Financing Help...

[westbeach]

Hey Hey All............

Well just approx 6 months ago i bougth me my 00 GMC JIMMY SLS from as we all know the loan shark in town being Roadsport auto credit. Well they got me approved and sold me this truck for $12,900 and i put 3G down which brought me down to 9,900 and then they tacked warranty, and gst on top of er which brought it up to who knows some 11,000 in the end.

Well to make a long story short I got nailed with 29.6 percent interest on this truck adn today this truck is giving me problems like you would not believe. I want to trade it off. Any ideas on how i could possibly get rid of it? I still owe they said 12, 535.00 as of today without interest. So i really do not understand how they came with that figure but otherwise.. HELLPPP!!! Thanks..

Chris

[freshprince]

...that's why I pay cash for everything.


Try "selling" it back to them. Offer to pay off the interest, and maybe they'll take it back. Maybe not.

[freshprince]

...and if they tacked on a warranty, they should be more willing to take it back. Unless it was a 6 month warranty.

[Sharpie]

I am no expert but I would try and get a loan from the bank that is lower interest to first pay off the jimmy. And since you are having problems with it and you have warranty I would go get everything fixed and then sell it and pay off the loan from the bank.

[BigMass]

%30 interest???? holy shit isnt that illegal? why would you even consider this?

[B17a]

No, 60% is considered the usury (illegal) level.

[max_boost]

No wonder they stay in business, 30% is crazy!:eek:

If you had to go through them, safe to say your credit isn't that good. I suggest obtaining a LOC or loan to pay it off.

Have you checked the black book or market value on the truck?

[westbeach]

because i needed a vechicle ... 4x4 at the time.. and i have no credit left. From the previous woman i had she got the truck repo'd.. And yeah i tryed to go to the bank and borrow.. No such luck... Too much in the truck to what its worth i guess they said.

[westbeach]

yeah i have checked the black book.. I sat down while i did too. It isn't good. maybe like 6 grand was in it for perfect condition which thsi truck IS NOT..

[Sharpie]

Well you said you had warranty so go get it fixed. Also your better off getting rid of it quick for like $5gs and then paying off the rest or else your gonna get raped with interest.

[westbeach]

yeah the worst thing is dude is the car lending co. ( carfinco ) has a lien against it for 12,000 and before that is payed off they still basically own the truck.. Kinda sucks.. so i think i am stuck with this thing other then start making bi weekly payments maybe cut the time down a little... who knows...

[Redlyne_mr2]

Ya sorry to say man but they have a contract signed by you which means that you are responsible to pay them what you owe them.

[Weapon_R]

What's the truck worth? Couldn't you sell it and just pay off the balance from your pocket?

[Sharpie]

Originally posted by Weapon_R
What's the truck worth? Couldn't you sell it and just pay off the balance from your pocket?
But wouldn't the lien need to be payed off first before he could sell it because technically the dealer still 'owns' it until the lien is payed off.

[5hift]

Can you just not pay and let them repo the truck? I'm guessing your credit isnt great anyways. your gonna end up paying 3X what this truck is worth and probably still wont own it.

I cant believe someone that cant afford a vehicle would want one so bad they would take 30% interest on it

[westbeach]

Yeah i could but who wants another repo on their bureau. I sorta wanna get my credit back in shape thats sort of why i did this.. But yeah i guess I dunno.. Keep the truck.. Pray someone doesn't cut me off..

[Gravy_83]

Originally posted by westbeach
Hey Hey All............

Well just approx 6 months ago i bougth me my 00 GMC JIMMY SLS from as we all know the loan shark in town being Roadsport auto credit. Well they got me approved and sold me this truck for $12,900 and i put 3G down which brought me down to 9,900 and then they tacked warranty, and gst on top of er which brought it up to who knows some 11,000 in the end.

Well to make a long story short I got nailed with 29.6 percent interest on this truck adn today this truck is giving me problems like you would not believe. I want to trade it off. Any ideas on how i could possibly get rid of it? I still owe they said 12, 535.00 as of today without interest. So i really do not understand how they came with that figure but otherwise.. HELLPPP!!! Thanks..

Chris

roadsport is the worst they sold me my ek with a lean on it. They wouldn't fix it so my dad said ok well I'm calling better buisness bureau and when im done there I'm going to call the Calgary Herald and give them a story about a dealership selling cars illegaly. Was fixed the same day who figured that eh hahaha. God damn crooks

[Whitetiger]

That sucks

[westbeach]

Yeah i wonder if they can fix the mileage too thats on this thing.. 178,000 kms when i bought it.. Was I a tard for buying this.. Yes yes i was but i was stuck at the moment and needed a good 4x4 that i presumed worked.... Who knows.. Thanks for your help peeps

[Arthur Dent]

sounds like you are boned either way :(

[5hift]

Originally posted by westbeach
Yeah i wonder if they can fix the mileage too thats on this thing.. 178,000 kms when i bought it.. Was I a tard for buying this.. Yes yes i was but i was stuck at the moment and needed a good 4x4 that i presumed worked.... Who knows.. Thanks for your help peeps

If there is in fact a lien on the vehicle, and it was hidden from you at the time of purchase, I believe you might have some bargining room. I would go back with a parent or someone and do exactly what Gravy_83 and his Dad did. With how much you owe, and the way the interest is so high paying it off will be a challenge, so I would try to see if you could release the vehicle back to them and cut your loses of whatever you paid and just walk away. They might go for it because they could just find another sucker to buy it.

Are you a student by any chance? If you are you can easily get at least a $8000 Student Line of Credit unless your credit history is really brutal.