Hello Repo man, Need some of your help :)
11-09-2008, 07:59 PM
#42
Stage 1 Audi S5
Good luck with everything but it seems you are blaming the repo place where you got the car and Citi. Maybe I am reading it wrong but is it really their fault for the 12% loan? They pulled your credit for the loan, it sounds like you put very little if nothing down, and then you accepted the loan. The dealer could have screwed with the interest rate but you gotta watch out most dealers will try and screw you on rates especially once they realize how much you are willing to spend a month (guessing you told them this).
I personally have a 1.9% and put half down on my car and they were trying to convince me into a 6% because it "wasnt a big difference." Dealers are generally shady fuckers, you gotta watch and check out all of their math.
I personally have a 1.9% and put half down on my car and they were trying to convince me into a 6% because it "wasnt a big difference." Dealers are generally shady fuckers, you gotta watch and check out all of their math.
11-09-2008, 08:12 PM
#43
05/5AT/Navi/ABP/Quartz
Just curious, how can you talk to anyone with authority during the weekend?
I suspect you have been speaking to collectors only. I suggest you try calling the bank on Monday and see what happens.
I suspect you have been speaking to collectors only. I suggest you try calling the bank on Monday and see what happens.
11-09-2008, 10:58 PM
#45
Suzuka Master
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Good luck with everything but it seems you are blaming the repo place where you got the car and Citi. Maybe I am reading it wrong but is it really their fault for the 12% loan? They pulled your credit for the loan, it sounds like you put very little if nothing down, and then you accepted the loan. The dealer could have screwed with the interest rate but you gotta watch out most dealers will try and screw you on rates especially once they realize how much you are willing to spend a month (guessing you told them this).
I personally have a 1.9% and put half down on my car and they were trying to convince me into a 6% because it "wasnt a big difference." Dealers are generally shady fuckers, you gotta watch and check out all of their math.
I personally have a 1.9% and put half down on my car and they were trying to convince me into a 6% because it "wasnt a big difference." Dealers are generally shady fuckers, you gotta watch and check out all of their math.
In the case of the OP's 12% looks like they were correct.
11-10-2008, 09:23 AM
#48
.... .... .... ... ....
If you are paying 12% interest on a used car....expect to pay alot of $$ in interest. If you try to get another car, go for the camry SE..and see if you can qualify for 0%. I know it sounds like a "downgrade" but who cares.
11-10-2008, 09:49 AM
#50
Head a da Family
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Just this morning alone, DHL announced it's laying off 9500 people while shutting down domestic US operations, Circuit City declared bankruptcy closing 20% of its stores by the end of the year, and AIG is being handed ANOTHER $150 BILLION to bail it out.
Make no mistake about it, this country is in DEEP
!President-Elect Obama has more than his work cut out for him.
11-10-2008, 11:56 PM
#51
Instructor
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Citi Financial Sucks!!
Do not get me wrong, a debt owed is one that needs to be paid. However, being that Citi Financial is the lender, this is a big problem. Citi is a hard nosed bank and really doesn't care about their customers....falling on hard times or not. Here is why i ay this....
I bought my 2004 TL 6MT back in Mar 08. I tried to get financed and it was damn near impossible. My wife had just totaled her brand new 08 Nissan Altima in NOV and the insurance company told her that the car was a total loss and to NOT make any future payments (Geico). Come to find out, Harris bank (lender) stated that we were still supposed to make payments even though the car was totaled.
This incident really hurt my credit and i settled with Citi Financial to finance my TL for 12.99%.....OUTRAGEOUS..... However, i did. My plan was to get my credit back up in the interim and refinance later. Well six months later, i call Citi Financial to refinance because my score went from 598 (when i first got the Loan) to 744.
Them assholes told me that i was stuck at the 12.99% for the life of the loan......that is MORE OUTRAGEOUS than me accepting the 12.99%. So i checked at a local credit union and they approved me for a 4.99%. F$*K Citi Financial.....DO NOT GET A LOAN THRU THESE COMMUNIST!!
-----END OF VENTING------
I bought my 2004 TL 6MT back in Mar 08. I tried to get financed and it was damn near impossible. My wife had just totaled her brand new 08 Nissan Altima in NOV and the insurance company told her that the car was a total loss and to NOT make any future payments (Geico). Come to find out, Harris bank (lender) stated that we were still supposed to make payments even though the car was totaled.
This incident really hurt my credit and i settled with Citi Financial to finance my TL for 12.99%.....OUTRAGEOUS..... However, i did. My plan was to get my credit back up in the interim and refinance later. Well six months later, i call Citi Financial to refinance because my score went from 598 (when i first got the Loan) to 744.
Them assholes told me that i was stuck at the 12.99% for the life of the loan......that is MORE OUTRAGEOUS than me accepting the 12.99%. So i checked at a local credit union and they approved me for a 4.99%. F$*K Citi Financial.....DO NOT GET A LOAN THRU THESE COMMUNIST!!
-----END OF VENTING------
11-11-2008, 08:58 PM
#52
Situation sucks bro sorry to hear it...but to be brutally honest you have no business being in a luxury car. This is the type of behavior that has been predominant in America for awhile now and its catching up with everyone. You probably need transportation for work, but all you need is a tool to get you from a to b. A luxury car is a status symbol and you don't have luxury status bro. Hopefully you'll be able to get this worked out with the bank! In the future remember: its not what ya make its what ya keep. Understand that a car is a depreciating "asset" so don't put such a large % of your income towards one.
11-12-2008, 07:40 AM
#53
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ok bud... here's my opinion.. I used to work in the auto finance industry as an underwriter until i recently got laid off.. this is what i see all the time.. people of all ages trying to purchase cars that cost way too much for them... not saying this is you but i'm just saying... just because some companies approve you for a lot of money doesn't mean you have to use it...you have to be responsible for what you can afford to pay.. we have guidelines that we follow as well in order to qualify/approve someone.. some companies want you to default on your loan.. that way they can charge you all kinds of late fee's....
don't be mad at the finance company if they are going to take your car.. they are just doing their job because in order for them to survive, they need people to pay back their loans that they are obligated to pay.. i don't like hearing people say shit about companies charging them outrageous interest rates and how they got screwed by this company.. the only person who should take the blame is the one who accepted the loan. there are many companies out there and you have the right to shop around.. but anyhow.. the best thing for you is to try and work something out with your finance company to keep the car. trust me, they will work with you if you are willing to pay them... i'm sure they will want a big amount up front.. but just tell them how much you can afford to pay.. and whatever they say.. make sure they send it to you in writing first.. otherwise.. you might make some payments to catch up and they might still take your car.. i heard stories of some companies doing this.. SO MAKE SURE YOU GET EVERYTHING IN WRITING.. also, the finance companies will lose more money if they repo the car because then they will have to sell it off at an auction... don't listen to citifinancial if they are saying you can't refinance your car... they are lying.. unless they are talking about refinancing with them...just go to a different lender and apply for an auto refinance loan.. the only thing is.. you got to be caught up on your current payments.. so try to work something out and catch up on your payments and then refinance through a different company... but if you really can't catch up and the payments are too much... just let them have it back.. there are more important things such as house payment, food, etc.. there are a lot of companies out there who will give you a loan even if you have a repo.. your rate will be high for sure, but you will get a loan... so it's up to you on what you decide to do...
don't be mad at the finance company if they are going to take your car.. they are just doing their job because in order for them to survive, they need people to pay back their loans that they are obligated to pay.. i don't like hearing people say shit about companies charging them outrageous interest rates and how they got screwed by this company.. the only person who should take the blame is the one who accepted the loan. there are many companies out there and you have the right to shop around.. but anyhow.. the best thing for you is to try and work something out with your finance company to keep the car. trust me, they will work with you if you are willing to pay them... i'm sure they will want a big amount up front.. but just tell them how much you can afford to pay.. and whatever they say.. make sure they send it to you in writing first.. otherwise.. you might make some payments to catch up and they might still take your car.. i heard stories of some companies doing this.. SO MAKE SURE YOU GET EVERYTHING IN WRITING.. also, the finance companies will lose more money if they repo the car because then they will have to sell it off at an auction... don't listen to citifinancial if they are saying you can't refinance your car... they are lying.. unless they are talking about refinancing with them...just go to a different lender and apply for an auto refinance loan.. the only thing is.. you got to be caught up on your current payments.. so try to work something out and catch up on your payments and then refinance through a different company... but if you really can't catch up and the payments are too much... just let them have it back.. there are more important things such as house payment, food, etc.. there are a lot of companies out there who will give you a loan even if you have a repo.. your rate will be high for sure, but you will get a loan... so it's up to you on what you decide to do...
11-12-2008, 09:32 AM
#54
Keep Right Except to Pass
Sorry to hear about the OP's situation. I got laid off at the end of September, but I keep a good amount of money socked away in fear that something like that would happen, so I know I can make the nine remaining payments on my TL. (Thought about paying it in a lump when I saw the layoff coming, but decided it was better to keep more cash on hand.) I think the people who have said that if you truly CANNOT pay it off then you have to let it go are correct—trying to play games will ultimately hurt more in the end. I also agree with the people who say that if you can't afford this car now, don't try to get something similar. Once you have the default on your credit report you're going to have a much harder time getting credit....and since you said you had a 12% rate on this loan (which is ASTRONOMICAL), you can expect that your next one would be even worse. Find a good used Honda Civic or Accord until you're in better financial shape and try not to take a loan for it if you can avoid it. I recommend a Civic or an Accord rather than an Acura RSX or Integra because the maintenance tends to be cheaper on the Honda models for some reason (this based on my having owned a 1982 Accord, a 1997 Accord, a 1996 Legend, and now a 2004 TL, Ms1995hoo owning a 2003 RSX Type-S, my brother having owned a 1996 Civic and now a 2005 Civic, and our father having owned a 1982 Accord, 1991 Accord, 1999 3.5RL, and 2004 TSX).
The advice on building your credit history by having only one card and paying it in full all the time is good too. If you don't mind paying an annual fee, I'd suggest a traditional American Express charge card because you're required to pay it off each month. (Revolving credit cards, on the other hand, will tempt you into letting some or all of the balance slide. This can be fine every once in a while if you're doing it to manage money rather than simply because you can't afford the full purchase, or if you had some sort of emergency car or home repair come up. But you should never be allowing your balance to slide every month.) I used to use my "check card" from the bank a lot until I realized one day in late 2002 that it was stupid—I got no real benefit and it made reconciling my records with the bank's difficult because the transactions were always in a different order. I got an American Express card with the Membership Rewards program; since it's a charge card, it's essentially like using a check card with a three-week float (money doesn't come out immediately like with the check card), and the points have gotten me several free airline tickets over the years and some other discounts on things. I no longer carry credit card debt like I did when I was a student in the 1990s and the interest savings are huge. (Last time I allowed a credit card debt to roll over by a month was in 2003 when I bought a ticket on Concorde and paid it over two months. That's an example of a special circumstance of the sort I cited earlier.) But American Express might not be willing to issue a card to someone with a default on his credit report, however, because creditworthiness and income are two huge considerations for them since there is no "credit limit" in the sense that other card issuers have (there IS a limit, they just don't tell you in advance what it is). See if you can get the standard Green card, though, which is the base American Express. You need to build up a reliable credit history to try to salvage your credit, and the discipline of a charge card could be just what you need. Don't ever use your check card again except at the ATM to get cash, since it makes it too easy to overdraw your checking account.
The advice on building your credit history by having only one card and paying it in full all the time is good too. If you don't mind paying an annual fee, I'd suggest a traditional American Express charge card because you're required to pay it off each month. (Revolving credit cards, on the other hand, will tempt you into letting some or all of the balance slide. This can be fine every once in a while if you're doing it to manage money rather than simply because you can't afford the full purchase, or if you had some sort of emergency car or home repair come up. But you should never be allowing your balance to slide every month.) I used to use my "check card" from the bank a lot until I realized one day in late 2002 that it was stupid—I got no real benefit and it made reconciling my records with the bank's difficult because the transactions were always in a different order. I got an American Express card with the Membership Rewards program; since it's a charge card, it's essentially like using a check card with a three-week float (money doesn't come out immediately like with the check card), and the points have gotten me several free airline tickets over the years and some other discounts on things. I no longer carry credit card debt like I did when I was a student in the 1990s and the interest savings are huge. (Last time I allowed a credit card debt to roll over by a month was in 2003 when I bought a ticket on Concorde and paid it over two months. That's an example of a special circumstance of the sort I cited earlier.) But American Express might not be willing to issue a card to someone with a default on his credit report, however, because creditworthiness and income are two huge considerations for them since there is no "credit limit" in the sense that other card issuers have (there IS a limit, they just don't tell you in advance what it is). See if you can get the standard Green card, though, which is the base American Express. You need to build up a reliable credit history to try to salvage your credit, and the discipline of a charge card could be just what you need. Don't ever use your check card again except at the ATM to get cash, since it makes it too easy to overdraw your checking account.
11-12-2008, 10:07 AM
#55
Dre 3 G
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I think everyone hear is in the same boat when it comes to the job situation so I feel your pain!
Park the car at a friends in the garage and dont move it till you speak with someone at the bank! And dont trust a word they say untill you get something in writting because they may still try to get as much money out of you as possible and then still try to take the car!
Good luck!
2008 TL NBP 33K loan at 5.??% 560/month I hope that I can keep my JOB because then I will keep my car! I love my TL ... traded up from a 1995 Legend if the worst happens I'll have to do some small repairs and hop back in it!
Park the car at a friends in the garage and dont move it till you speak with someone at the bank! And dont trust a word they say untill you get something in writting because they may still try to get as much money out of you as possible and then still try to take the car!
Good luck!
2008 TL NBP 33K loan at 5.??% 560/month I hope that I can keep my JOB because then I will keep my car! I love my TL ... traded up from a 1995 Legend if the worst happens I'll have to do some small repairs and hop back in it!
11-12-2008, 05:31 PM
#56
Cruisin'
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Well i was going to multi quote every message, but they are pretty long. Thanks for the great advice.
I called the bank, and they simply said "Any day the tow truck will be there and take the car, dont leave anything inside."
Not even offering to lower payments, they just declined it. Well a lesson well learned, i drove my dads beater car for two days and i am back in my TL until its taken away. Atleast my current job, is looking promising.
On the upside of things, the Corolla gets great gas mileage! :P.
I called the bank, and they simply said "Any day the tow truck will be there and take the car, dont leave anything inside."
Not even offering to lower payments, they just declined it. Well a lesson well learned, i drove my dads beater car for two days and i am back in my TL until its taken away. Atleast my current job, is looking promising.On the upside of things, the Corolla gets great gas mileage! :P.
11-22-2008, 11:07 AM
#57
Cruisin'
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UPDATE:
Went to the Acura Dealer so they can give me a car history report and have them value my car, and see if i can work out something with the bank.
Turns out my car indeed only had 14,000 miles at the time i bought, and it had all maintenance done (Recalls etc). Well, the financial manager was nice enough to call the bank for me, offered them a deal and the dealer bought my TL. Saving my credit (Except those missed payments). Ofcourse, the salesmen then later introduced me to some 04 05 TL's and the cheapest one i found was at 17,800, and they can bring it down to 16,250 (280 a month) and its a 2005. I want to buy it, but i am happy with the beater car (sigh), and i don't want to risk paying for something now, and losing my job later. Maybe sometime next year if i get a promotion in my current job.
Thanks for the advice you guys
. If you think i should jump on the deal though, convince me.
Went to the Acura Dealer so they can give me a car history report and have them value my car, and see if i can work out something with the bank.
Turns out my car indeed only had 14,000 miles at the time i bought, and it had all maintenance done (Recalls etc). Well, the financial manager was nice enough to call the bank for me, offered them a deal and the dealer bought my TL. Saving my credit (Except those missed payments). Ofcourse, the salesmen then later introduced me to some 04 05 TL's and the cheapest one i found was at 17,800, and they can bring it down to 16,250 (280 a month) and its a 2005. I want to buy it, but i am happy with the beater car (sigh), and i don't want to risk paying for something now, and losing my job later. Maybe sometime next year if i get a promotion in my current job.
Thanks for the advice you guys
. If you think i should jump on the deal though, convince me.
11-22-2008, 11:50 AM
#58
KBPftmfw
Rep the beater car until you have all of your outstanding debts paid off, not down, paid off. Save up some money in the bank. When I was 18 the last thing on my mind was owning an Acura (granted, I had a Mustang GT). Start thinking of the future. A lot of people get caught up in having a flashy ride, but that's no good if you're living off of Ramen and living in a shady part of town.
I say pay all debts and save up a few thousand as a "rainy day" fund. Save up a second chunk of money for a nice DP. This was the path I took and I am comfortable.
I say pay all debts and save up a few thousand as a "rainy day" fund. Save up a second chunk of money for a nice DP. This was the path I took and I am comfortable.
11-22-2008, 12:20 PM
#59
Racer
I bought my '04 Black TL 6-MT for 18.5k at an 11% interest for 394.74$ a month. Hope your financial situation turns for the better and you get your TL back or another TL in its place :-D.
11-22-2008, 12:28 PM
#60
UPDATE:
Went to the Acura Dealer so they can give me a car history report and have them value my car, and see if i can work out something with the bank.
Turns out my car indeed only had 14,000 miles at the time i bought, and it had all maintenance done (Recalls etc). Well, the financial manager was nice enough to call the bank for me, offered them a deal and the dealer bought my TL. Saving my credit (Except those missed payments). Ofcourse, the salesmen then later introduced me to some 04 05 TL's and the cheapest one i found was at 17,800, and they can bring it down to 16,250 (280 a month) and its a 2005. I want to buy it, but i am happy with the beater car (sigh), and i don't want to risk paying for something now, and losing my job later. Maybe sometime next year if i get a promotion in my current job.
Thanks for the advice you guys. If you think i should jump on the deal though, convince me.
Went to the Acura Dealer so they can give me a car history report and have them value my car, and see if i can work out something with the bank.
Turns out my car indeed only had 14,000 miles at the time i bought, and it had all maintenance done (Recalls etc). Well, the financial manager was nice enough to call the bank for me, offered them a deal and the dealer bought my TL. Saving my credit (Except those missed payments). Ofcourse, the salesmen then later introduced me to some 04 05 TL's and the cheapest one i found was at 17,800, and they can bring it down to 16,250 (280 a month) and its a 2005. I want to buy it, but i am happy with the beater car (sigh), and i don't want to risk paying for something now, and losing my job later. Maybe sometime next year if i get a promotion in my current job.
Thanks for the advice you guys
. If you think i should jump on the deal though, convince me.
