![]() ![]() While I’m not a fan of lawsuits, your vehicle was in service for three months and it broke down to the point where it was rendered unusable, presumably at a subprime rate. If they cannot produce that, you may very well have grounds to sue beyond the amount you owe now. You need to see what the “warranty” they sold you covers. They are LEGALLY required to keep this on file. The first thing I would do is obtain copies of the documents you signed and saw at the dealer. While that would incur the cost of a lawyer, dealers are an easy target due to their reputation. I would suggest taking action against the dealer who sold you this for falsely presenting what type of warranty you bought, and what it covers. The items that you listed not covered by your warranty are wear and tear items. It sounds like your luck has been quite horrid in automobile purchases. So he is aware it’s only for a short time and I had I had to pay 12k for grandmothers funeral, car repair, and another private matter all at the same time.įirst of all - I’m sorry about the chain of events that lead you here. Which is when I’ll pay out the car or trade in, or refinance. I have a large 6 figure settlement coming 60-90 days. He understands my situation and knows my character and how I am with finances we have an arrangement that each month my car is in his name I pay him $500. Important note : this is only for 6 months or less this is a friend of 10 years. Looking for banks that are open to or known for refinancing a car with negativity equity and being upside down on my loan. Īlso, I currently finance with Exeter finance. Please give me som advice I’m really stressing out. I’m a single mom, just started working again and I can’t lose my vehicle it’s our only means of transportation and with this repo on my record and 20k debt I don’t see how I can have transportation for me and my son anytime soon if this repo sticks. After 5 days the tow lot charges $25 a day and I have until the 29th to get something done or the car will be sent to the auction. Or does anyone know of any banks and credit unions that are more lenient in these situations? I just need some advice on my best chance of getting my repossessed car back. but I’m really worried about finding a bank willing to refinance a negative equity loan. I have an amazing friend with great credit willing to refinance the loan for me 760 credit score and no auto loan currently in his name he’s s good candidate. The car is worth 12k and I owe 20k with like a 19% interest rate Including the gap and warranty on this car as well Now, this is my question I’ve now found out after applying to refinance the car the car is s serious low equity loan. The third car payment was due on the 12th. Ībout 3 weeks after getting the car back the car was repossessed on the 15th. So now I realize the car has s transmission issue. I get the car back and on the way home (driving the car back from out of state.) all the dash lights would come on and the car would just roll until it would come to s stop you couldn’t give it gas or anything. It’s been 2 months I’ve been without the car. I finally saved up the money to have the car fixed and got it repaid. The 2 months my car broke down it was in another state because it broke down when I was out of town. Also, I want not in an accident the wheel literally bent in due to the control arm snapping I had a spin out on the highway with my three year old in the car. Īfter saving the money to get the car fixed it took me roughly 2 months being the repair costed me $3,400. ![]() It was up to me completely to get the car fixed. I have warranty and gap on this car as well but warranty didn’t cover what happened because they considered it wear and tear. After 3 months of having the car the control arm, tow link, strut, knuckle, tire and rim needed to be replaced. I was able to get into a car which I’ve now had 6 months. After the accident with my first car I got behind on ALOT of bills and was also dealing with court and custody so to get to the point I wasn’t doing well financially. After completely recovering I was finally able to get into another car after returning to work and working for six months. Due to the accident i couldn’t work I had to have wrist and back surgery. So anyway I went without a car for a few months to work on my credit to be able to get into a car. I had gap so they paid out the remaining balance on my car which was only four payments haha. I got into a car accident and totaled my car. Okay so here’s the back story, I was in a desperate situation for a vehicle. ![]()
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