herself

snax

Speak with a bank supervisor and have your dad intervene on your behalf. After the first month of missed payments you should have steped-up and contacted the bank. They WILL work with you as the bottom line is they want to get paid. Hiding for 3 months does not make the problem go away. Lesson learned. You sound like a bright kid and you will come out of this all the wiser and with a better grasp of real-world responsibility.

01tl4tl

note about co-signing a loan
the cosigner is the actual person getting a loan on their credit
If you dont pay, it goes on their record-
the primary could not qualify- so a seperate party must agree to make any payment primary misses

SQAcuraTL04

I'm going to say to you what most have told you already. You really shouldn't be jumping back into a car that is anywhere from $15-20K. Understandable you lost your job and you got your car repo'd. But in all seriousness you are 18 years old and you need to plan around the economy now and your bad credit. Like someone already mentioned for you to have 12% on a 23k car is just ridiculous. You are better off buying yourself a beater in cash, fix your credit and wait it out. I remember when I was 18 not to long ago I wanted a brand new TSX. I waited it out realized that I did not NEED the car. Everyone wants nice things but if you are living and literally working to pay for just a car why put yourself through that. This is just my opinion from one young dude to another. Fix your credit before it starts affecting other parts in your life and don't mess it up more. Someday you'll want a house but you'll never get there if you have this I want it now attitude.

DK1219

Wow GREAT Advice, Thanks man. I Appreciate it, and to all of you too

SQAcura, your pretty much right, i just have to get used to being patient and wait for things, for the right time.

Ill call tomorrow and explain what i CAN pay.

tl_rox

^ Definitely a good advice from 01tl4tl...just start from scratch, dude. I was in the same boat where the collection agency was calling my work - how embarassing is that, right?! But if you look at the whole picture, and it seems like life is crumbling...just to let you know that others have been through whre you are, so you're not alone.

Just have to pick yourself up and keep on going...definitely a learning experience, and tell yourself that you can take care of this --> look for options...GOTTA DO WHAT YOU GOTTA DO, HANDLE IT! All psychological bro...and it worked for me, and not to be conceited or anything but life is beautiful right now 'cause i kept that in mind. Ever since, i graduated from college, found a good job that puts a smile to my face at the end of every shift, i got married, my wife and i have 2 cars (under my name), 2 dogs, and we're saving up for our own place.

There's a light at the end bro...just do the work in your end, you'll be alright --> trust me, i've hit rock bottom before...good luck, aight?! All the blessings!

01tl4tl

to those saying bail on the loan and car- that is going to leave the OP with 20 grand in debt owed on a car he NO LONGER drives!! on his report

Forget getting another loan when they see 3 months payments then repo on a new car!

Kind of like no having comprehensive insurance and you total the car,,,you still have to make the payments!!!

MR1

Hope you get everything worked out. For the record, interest rate is determined to a large extent by the risk involed. Young, shakey job no credit = high risk. Different people get different rates. Dealers are in business to make money, if you pay asking price they are happy. The deal you worked out you were happy with and agreed to when you signed it. Don't blame the dealer or the bank for the crappy deal you accepted.

I hope the plan you present lets you keep the car. Better luck next time.

ptx415

i got my 05 TL 6spd MT for 23500. i pay 215 a month, 8% interest rate (i'm 20 years old, and its financed under my name) no co signers at all...

DK1219

Well looks like its the end of the road. Bank said, there was nothing they can do to help. I said i could pay from now on, and they just simply said "Its too late." I spoke with the Finance Manager, he also said "Its too late, out of my reach now." With that said...

In the future (and boy do i mean FUTURE), i will make sure citi financial does NOT make the loan for my car, and i will NEVER buy used or repo again. Thank you all the support, in reality the only thing i was not able to pay was the car, i replenished my credit card after i got fired so i could use it for emergency's (luckily enough, haven't used it), i helped out my parents with whatever i had in my savings (and unemployment money ) to help pay for the house ( House > Car) and other bills, so i don't feel selfish... not once did i say "No i have to pay my car" and having my poor mom work extra to get the priority's paid. Since i now i do have a job, i will just save for whatever shit is thrown at me :P.

Thanks for all the advice to everyone in this amazing community. I may have not posted as much as i would have liked, but be rest assured all the advice everyone gave me will be taken all into consideration in my future, and any purchases i make, be it a house or a car.

Romeo8Juliet

Shitty situation... but, life lesson learned.

Wish you much success in the future. Good luck w/ the new job.

Trew

iTrader: (1)

Don't let your credit get messed up. You will regret it for decades. I didn't have anyone to tell me this, so I damaged my credit at a young age. I paid for it for well over 10 years.

You've only got 3 months left. Surely you can make at least 1 or 2 payments in that time. Ask your parents to help you. It's not worth getting an involuntary repo on your name.

Oh and Britani your avatar is pleasantly distracting

Romeo8Juliet

From the posts he made, it seems he was helping his parents pay bills.. so I highly doubt that they would be able to assist him in making payments.

When I bought my TL-S, my credit score was just under 700.. I can only imagine the rate I would of gotten had it been slightly lower... so I agree w/ Trew - Don't allow it to be more damaged than it already is.

The reality is, the 90+ day late is already on your credit report. However, while that in itself will tank your score.. the repo will tank it a hell of a lot more.. and make future car buying, a real mess.

Citi said they wouldn't work with you.. but, if you're able to show good faith and make a payment for at least one of the three, see if they would be able to work something out with you then. And, if so.. just manage to keep your car out of reach until you can make the payment.

frosty ride

Sage advice for you. Take this as a lesson learned with respect to the credit industry. 12% interest is absurd; you've learned your lesson. The credit history will be hard to overcome for a while. Save your money and buy (not finance) what is within your means. The overextension of credit in general is what caused this entire mess in our economy and now we are all screwed from it! Good luck; there are thousands like you in similar situations.

Be-in my TL

Sorry for the loss bud. I've been in the same situation since I bought my TL. Fortunately, I was making decent enough money to pay for my car; unfortunately, all I was able to pay was the car.

I paid 300 extra every month so I could pay off the interest sooner (6.5%). I quit my job earlier this year and moved outta my parents house. I wasn't able to pay my car until early June, but because I paid extra every month, my next payment wasn't until August.

All you have to do is work harder man, I worked myself through it,and I'm still trying to work through all my debts. I've got thousands in CC and school loan is a real mess. I'm also trying to work on not buying tools too much anymore. I just found a cheap box but trying to steer away from it, haha.

Anyway, what I was trying to say is, if you can afford it, try to pay off extra. If this is a full time job, you should be able to make some payments. Don't rely on a McDonald's counter job to pay off such a big bill. Try to find a 2nd job if you can afford the time. If school is an issue, work with your manager / supervisor and your school counciler.

Try not to work your paychecks around 454. If you think about it, gas and food alone(if you eat out and drive a lot) will be 2-300, depending how you spend. Credit cards and loans also take monthly charges, so if you want to pay for a car 454 a month, don't do itmaking 500 a month; that won't work for you. Try to make your car payment at the most 1/3 of your monthly income. If you can manage that, you should be able to pay for the car + bills and living expenses.

Some told you to let the bank take the car, but don't listen. It's going to hurt you a lot. My brother had a 2,000 bill from T-Mobile that went to a collector; he wasn't able to finance anything for years. He's 27 now, but he cannot stand for his own car(06 TL). Even though he was able to afford the car, his credit didn't allow him to finance it without a co-signer. Now, 2,000 is nothing compared to 23,000. That WILL kill your credit.

Try to build your credit with ONE credit card. ONE is the key. If you have multiple, you might fallbehind on payments. Everytime you wanna buy something, use the credit card. Then, every Saturday, check your statement(online is real nice, I use Chase) and pay it off. Try to pay it off every week. Don't buy something you don't have the cash for. Buy it with the credit card and make a payment with the cash you already have. This'll help your credit big time.

Good luck with the whatever you decide to do. Hope it works out for ya.

ladiesman217

"Try to build your credit with ONE credit card. ONE is the key. If you have multiple, you might fallbehind on payments. Everytime you wanna buy something, use the credit card. Then, every Saturday, check your statement(online is real nice, I use Chase) and pay it off. Try to pay it off every week. Don't buy something you don't have the cash for. Buy it with the credit card and make a payment with the cash you already have. This'll help your credit big time."

Right on Point

JayDeeWay

You may want to be careful with this whole situation. A lot of companies now look at prospective employee's credit as part of the hiring process. If at all possible don't let this go into repo, it may hurt your chances of landing a better job later. Just my . Good luck, hope you can resolve the issue and keep the tl.

xen-cuts

The number of finance problem threads that are popping up now is really depressing me.