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She is the co-signer on the lease and loan. The other people have stopped making the payments. The lease ends in July ’08. The car is just being stored. Does anyone agree that she should stop making the payments and let the car be repossessed? She doesn’t need a good credit rating at 82 years old. Would she incur any fees after repossessing took place?

I am looking at financing 10K on a used car at my local dealer after a 00 down and a 00 trade-in, They are offering me a 54 month loan at 14% because of my credit rating which is 608.

I understand that my credit is an issue but am wondering if 14% is high considering I am seeing that the average market rate in my area is 6.78%.

Anyone have any knowledge on the subject?

My husband had a car on finance with large balloon payment after 3 years, I’m now left with no money and wondered whether if I persue the repossession order on his car, will it affect my credit rating in the future or will it affect the house. The car was in his name. I am trying to prioritize my finances following his death – 2 small children etc, no mortgage protection or insurances to speak of

My 23 year old son had his car repossessed back in December 2006. He was told by Toyota financial, that he had to pay the balance on the loan, plus towing, plus impound fees. It came to over ,000. Obviously, he did not have this kind of money so the car went to auction.

He now owes about 00.00. They have offered him a payoff of 00.00, which again, he can’t afford. Other options are a large monthly payment, wage garnishment or go to court. The monthly payment is more then half his paycheck, they told him garnishment would be as much. He’s worried because he still has to live, eat, rent, and drive to work. He won’t have enough money to live on.

My question is, would he do better going to court? Toyota says no, they will tack on court costs and interest etc. and he’ll owe more. But will the judge see it that way? Will the judge actually allow them to take so much money he can’t pay his bills? Also, we found out it was against the law for Toyota to tell him he had to pay the loan in full. By law he had the right to bring his payments current, plus impound and towing fees. We could have managed that, but they told him no dice.

My son is not trying to get out of paying his loan, he’s just trying to get payments that will allow him to eat and pay rent. Does anyone know if going to court is better or worse for him?
Citrus61 – I can’t tell you how wrong you are. I have always paid my debts and have a stellar credit rating. I always told my kids to pay their bills first, take care of business. I advised my son that this "sporty" car was over his head. But he had a new sales job and believed he would be making big bucks. NOT!

He quit that job, but by then he was in the hole. He’s a good kid but not good with money. He’s learned a lot, which is the bright side.

I guess you don’t have any kids. You’d be surprised at how they don’t listen to their parents and some kids have to learn the hard way.

I’m sure your parents raised you to be a nicer person..I’d rather my son have financial problems then you personality disorder.
My son talked to a bankruptcy lawyer. He said that Toyota demanding the full amount up front is against the law. He told us to report them to consumer affairs.

The reason he got behind was his own fault. He never made the money he thought he would, but I told him…you shouldn’t spend something until you actually have it.

I do not want this to be easy on him. He does need to suffer the consequences. This is a tough lesson but hopefully one he remembers for a lifetime.
We live in Maryland.

Bankruptcy is really not something he wants to do. As I stated, he is not trying to get out of his debt. He is contrite and wants to take his responsibility of paying his loan. He just doesn’t want Toyota to leave him with too little money to live on.

You have some questions about car insurance? We try to answer the common question about car insurance.

1. Will I need auto insurance? Yes. All states need you to have liability coverage and also uninsured motorist protection which insures you against deficits through a major accident caused by an uninsured, under insured, or even hit-and- run driver.

2. What’s the minimum insurance I needed? The minimum quantity of protection generally in most states is legal responsibility coverage are bodily injury liability which pays for damages and your legal fees if you’re held liable in an auto accident and people are injured or killed, and property damage liability which pays to fix or even replace another driver’s car once you cause a car accident.

3. What other protection should I get? Collision coverage pays to repair or perhaps change your vehicle when it’s damaged in an accident. * Complete protection pays to repair or replace your vehicle when it’s damaged by fire, theft, vandalism, or acts of nature. * Private injury protection coverage will pay for medical expenses for you and your passengers when you’re involved in a major accident. It also pays medical expenses for you when you are injured in another person’s vehicle or even are walking.

4. How do I obtain inexpensive auto insurance? You can do some searching online where you will get the best affordable rate on auto insurance. The easiest way is to compare charges from several companies and choose the best one.

5. How can I pay for lower premium? You can lower you premium by raising your deductible. For instance, raising it from $250 to $1,000 can save you 15% to 50% on your yearly premium.

6. What’s an insurance deductible? A deductible is the amount of money you must pay toward a claim before your insurance provider will pay.

7. What discounts are offered? Many insurance companies will give you discount rates for: Insuring both your car along with your home with them, installing protection systems on your vehicle such as anti-theft products and burglar alerts, having a good driving record for at least three years and taking a driver’s training program.

8. Does my personal credit history affect my rates? Yes, most auto insurance providers now use your credit score being a factor in determining your auto insurance rate.

9. How do I know the company I choose can pay my claims? You can look at an insurance company’s financial rating, which calculates its ability to pay claims such as ambest.com

10. How do I know the provider I choose will give me good assistance? You can find insurance provider customer satisfaction evaluations in the J.D. Power & Associates website (jdpower.com).

Ryan Array comes from Texas. He has, combined, over 8 years of experience in Automotive. You may want to check out his other guide on used cars for sale by owner tips and charlotte car rental guide.

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