Voluntarily Surrendering Your Vehicle? DON'T! Watch this instead!
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- Опубликовано: 16 июн 2024
- If you think Voluntarily Surrendering Your Vehicle is better than a repossession think again.
Watch this next... • 5 Tips to Paying Off A... - 5 Tips to Paying off your Car Loan Early.
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I know sometimes things and get tight and it's these times that can make us feel like we are out of options. Just know that voluntarily surrendering your car is always done as an absolute last restore. It is still counts as a repossession of car and what makes it worse is it removes all the control from you. Watch this video to end as I walk you through the process and give you some options so you never are voluntarily surrendering a car.
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This video is for entertainment purposes only. Always seek professional assistant for financial and legal matters
This guy is giving actual helpful and accurate advice, which is rare on RUclips.
lol
I wasn’t able to convince them to undo the charge off. “Voluntarily” dropped it off at the bank today and made sure to show everyone at the bank the utmost respect. They wrote a decent note on the paperwork about me falling behind on payments. I don’t plan on paying them another dime and will instead see if they take it to court. I have plenty of evidence to prove that the dealership created a predatory loan and that this short range EV cost me my initial job and several others because the estimated range is no where close to the actual range. I was even the victim of a hit and run in a rental car because the EV was inoperable for 2 months. I fell behind on payments because of having to pay out of pocket for the rental and having to quit yet another job because of the intense pain I was in from being rear ended at a stoplight by an SUV going 45 mph. ALWAYS document your journey. Not just with auto loans but also toxic work places💯 oh and they technically can’t garnish my wages because I do DoorDash full time now and am not considered an employee😉
This video aged very well everything is getting very expensive and alot of people are suffering right now but there’s always an alternative
I searched and searched and searched for a video like this. Thanks sooo much
Thats why I purchase my cars from a private seller. I never ever EVER bought a car from a dealership , because it all a scam !
Not only that,, but if you are ever in a jam, you can get a loan using your car title as a collateral... i also buy my cars right out.💪🏽
Oh please, buying from a dealership is not a scam. It is just a business deal, no different than buying from a private seller. Of course you will likely pay more buying a used vehicle from a dealer than you will pay if you purchase from a private party.
Whether you buy from a dealer or from a private party you either pay cash or finance. If you finance, regardless of where you purchase, the financing company (not the dealer unless it is a BHPH dealer (which is a scam)) is responsible for collection on the loan.
whatever I bought three from a dealership use common sense you'll be fine
Private sellers can scam u too
Buying from a dealership isn't that bad I got my last car zero down (2019 civic) had a 2013 Camry too got a $1500 cash back rebate on it... there was a smart car in between them for it for just $4500 drove it from 68k miles to 200k
That’s a huge help, thank you!
Glad it helped!
Is he still doing videos? This information was gold back then not sure if some things have changed ever since. I really learned from just this short video. Outstanding.
Thanks for sharing and keeping it real
Always!
💯💯💯
I watched this 5 minutes before surrendering my vehicle. Thank you. Saved me lots of money
Think I need to, what did it do to your credit
@@isaacsangels7235 so i ended up surrendering it back to the bank. They sold it at a auction for nearly what i bought it for. It brought down my credit score but not by much. I only owe a couple grand left on the car. Do what is best for your situation. Things happen. Its better than keeping a car you cant afford.
@@deesantana1908 are u paying the remaining balance? I’m in the same position but don’t want to just want to volentary surrender
@@Eastsidee817 i owe $3k compared to owing $26k. Totally worth it.
How many points did it bring down your credit score ?
My stomach hurts because I’m just now finding this video and was in this very situation and was considering a repossession. I didn’t. I found someone to take over the note , but I paid the note late earlier this year out of frustration and confusion. It dropped my score 75 points. I have done so much hard work to get so close to a 700 credit score only to be knocked down again. It’s so frustrating, stressful and it just hurts honestly. Now, the person can’t handle the note either so I’m back to square one.
So paying off your car dropped your score?
@@tierajohnson1556no not paying it off but the fact she waited to pay it cuz she was confused on what to do , her payment was late and that’s not good for Antoine’s credit score
If I were you I would send the company that reported your late payment a letter stating they are violating your right to privacy under Gramm-Leach-Bliley Act 15 USC 1692 (a). Read 15 USC 1681a(2)A section i, ii, and iii it will tell you what is excluded from your credit report. It specifically says transaction history and experiences MUST BE EXCLUDED from your credit report. A late fee is a transaction history.
I actually voluntary surrendered my car was best thing ever despise it messed up my credit score for 3 months, paid off the 19K loan I only own $1k finish paying it off and my credit score went back up fast but it could be different situation for everyone also...
Buy cars from private sellers not dealership, dealership are terrible!
So you have the car back and still had to pay the 19k?
@@SoulSimple95 i had a car that costed $19k and I voluntary surrender it of course I made it clean and waxed also fix minor issues that it had, someone bought it in auction for the price at $18k and I still own the $1k since it was $19k in total with that I paid the $1k left of the loan and the loan got completely paid off, it did damage my credit but then it got fixed within 3 months so basically it was worth it! Loan paid off, and credit is in good score,
Though I got lucky someone bought it for $18k because its an auction bidding system someone could had paid it for $10k and still i would had own $9k so I got lucky, OR someone could had paid $22k for it and that would give me $3,000 for my pocket. So it depends!
@@wanderlustoceans8205 thank you for responding! Yes. Dealerships are total scams. I need to get rid of my car but I'm afraid I won't be as lucky. Nor do I want to do so much damage to my credit. But it's nice to hear a positive outcome. Gives me hope.
I got lucky as well thank God....My car was repossessed in February, and I owed over 16,000 dollars on that car! It was sold at auction and the deficiency balance was only $410.00 my portion to pay! I'm so happy but not having a car is hell for me right now considering I don't have the money to get another one! Public transportation doesn't run very well where I live, so I'm in a rough situation without a car! Glad the car loan is off my back though, bittersweet I must say! I won't ever get a car from a dealership again! Nothing but scammers! I'm glad your situation worked out well for you as it did for me! Blessed, we are! Best wishes and stay safe out there!!!!!
@@wanderlustoceans8205 what if I don’t want to payback anything. I just want my car reposed and not pay absolutely nothing back.
Great advice thank you
Great information thank you 👍
This is harder than just selling the car and covering the remainder. The paperwork for selling a car is the cars title, and the title is held by lender who's name is on the title. Since your name is not on the title you would need to call the lender and inform them that you want to perform this transaction and if they want to they can setup an agreement. It's not very common for a lender to agree to this, but it is possible. Never buy a car without a title in hand.
Very helpful
Thank you so much
Good information
Thanks man 🙏🏽
No problem 👍
Oh snap 1k subs congratulations!!!
I know right! I’ll never forget my Day 1’s!!! 🙏
@@DiamondEdwards You better not! 😂 Excellent content as usual! I don't plan to surrender any vehicles but I watch anyway to gain more knowledge. Thank you Diamond!
@Peppamint Tea Thank you for that. By mid July, I plan to start speaking more on investing. That is were it literally PAYS to learn. What type of content would like to see on this channel?
Thank you
Veryyyyyyyyyyyyyyy helpful honestly!!!!!
I'm so glad it helped Tiny Bianca! The real question is did I talk you out of it? If you are having issues with your car payments checkout this playlist for some real world tips and tricks: ruclips.net/p/PLdKOWk-Vo99x2A-yIp4I17utR-MwLAykF
@@DiamondEdwards yeah you did talk me out of it. I think ima sale it to a mechanic for at least 8k and get a used car from him and I'm sure he can flip my car to 12k or 15k easily. My lost his win but also my win cuz I'm not going to mess up my credit
SUCCESS! Make that happen and your the MVP! Funny you mention a mechanic, in my latest car buying tips video, tip#4 was learn how to do car repairs yourself and I gave some easy ways to make it happen.
@@DiamondEdwards well during this covid im not making enough like I use too my car is a great car just has the airbag light on and many dealers don't want to trade it off cuz of that. I bought it off a 2nd hand dealer (my worst mistake) they promised to repair my car at 0 cost and nope they where giving me a bill so I just took my car. Had it for 4 years cant trade it or do anything with it. I want an upgrade
@@tinyblanca37 I promise buying cars should not be this complex. Good luck on your upgrade. Let me know if I can help in anyway.
Here's a thumbs 👍 up boss. Nice vid. I thought once the lender disposes the asset below their owed amount the outstanding amount was "written off' as a loss and they wouldn't hound the borrower for the balance 🤔 ...
How does the paper work, work? When u sell the vehicle and pass it over to the purchaser? Plz reply im thinking of selling my car from the dealer because i cannot pay it anymore.
My situations is tricky. I have a 2017 civic si. Got into an accident that brought the car worth to 13k is the best offer I got. I owe 23k on it. I don’t have the extra money to pay that difference. Credit is too low to get a loan. So that options out for me. I live in CT and the economy over here just ain’t it. Rent prices sky rocketed, Eversource (electric supplier) doubled their rates, literally everything went up. Got another kid on the way so my back is up against the wall. 1,750 I pay for rent. 565$ car payment. Over 200$ for insurance. Paying 800$ for a car. Before everything up I was able to afford it but the economy is trash rn.
Good video
Hey brother, this video is so helpful! But I am not the best with money, i bought my car from a private seller for $1000 dollars in cash. It is currently impounded , if there's nothing i owe besides the impounding fees, does the surrending my vehicle a good idea? the more important thing tho its in the process of being registered in my name because of the failed smog test, and with no trace of owner :(
Of course I hadnt considered a personal loan. Do bankers as a bunch of personal questions about what you're doing with it
Hi sir how are you well, My situation is a little different if I am living out of the country how do I fix that situation?
Hi Diamond,
What do you do in a case where the car was not repossessed by the bank but a mechanic that I gave the car to, to fix but I could not pay for the repair then the mechanic sold the car which I don’t even know he could do and now the bank wants to come after me to sue me, what say you my brother?
In the state of Utah for a title loan, if they take possession of the car it negates the entire balance due, including interest.
Thanks for sharing. What if the car is worth more than the balance of the loan do you get a refund for the difference or just eat it? Example: Car is worth $9k but you are behind on a $5k title loan and they repo the car? Do you get the difference or did you just pay $9k for a $5k loan?
@@DiamondEdwards Utah state law requires itemized accounting of the sale and any excess amount over what you owed must be given back to you. Sounds nice, but most likely it would get low balled down to what you owe. But you never know, there could be ethical loan sharks out there lol.
New sub here. I’ve got a 2022 highlander i need to let go and this video is helpful. I’ll see if i can get someone to take it from me
What ended up happening?
I voluntarily gave up a cheap Cherokee latitude.I still got charged towing fee.
Plus the difference on the car. But one thing I could not figure out as I had coverage
And nobody Has a track of it.
Purchased a vehicle with Carvana didn't know that the car had a recall on the transmission. Of course the transmission went out and I still owe on the loan. Not sure what to do. Any suggestions?
Lol goes as long as you can go drive free .. your credit is shot have a back up car in meantime after repo your in trouble . Just file either chapter 7 or 13 and you will not have to pay the stupid thievery deficit balance . Your credit will bounce back 2 years after bk simple as that . Don’t pay the note if your already strapped up . Fresh start bk ! Or 7 years with stupid issues fighting a loan with a car you don’t have . Best thing pay cash for cars never take out loans ....
What if it’s in house financing
So I should sell the car and then get a loan? I paid 12,000 for my car, so how much should I sell the car and how much should I ask for a loan?
I owe 10k on a 2014 Buick. When I get one thing fix something else messes up and I just can’t afford it anymore on top of that my family has grown so I need something bigger anyways. What do you suggest? I thought about giving it up to the bank.
I have looked at options but I don’t have anyone to take over payments and other things u stated
Are you struggling to make the payments? If so, do whatever you can to temporary increase your income, gig services. Get the car up for sale and start speaking with your local credit union to see if they will get you a loan for any upside down amount. It's better to deal with a small loan for a car you don't have than a repo. Let me know if I can help and thanks for watching.
@@DiamondEdwards I made the mistake of struggling to make the payments after my divorce (I couldn’t afford it after our finances split) and because of that struggle I wrecked my credit in the process. I’m unable to get even a small loan now to cover the difference. I see surrendering the vehicle and getting everything back under control after that repossession as much best option. But I see many talking about bankruptcy. Is that really a good option for me even if it’s really just the car that is causing my hardship? I always saw bankruptcy as the worst possible choice.
going thru this right now with my 2021 Hellraisin Charger R/T smh, I already fully own another Charger I shoulda never went after having the latest ughh
In the same boat bruh owe 4K but got it parked MIA to take the repo off but yea
I'm in this situation now smh
Hello so what if you have a loan and Tranmission went out and the price is high to fix should you surrender it back ?
So I gave my car back to the bank because the state said I had to as I could not get the title in my name. After asking the bank for help with this they couldn't/ wouldn't help. So even after turning it in I still made payments they then turned it to my credit when I told them they had no right they said 🤷 we can't take it back off so no need to talk about it. I advised them that if I had the title I would have sold it for 2 times the amount they sold it for. So lost
yo i need help im planning on giving bavk the pre owned car i got from a dealership because im paying more than i should how do i do this
Give me a update on how did it go and what did u do?
Hey Diamond. I really need your help. I have a 2018 Ford Focus. I’ve had it for 3 years and it has 75,000 miles on it. I believed I was sold a lemon but The transmission just went out on it a few days ago. The cost to replace transmission is roughly 3600. (Which I don’t have just laying around) I still owe 11,000 on the car but according to KBB it’s only worth 8800. And I’m assuming that an extra 2000 or more will be deducted because of the transmission not working properly. I can’t continue to make these 400 dollar payments on a car that can’t run properly. What do you suggest I do to get out of this mess?!
I got the same problem right. Now. My engine messed up and I owe 7k to the bank and cost 2,400 to fix but high chance it'll still have problems in the future or won't even start
What are yall doing
Hi. Im in this same sitaution. 2018 Ford Fusion tho. My head gasket blew out. What did you end up doing? I still owe 12K, my payments are 400 as well. I cant keep paying it... what did you do?
@@mindless4mbprincetonsame situation
How does a mutual termination work?
It's not that I can't pay the car; it's that the car broke down on me, and it'll cost me more to fix it than what it's worth. So what do I do now?
Get it paid off and stop financing vehicles. I would also get multiples estimates for the repair because it’s better if you can get it fixed and keep it while you are paying it off. The other option involves ruining you credit and sending your years getting back on track.
How about if I’m upside down a lot how can I get rid of it if nobody gonna want to pay for it
a little too late for me i surrendered my car not knowing what the consequences were and my credit score dropped 149 points, very depressing and i don't know what to do or where to go from here. im 19 and i may have just made a mistake that ill be recoving from for years.
Me too we got this hopefully it gets better for us
I totally understand that! Get a good paying job, maybe government or with the airports. They pay great so you’ll be able to finish ur your life back in order…everything is a learning experience
It’ll get better please stay strong
Omg chill you’re so young it’s not the end of the worldn
Don’t give up you can come back from this anything is possible. Research ways to help your situation I wish you the best. I’m in the same boat as you I feel very overwhelmed wish I never bought it in the first place tbh.
So I got a 22 dodge challenger.KBB says it’s going for 27000 but my loan at this current moment is 40,000.What’s my best option? I have the money to go buy a used car but what’s my best option to do with my car that’s financed through my credit union? Please Help
I used a car loan from a credit union had them on the phone with the dealership and I closed the deal on the car I had the car for 2 and a half months and I called them to find out about my first car payment and they told me I don’t have to loan with them.
Could just have the car total if you have gap insurance
I need to do something. I emotionally purchased a dodge challenger, and the dealership screwed me over. Not only did they not tell me what they were buying my car for that i traded in, but they ended up charging me 40k for a car that was only worth 27k at the time. I currently have the loan down to 30k, but currently, the car is only worth 20k-23k.
Same boat I’m in Smfh
What if you are paying through the car company itself? Like I use Toyota financial? Would it still be the same?
Same rules apply. I can always call and try to work something out but get it in writing or it never happened.
@@DiamondEdwards Thank you! I really appreciate it and the fast reply!
So my cars engine blew so all these options like selling it , or getting someone to take the payments aren’t a option for me. Any suggestions?
What if I need to relocate because I can't handle the bills plus the car note?
Okay what happens if a used dealership sells you a vehicle that you find out your upside down and there's no way of you getting out of a car that's upside down I had no choice to send it back because they were taking advantage of a disabled.
What would he the best way to find someone to take over payments
If it is a lease you can use a service like swap a lease but it is a auto loan then you just have to find someone to buy your car for the loan amount or lease and pay the difference out of pocket.
If I surrender my car 🚗 the balance can it goes to bankruptcy court ???? I’m screwed big time !
What happens if you want pay the car off if your on repo status ?
I surrender my vehicle 4 years ago and the lender never came for it!
What can I do?
Im stuck with my motorcycle and I can’t get rid of it so I’m thinking about filling for bankruptcy
I have a BMW and i owe around 51500$ on it and i am not able to afford it anymore , i am looking to sell it but i am not getting offers more than 42-43k and the bank is asking for 53500$ to get out of the loan and get the title , how will i be able to sell the car if i don’t have the title plus i will not be able to pay the difference . What to do ?
New to your channel
Not if you file a chapter 7 Bankruptcy, the balance of the car loan will no longer be your responsibility and the dealership will lose the $26,000, that does not include all of the fees the dealer would have to use to fix and repairs on that vehicle, by the time they repo your car and the amount they pay for everything just to sell in for $11000 they won't even want the car anymore, I just finished doing a Chapter 7 and now Ford no longer wants the car it's a 2017 and no longer has any depreciation.
I’m a little confused by this
@@stevenrodriguez9655 If you are in a financial situation where you cannot afford the rest of the car loan if you file for bankruptcy chapter 7 ALL expenses that the bank or lender tries to charge you with will be discharged, meaning you will not owe them that balance and those lenders will have to figure out where they will get that money from to cover those costs. I did it in 2017 and it was the best decision. It's better to have a bankruptcy on your credit score than repossession and breach of contract. At least with a bankruptcy on your credit score, you will still be approved for loans and credit cards, with a repossession you will be denied loans and credit cards every time you apply.
@@Afmchristianministry how do I apply for chapter 7
@@Afmchristianministry This sounds like it might be my best option. Unfortunately I can’t afford the car anymore. It’s killing me between payments and terrible MPG. Just not working out… so how can I start this process? I want to get out of this thing ASAP.
@@five18audio You need to find an attorney closest to you, they will require work documents, tax documents, if you go to school documents for tuition, they will probably charge you 1 sold fee, I'm in NYC so my attorney charged me $1200 but allowed me to pay in small amounts until I was able to collect the $1200, they are very very helpful. If you have any other debts or bills you owe you can put every bill you owe into chapter 7 and no longer owe anyone, start over again, the best feeling in the world. And after 1 month after your discharge, even with a bankruptcy on your credit score, your score will increase immediately and you will begin to receive credit card offers.
So how do i even sale a car i dont have the title too? Also the credit union my car was finance doesnt do refinancing. My credit was at the lowest when i purchase the car and its still at the lowest so loaning from a bank is not an option either. My only guess is to have it repo, wait a year and try to buy a car with 20% downpayment.
With a bill of sale, use proceeds from sale to pay off the loan and once the title is recieved send it the buyer. It's a proceed and most private buyer don't want to deal with it which is why so many people trade their car with a loan. It's just easier but you get less for the car. If it get repo'd I would just buy a cash car and focus getting my finanical life in order before I worry about getting another car loan. Check some of my other video's.
What happens if you still have the car and there trying to sue you for the balance owed?
Did this happen to you?
Diamonds the video was great, I have a car financed in my name registered to my ex. I just got my credit up to 710 and she just stop making the payments obviously trying to wreck it again what can I do, do I need a lawyer and if is what kind.. thanks brother
I'm not a lawyer so please seek legal advice from a licensed professional. What I can say is that if you signed the loan contract then you agreed that if she stop making payment you will pay. I think your going to end up paying this car off. The question is if/how to repo the car from her. Talk to an attorney. Sorry your going through this my guy!
Hey. What happened to your case?
I'm paying on a Lexus
They shifted the cross member due to caster issue. I bought all 4 new tires out of pocket brakes were even worn out .
I'm noticing a wobble in one of the front tires not driving like a Lexus should be smoother.
I also found out from the dealership themselves it wasn't inspected before being sold.
I feel played .
Any suggestions bro
Thanks
Was it sold as-is or Certified Pre-Owned". If it was as-is then just get it fixed and focus on getting it paid off or sale it. If it was CPO then I would look up the laws in your state.
I did this cuz they wouldn't take my money out on the day I get paid . I been doing 400 here and 600 there and couldn't afford insurance
Great video! My situation is a little different. I bought my car a year ago but my transmission just gave out. They don’t make the transmission for my car anymore so even if they do find one, it’ll be more than what the car is worth to put a new transmission in. So I’d love to just sell it for parts.
But I still owe $6500 on the vehicle. And I need a new car ASAP! If the car was still operable then I’d just sell it but its not. The car is perfect besides that! I’m not sure what to do. Otherwise I would be paying for a car I can’t use. What should I do?
Make it disappear.
If it’s a nice car put it on eBay and be honest. If it’s a nice car or sometinf rare idk too much about cars but a car that they don’t make the transmission for could still have collectible value. There’s a lot of rich collectors on eBay with money to spare who wouldn’t mind fixing the transmission no Mayte the cost, thus taking it off your hands.
I'm in the same position my engine completely stopped working and I have to do a surrender.
What if you get another car (financed) and then do the surrender?
@@nyverone I did that. I ended up voluntarily surrendering my car and went to get a new car before the repossession hit my credit. I knew if I went looking after then it would be difficult to get a car or the APR would be outrages.
Hey Diamond! Do you offer consultations?!
Yes. I can be reach via IG@diamonddedwards and my email on the about me page.
@@DiamondEdwards Ok thank you!
if you can sell it be for the Repo that is great that will not work for most people
I just got a suv yesterday and it’s my first time and I changed my mind I wanna take it back and not do it anymore could I do that?
It's possible but not likely. Check your state laws, and talk to your dealer. A car is the hardest thing to return. Good Luck!
What if you do a voluntary surrender and still make the payments to payoff the account. Does that count as a negative mark?
If you are late or miss a payment it will be negative mark. If they don't and they report it as a repo it will be a negative mark.
They’ll just send it over to collections. From then on you can I ignore incoming calls from collections. They won’t do shit.
@@MrMIND-lk1sysue you?
I just went through this.
Any advice for someone watching?
I surrendered my vehicle, couldn’t afford it anymore. And couldn’t take the vehicle with me . Moved out of the country. KBB said my vehicle was worth 12k and I owed 19k on it. So it went to auction and luckily it sold for 16.5, and I was responsible for the rest adding up to the 19k. I called the bank and they dropped some of the charges. After that I only owed 1,700 set up a payment plan and sold some stocks and 3 days before my first payment was to be made, paid it all off. Now waiting on a payoff letter. I got lucky I guess, key thing is to call and try to get some of those charges knocked off. It helps a lot. I know my credit took a beating but it will build back up.
Thanks for sharing! I am glad to hear that you followed the process through until it was 100% resolved. For anyone reading this please do the same if you find yourself in this situation. DO NOT just hand over the keys and walk away. Great Job @Pop Vega and thanks for being part of this community. We can all learn something from you!
Do you do consultation?
Hit me up on IG@diamonddedwards
What if the car is broken down and no longer be able to drive
hey i wanna keep the car but my mom is surrendering it. what can i do?
What if you sold it to Camax and they give you 5K less than you owe on the loan but they accept financed vehicles
Bought Ford Edge 7/05/23,, two weeks transmission went out. I’m stuck with a $32,500 car… call lot Capital City AutoMax will not take it back or help me replace it. Not a new car it’s a 2020 so I don’t fall underneath the lemon law. So what are your suggestions?
Having a similar situation with a 2018 Ford Focus, first the transmission, now the fuel pump, now I'm having to make one of these moves, what was the outcome?
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Wow, do I sound corporate? Because I'm definitely not!
I told my finance company I can make current on my payments in two weeks and they’re suggested I return the car. They made it seem like I just give it back and can get my car back in two weeks. That don’t sound right.
Finance will not give you any money back
It depends on the finance company. Finance companies do not want to take back a vehicle. They are not in the business of selling cars. Most legitimate finance companies will work with the debtor to allow the debtor to retain the vehicle and become current on the loan.
Your situation seems a bit dubious. It makes little sense for the finance company to ask you to return the vehicle if they are confident you can become current is two weeks. But perhaps the finance company is being honest and wants to get their hands on the vehicle in case you do not become current on your payments.
Of course, if you are late on your payments, the finance company is not obligated to refrain from repossessing the vehicle nor allowing you to retain the vehicle for any period of time.
In this case, you have no options other than returning the vehicle if the finance company initiates a repossession.
I wished I would have come across this before I surrendered my car. Now the company is trying to serve me papers. Any info would help please and thank you.
What company? And what are they saying?
What to do if the truck will cost 10k to fix and it was written off by bank but collectors have full judgment of 54k and it is only worth 39k if it was operational
In general collectors buy debt in bulk for pennies on the dollar. Once I had some cash I would attempt to settle for pennies on the dollar. Also, 10k to fix what happen did a engine blow up on a diesel truck?
Diamond do you think it's a smart idea to pay off my car loan in full even if it'll leave me with a couple grand in my account? Im really sick of my payments and it's only been 3 months. Also it'll leave me debt free.
A couple of grand? How secure is your income? I held $2k in my bank account as I was getting out of debt because I was using everything I could scratch together to pay off just over $100k of debt. Once I became debt free my sole focus was on saving an emergency fund. I saved over $20k in 5 months. My point is, YES pay off the car because you can move so much faster without debt payments. The question becomes are you done with payments or do you just want a break?
@@DiamondEdwards I'm a correctional officer so my income is secured and I'm also getting a big raise in November so it wouldn't take long for me to build it back up. I just really want to start saving up for a home I'm 23 so I feel like I should own one already.
Dcd 180 that’s a great goal. I brought my first house while I was in debt and if I could do it again I would get out of debt first. It gives you more options. My advise is setup a 2, 5, 10, & 20 yr financial plan. This will cause you to think big and ensure the decisions you make now setting you up to be where you see yourself 10 and 20 years from now. Financial speaking, if you focus only on the short term you are normally going to fall short in the long term.
If you can do it that sounds like an awesome plan. Own that car get the title and you're good.
Things like this is what parents suppose to teach their children to prep them against scams like dealerships
I have a car that I bought 2 weeks ago and the motor went out now they saying that I have to volunteer surrender it does that show up on my credit report
Typically just but talk to your lender/dealer and get it in writing or it did happen and no one will remember what was said.
How do I get out of it when my car loan is 21,000 and my car values out at 10k? Fml
What happens if the vehicle got flooded out and the motor and engine was messed up due to the flood, now the car had been sitting for two years but still making payments during that time now you decided to stop making payments because you’re wasting money on a stand still vehicle what can I do then
The bank so not care about the status of the vehicle. They know what you owe them and they want their money. If you had comprehensive insurance it could be covered. If not, you are on the hook. if they repo'd it today, they would sell it at auction and come after you for the difference. I once had to pay 6 months of payments on a totaled car. It is a very expensive lesson. I just make a video covering car insurance.
Am in a corner right now 😢I took on a 2018 kia optima at 65,000 miles i put about 40,000 miles I still own 20,000 $ on it I recently lost my job so I had to cut back on expenses and one of them was insurance now my engine went bad and don't have the money fix it , the car is worth 7,000 $ way less then what I own and since I got this car has been a horrible car to me what should I do....😢
Any updates and leave your Instagram
I got a 2017 c300 with only 25k miles and with all this shit going on abt banks closing and dadada i rather not have it i rather save that money or invest it in something els i can as thinking of surrounding it but i think ima trade it for something cheaper and pay that off instead i mean at the end of the day i still need a car to drive
Banks closing should not affect your loan status. If you have some positive equity then selling it and buying something cheaper could make sense. If you are upside down, I would run the numbers because my could end up paying more to drive something cheaper.
If they put shit in collections you don’t have to pay it just sent a verification of debt letter and if you do it correctly they will take the collections off your record
Are you able to pay the difference in installments?
Im wondering the same, obviously if we had money we wouldn’t be forfeiting our vehicles am I right?
@@JoshGrono99 exactly smh
I was in a desperate moment where my paid for vehicle got totaled and it was the other person's fault but I couldn't get a rental so I ended up getting into a car loan which I am about $8,000 upside down and my payments are over 500 a month and my insurance is almost the same which is a really big burden on me right now I'm thinking about voluntary surrendering my car
I understand and if the dealer (usually buy here, pay here) will take the car back without coming after you for the difference it may be an option. (Get it in writing) Another wise a voluntarily surrender usually ends up causing more problems than it solves. Check out my other videos and hopefully one of them will help you come up with a game plan. Thanks for being part of this community.
@@DiamondEdwards thanks
@@DiamondEdwards I have a 21.9%apr loan from santander consumer USA bank
Enough said those people specialize in "helping" people with no credit or bad credit. Check your paperwork because you may have a prepayment penalty or other fees and if your credit score has improve you could try to refi but what I would do is download about 5 gig apps and go to work 18 hours a day until I got these people out of my life and NEVER do business with someone who specialize in "no credit/bad credit" dealer. This is subprime market that is designed to take from those who need the most.
Yup I completely understand and these bank mfs do not care because it's their job
Hi my family member passed away and the cosigner is 91ys old and can't afford it. Need some advise plz
Hello. What happened ? Please share. Thanks
Dewd, so you saying if the sale didn't go thru it is a surrender contract of that value.
and it is going to be 75 Trillion Dollars when 15 Trillion Dollars turn into 24 Trillion dollars so eventually it will be 75 Trillion Dollars.
Been thinking about taking my car back 😭 They scammed me so bad. I’m paying too much money on it. I’ve only had it for 4 months 🤦🏾♂️
What if my car loan have been charged off due to not paying my payments but they haven’t repossessed my car i still have it but i have 30 days to surrender it. What can i do? I don’t wanna do that!
Carmax , carvana
How would someone just give you money for you to pay it off? Do you both go to each other's bank and make that $ transfer to finance co.
Basically, yes. If the bank is local you both could go to the bank they pay the agreed purchase price and you pay the difference in your loan balance if any. They get the bill of sale and the car once the deposit clears. Once the bank removes the lein they get the title. Transaction complete. Most people will not want to go through this process but it's really the only opinion if you sale a car with a lein on the title.
They sell it at whole sale always knowing they still get you for balance owed on original contract