what about credit cards, cell phones, store cards(i.e best buy etc...).....

Its a pain.... theres no "righting" getting bad credit.

 

Listen, I supported myself, wife and 2 kids, have a 3 bdrm, 2 bath, 1 car garage townhome, all the bills, all the car, health and renters insurance, food, necessities and everything I needed for over 3 years while delivering pizzas for $8.00/hr (yes i know its a lot/hr for delivering). hourly + tips + delivering in affluent North Dallas helps too.

Its not a ritzy job, or something that i'm particularly proud of, but it gets the bills paid and i'm putting a little away for a rainy day too. If he wants to keep his car and actually drive it, try pizza delivery- oh and Febreeze the car every few days too to keep down the pizza-with-everything smell.

tc all

 

Don't give up man. Try talking to the bank, you and your dad. Whatever the true story is, let them know you don't want to ruin you or your dads credit. If school is most important, then continue that man. I just hope you have a plan to pay the tuition. You believe in God man? try praying.

 

Do you have a credit card in your name? Do you plan on getting one, using a cell phone? Credit is gold, you need to take your car and refianance it, repoing is basically like having declared bankruptcy, you will be ****ed for those 7 years. I guarantee you will be buying something that will need credit, if you sell your car now you will only end up buying another one and guess what your repo will come back and bite you in the ass.

REFIANANCE the car, tell them your situation and extend your plan over more time with cheaper payments.

 

Credit is certainly gold. Check this out. My car.... I paid exactly $100 to walk out the door. I got a 6 year loan at 4.7%. (6 year loan wasnt something I wanted btw....the rates of the 5, 4, and 3 would have made it more expensive since very few banks were willing to play ball.) Truth be told I have the ability to pay off a huge chunk of it, but the money can be put to better use for the time being.

I think you just need to weigh all options before doing something drastic.

Big: Your house analogy. To be honest with you man, I wouldn't get either house. I would wait for a house that I both LIKED and could AFFORD came into range. Same with a car. I could have easily afforded to lease a BMW or just about any other luxury car for the monthly payment on my bought car. I didn't...why? Aside from the Accord just being more bang for your buck, upkeep costs need to be taken into consideration. I didnt want to pay BMW $100 for a $1 piece of plastic. Id rather pay Honda $50 for a $0.5 piece of plastic.

Car buying is a HUGE responsibility and the decision to buy/lease shouldnt be taken lightly. Im 23, this was the first one I've ever bought, and Im confident in my decision. I may be going to grad school soon, and even though they will pay me $22,000/yr to attend, if I can't afford the payment, I will know well in advance and I will sell the thing off hopefully for a profit.

 

the problem is you were doomed ever since you bought that car. a 10.9% rate on a brand new car for 7 yrs is a recipe for debt.

imo, you should not finance a car for more than 5 yrs. if you can't afford the payment on 5, look into a cheaper car to keep you to what you can afford. also their is no way in hell i would finance a car with that high of an interest rate.

how come your dad did not co-sign the loan, he is the one paying for it afterall? that would have brought your interest rate down. hell i remember honda financing offering like 3.9 or 4.9% for 5 years on 2002s last february. with a co-signer you could have had a rate like that.

 

That depends on the co-signers credit too. And even if their credit is good...if they are already stretched thin financially, which Im imagining they were since they need to conserve money instantly and get rid of the car, then it isn't going to help. Interest rates are based on how likely the lender feels you are to pay them back. If they feel you are a risk, which they did here, they will jack up the rate.

 

all i'ma say is keep your head up and keep on keepin on... i'm sure if you try hard enough you'll pull through...

 

FOR CHRIST SAKE! I can get you TONS of good interest rates - for AT LEAST 6 montsh to hold you over - actally - I work for MBNA - ya know - the ones that telemarket everyone!?!?

Give me a call and I can get you 0% or 1.7% for at least 6 months while the shoit blows over - at lend you $5000 AT LEAST at that rate - and then a 7.9% FIXED - I know ALLLlll about credit -

Money and interest rates are SOOOoo freaking cheap right now it's a JOKE.

I'm lucky my Dad bought my car for me outright - I'm still in college - but I work full time at MBNA as well - and I'm just paying my Dad off (at 0%) over the next 5 years ...

E-mail me and I can GET YOU THOSE RATES!



EVEN if you have bad credit to begin with- MBNA is REALLY aggressive in giving credit on our cards. We'll prob. give you $5000 credit line, deposit $4900 at a 1.7% promo rate for a year i your checking account - and then it goes to $7.9 FIXED ... NOT TO MENTION our Minimum payments are $15 a MONTH!?!?!? You DEF. should be able to handle that!!!!!!!!!!!!


Seriously - e-mail me ASAP!!! I can help!

 

GO get off ur ass and find a job u lazy shit.