Truck Issues....

[westbeach70]

Hey hey all.. Well I have not posted here for a bit but I have a slight problem.

Back in August of 2006 I bougth a 2000 GMC Jimmy SLE 2 door from a place called Roadsport Auto Credit. Well not knowing what a scam this place was I signed all the papers and gave them 3000.00 cash as a downpayment.

Well just about a year down the road now I look into how much I have owing on this truck thinking its only like 9 thousand or something.. Not a chance.. I have 17,250.00 left owing on this thing. Interest kicked me hardcore. 26.9 percent to say the least.

I know I should of considered reading all the little fine print and such but as I stand rigth now I am making payments of 444.82 a month for it for who knows how much longer.

If anyone has any ideas on what to do with this thing, or if anyone knows of how to trade it off and take the kick with the negative equity please let me know. I will say that my credit standing is slowly coming up, but any help would be appreciated.. And no the banks will not look at me to refinance me for it... Thanks...

Chris.

[Mitsu3000gt]

Why would you ever take a loan out at 26% interest? Maybe I am just misunderstanding something.

[JRSC00LUDE]

Because he had baaaaaaad credit I would assume. Not much you can do other than sell it, pay off what you can (which won't be close to 17g's I doubt....) eat the rest of the debt and consider it a lesson learned.

Not to be a nag, but the Interest rate you are paying shouldn't be "fine print". Other than the initial purchase price it's the most important aspect of the contract i.m.o.

[Tik-Tok]

Either that ^^^

Or get a line of credit? You don't need to "refinance" it through a bank, if you just get a line of credit, HOWEVER, don't go and fawk yourself, by never paying it off, or piling a bunch of crap you don't need onto it.

[westbeach70]

Yeah i am hoping i can find a place that will maybe trade it in.. with 202,000 kms on it its going downhill from here.. Lookin at maybe buying a newer dodge but can't find one.. New body style if possible anyone know any place that would wanna trade this in and as well sell me another truck?? And yes my credit was really bad.. ( 1 repo in the past 3 yrs.. )

[eb0i]

Can't a bank help you out by loaning you the money to pay off the car at a lower interest rate? :dunno:

[Weapon_R]

Originally posted by eb0i
Can't a bank help you out by loaning you the money to pay off the car at a lower interest rate? :dunno:

No because thats what he woulda done in the first place. But if the banks won't finance you, your pretty much screwed unless you can get a credit card and pay it off at 18% interest :dunno: