Go Back   Great Lakes 4x4. The largest offroad forum in the Midwest > General 4x4 Stuff > The Pub
GL4x4 Live! GL4x4 Casino

The Pub A friendly forum where everybody is nice, and will answer any questions you have about life.







Search
Reply
 
Thread Tools
Old January 2nd, 2006, 02:59 AM   #1
SemperFiJeep
Ryan
 
Join Date: 12-31-05
Location: Chesterton/NW Indiana
Posts: 9
iTrader: (0)
Send a message via AIM to SemperFiJeep Send a message via Yahoo to SemperFiJeep
Question Im in a pickle and cant get out!!

In July of 2003 i bought my used 2000XJ with 25k miles for somewhere around $13.5k. After finance charges(unestablished credit) and the warranty(which ive never used) it came out to be like somewhere around 15 or 16k(ouch!). I since have joined the Marines and was discharged for medical reasons and am back home going to school. My problem is i really need to get rid of my Jeep but it is worth less than what i owe on the loan. I want something i wont be stuck paying on for the next 3 years. What can i do?
SemperFiJeep is offline   Reply With Quote
Old January 2nd, 2006, 05:17 AM   #2
rdnkjeeper
Newbie
 
Join Date: 12-25-05
Location: Marquette
Posts: 15
iTrader: (0)
Send a message via Yahoo to rdnkjeeper
loan

Semper Fi

Two choices, you can sell it for a loss (but you will still have to figure out how to pay off the loan) or your stuck with it until its paid off. There is another option of letting it go back to the bank, but you should pay the thing off the right way.
rdnkjeeper is offline   Reply With Quote
Old January 2nd, 2006, 06:26 AM   #3
yogi
swampstomper & old fart
 
yogi's Avatar
 
Join Date: 11-06-05
Location: LAINGSBURG
Posts: 2,934
iTrader: (6)
suckit up get another job and pay for it you are way upside down on your loan as they say. car dealers love that. so your better off paying for it or let it go back and kill your credit



yogi
yogi is offline   Reply With Quote
Old January 2nd, 2006, 06:56 AM   #4
PavementPounder
I am the law.
 
PavementPounder's Avatar
 
Join Date: 11-05-05
Location: Birmingham, Michigan 48009
Posts: 29,824
iTrader: (224)
Total it.
PavementPounder is offline   Reply With Quote
Old January 2nd, 2006, 07:14 AM   #5
Tonka
YJ build in progress
 
Tonka's Avatar
 
Join Date: 11-05-05
Location: Lapeer Township, Mi.
Posts: 2,062
iTrader: (9)
Send a message via AIM to Tonka Send a message via Yahoo to Tonka
work more, pay it off faster.
Tonka is offline   Reply With Quote
Old January 2nd, 2006, 08:19 AM   #6
Sol Goode
Obama Nation!
 
Sol Goode's Avatar
 
Join Date: 11-05-05
Location: Curt1656 & Scooters love castle
Posts: 14,066
iTrader: (10)
Leave it downtown with the extra keys in it
__________________
Come roll with us........
Sol Goode is offline   Reply With Quote
Old January 2nd, 2006, 08:29 AM   #7
clarkstoncracker
lol
 
clarkstoncracker's Avatar
 
Join Date: 11-03-05
Location: OC - MI
Posts: 41,962
iTrader: (39)
Send a message via AIM to clarkstoncracker
Most car dealers will purchase it, and roll in the difference into a new car with a lower lease payment...
__________________
clarkstoncracker is offline   Reply With Quote
Old January 2nd, 2006, 08:39 AM   #8
SemperFiJeep
Ryan
 
Join Date: 12-31-05
Location: Chesterton/NW Indiana
Posts: 9
iTrader: (0)
Send a message via AIM to SemperFiJeep Send a message via Yahoo to SemperFiJeep
Well i have perfect credit so i cant afford messing with that. Every time i drive anywhere i hope someone will t-bone me and flip my jeep. Its terrible i know lol

I would be okay if a dealer would work with me to help me get a truck.........even though not havin a Jeep would suck terribly i need a pick-up
SemperFiJeep is offline   Reply With Quote
Old January 2nd, 2006, 08:41 AM   #9
clarkstoncracker
lol
 
clarkstoncracker's Avatar
 
Join Date: 11-03-05
Location: OC - MI
Posts: 41,962
iTrader: (39)
Send a message via AIM to clarkstoncracker
Quote:
Originally Posted by SemperFiJeep
Well i have perfect credit so i cant afford messing with that. Every time i drive anywhere i hope someone will t-bone me and flip my jeep. Its terrible i know lol

I would be okay if a dealer would work with me to help me get a truck.........even though not havin a Jeep would suck terribly i need a pick-up

I know dodge is running a crazy sale on the dakota's right now.

I have found a very effective way of purchasing a truck, is to find the VIN of one you want, and just fax your circumstance with the vin to every dodge dealership..

One will have a good offer
__________________
clarkstoncracker is offline   Reply With Quote
Old January 2nd, 2006, 08:45 AM   #10
Big Daddy Rubicon
There watching me! (.)(.)
 
Big Daddy Rubicon's Avatar
 
Join Date: 11-05-05
Location: Concord NC
Posts: 11,452
iTrader: (6)
Dick Scott Dodge had a ad on the radio. They would pay up to $15,000.00 to cover the loan over what the car is worth? Will they for sure, don't know. Hell most car dealers you cam't trust.
__________________
So I'm a asshole, so what!:finger:

[QUOTE=a.j. hall;1528363]
I will race BDR in my car......and lose.
[/QUOTE]
Big Daddy Rubicon is offline   Reply With Quote
Old January 2nd, 2006, 09:35 AM   #11
Grandman
do i look old !
 
Grandman's Avatar
 
Join Date: 11-05-05
Location: West Branch Mi
Posts: 9,864
iTrader: (7)
Do not bite your own ass here . You went from no credit to good credit . Dont mess that up .

Down the road it carries great value in savings . Good credit will save you tons in interest over the years .

To those that suggest he let it go back :gman:
Grandman is offline   Reply With Quote
Old January 2nd, 2006, 10:13 AM   #12
Immortal
NO RELIGION WAT!
 
Immortal's Avatar
 
Join Date: 11-09-05
Location: In my garage
Posts: 24,201
iTrader: (44)
Just stick it out......dealerships and banks WANT you to refinance and/or roll over your payments into another vehicle.....you got screwed once.....why twice.

Oh and welcome back
Immortal is offline   Reply With Quote
Old January 2nd, 2006, 10:20 AM   #13
Medic8
You call, we haul.
 
Medic8's Avatar
 
Join Date: 11-08-05
Location: Southgate, MI
Posts: 1,492
iTrader: (4)
If you can pay it down to around 1-2K more than what its worth, most dealers will pay that difference, and/or take it out of the price of the next vehicle you are buying. What I would suggest otherwise is leasing your next vehicle. Get one of the $100/month Ranger/ Dakota/ whatever leases and roll your current vehicle balance into that. In 2 years, you have nothing. No vehicle, but also no past debt. You might end up spending $3-400 a month to cover your vehicle plus the lease, but oh well. You're out of the vehicle debt in 2 years.
Medic8 is offline   Reply With Quote
Old January 2nd, 2006, 10:41 AM   #14
Sol Goode
Obama Nation!
 
Sol Goode's Avatar
 
Join Date: 11-05-05
Location: Curt1656 & Scooters love castle
Posts: 14,066
iTrader: (10)
Quote:
Originally Posted by fastrt6dakota
If you can pay it down to around 1-2K more than what its worth, most dealers will pay that difference, and/or take it out of the price of the next vehicle you are buying. What I would suggest otherwise is leasing your next vehicle. Get one of the $100/month Ranger/ Dakota/ whatever leases and roll your current vehicle balance into that. In 2 years, you have nothing. No vehicle, but also no past debt. You might end up spending $3-400 a month to cover your vehicle plus the lease, but oh well. You're out of the vehicle debt in 2 years.
THat does not always work. Dealers can only roll over so much of the old vehicles value into the new vehicle. Not sure what the % is, but I do not think you could lease a $100/month ranger and roll over 300-400 per month in negative equity. The crediting agency would be setting themselves up for a huge loss.
__________________
Come roll with us........
Sol Goode is offline   Reply With Quote
Old January 2nd, 2006, 11:07 AM   #15
brimy311
Smells like a Fork Liftis
 
brimy311's Avatar
 
Join Date: 11-05-05
Location: Kzoo, mi
Posts: 4,092
iTrader: (42)
Send a message via AIM to brimy311
I have a friend that is really trying to get that worked out now as well. You should talk to the bank. Tell them you are selling the XJ, but wont be able to pay it 100% off. Alot of times banks can either give you a "note" lean on something else you own, and you just finish paying the remander off. Or you can get a personal loan for the difference. The only way to break this cycle that you are in, is to get a vehicle that you own outright. Pay cash for any vehicles. My friend and his wife pay almost $900 a month on a Focus and Jeep XJ (that is car payments and insurance). They are going to have to take $1500-2000 hit on either one when they sell one of them. But if you consider what they would save ever month not having one, $450-500 a month. Over a year, they are saving 6000$ NOT having one of those vehicles.
__________________
JcrOffroad.com
Like us on Faceook!

Last edited by brimy311; January 2nd, 2006 at 11:09 AM.
brimy311 is offline   Reply With Quote
Old January 2nd, 2006, 11:09 AM   #16
Monkeyevil
I <3 Miatas
 
Monkeyevil's Avatar
 
Join Date: 11-05-05
Location: Kalamazoo, MI
Posts: 8,982
iTrader: (16)
Send a message via AIM to Monkeyevil
Call the bank, tell them you plan on selling it and ask for a note for the difference on the sale. You will have to get pre-approved for this.

Sell the Jeep then pay off your note to the bank. It should be a lower payment.

Next time make smarter choices... new cars are a terrible investment unless you plan on paying off the loan, or making double payments.
__________________
JcrOffroad
Zoom Zoom!
Monkeyevil is offline   Reply With Quote
Old January 2nd, 2006, 11:13 AM   #17
Buggy_Tim
(513) 891-8372
 
Buggy_Tim's Avatar
 
Join Date: 11-05-05
Location: Sault Sainte Marie
Posts: 11,605
iTrader: (12)
I see it all the time...we'll pay off your loan no matter what you owe...then you can get into a KIA. Had a buy one get one free special going too.
Buggy_Tim is offline   Reply With Quote
Old January 2nd, 2006, 11:36 AM   #18
Monkeyevil
I <3 Miatas
 
Monkeyevil's Avatar
 
Join Date: 11-05-05
Location: Kalamazoo, MI
Posts: 8,982
iTrader: (16)
Send a message via AIM to Monkeyevil
Quote:
Originally Posted by MuddyPaws
I see it all the time...we'll pay off your loan no matter what you owe...then you can get into a KIA. Had a buy one get one free special going too.
Then you start out with a $12 loan on a KIA worth $9k when it drives off the lot...

Stupid.
__________________
JcrOffroad
Zoom Zoom!
Monkeyevil is offline   Reply With Quote
Old January 2nd, 2006, 11:41 AM   #19
swampjeep
Swamp Stomper
 
swampjeep's Avatar
 
Join Date: 11-05-05
Location: Waterford, mi
Posts: 7,517
iTrader: (25)
Quote:
Originally Posted by Big Daddy Rubicon
Dick Scott Dodge had a ad on the radio. They would pay up to $15,000.00 to cover the loan over what the car is worth? Will they for sure, don't know. Hell most car dealers you cam't trust.

I keep hearing this add on the radio too, sounds like worth a shot.
swampjeep is offline   Reply With Quote
Old January 2nd, 2006, 12:01 PM   #20
motrctyman
Just The Spouse's spouse
 
motrctyman's Avatar
 
Join Date: 12-12-05
Location: Birmingham, AL
Posts: 1,881
iTrader: (2)
Buy a beater Pickup you can afford to pay cash for. Put minimum insurance on it. Pay off the XJ as soon as possible. Then sell both. Pay cash for next vehicle.
motrctyman is offline   Reply With Quote
Reply
Great Lakes 4x4. The largest offroad forum in the Midwest > General 4x4 Stuff > The Pub
Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump



All times are GMT -5. The time now is 10:25 PM.


Powered by: vBulletin, Copyright 2000 - 2012, Jelsoft Enterprises Ltd.
Copyright 2005 - 2012 Cracker Enterprises - Powered by Linux
vB Ad Management by =RedTyger=
Page generated in 0.19677 seconds with 50 queries