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I have car loan with UAC/Car Hop (worst decision ever)! I am having trouble making the payments and it is becoming clear that I need to let this car go back. My credit isn’t great to begin with (hence the need to go to car hop/uac).
I have tried working with the bank and they aren’t willing to do anything.
I just need advice.
I am thinking about bankruptcy after this to clear it all out and start over. I know my credit is screwed for 7 years but it will be with a repo anyway.

5 Comments »

1. 

   If you’re more than $15,000 in debt, contact a bankruptcy and see what your options are. Usually the first visit is free. The normal fee is usually $1500 to 2.0000 to file. Just remember it will stay on all 3 credit bureaus for 10 years,

   Comment by stan c — July 10, 2011 @ 9:03 am

2. 

   With a bankruptcy, your credit will be screwed worse than from just a repo, and it could be screwed for ten years.

   Comment by StephenWeinstein — July 10, 2011 @ 9:03 am

3. 

   Just so you really know…. times have indeed changed and messing up your credit will haunt you even longer these days.

   You are already in the situation where your low credit score forced you to go a 3rd class car dealer’s financing from hell….. where do you think you will end up with really bad credit?

   Get another side job and pay off this loan.

   Comment by Reena — July 10, 2011 @ 9:03 am

4. 

   If you cannot afford the car, the only thing you can do is let it go. Sooner or later, you are going to start missing payments if you haven’t already, and they are going to come get it.

   I wouldn’t claim bankruptcy over a car if this is the only debt you have. If your entire debt is more than you make annually, then I would consider bankruptcy. It is free to talk to a bankruptcy attorney to see if this is even a good idea for you.

   Comment by Use Your Noodle — July 10, 2011 @ 9:03 am

5. 

   Just so you know times have changed and it doesnt take & years anymore. Bankrupty can be over in as little as 21 months. Anyways if you have time you should try and sell the vehicle and get as much as you can. You wont be able to cover the entire cost but you can take that large lump sum and pay it on to what is owing and then refinance the remaining amount. This would save your credit but then it sucks as you are paying for something you no longer have. You can sometimes luck out and get someone to assume the payments, but not very often. You should contact a couple of bankruptcy companies. if there is a way to avoid ti they will help you and if there is no way around it they will show you the best way to get it done. My boyfriend had to file for bankruptcy on his business due to his ex wife. Good luck to you. Myers Norris and Penny is a good firm if there is one near you.

   Comment by VirgMac — July 10, 2011 @ 9:03 am

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