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Old 04-02-2009, 04:46 PM   #1
!kid
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Member#: 187746
Join Date: Aug 2008
Chapter/Region: SCIC
Location: socali
Vehicle:
08 WRX 4door
satin white pearl

Default may get car repossessed need help

so sad to say i might have to do a voluntary repossession on my 08 wrx. i can no longer afford it. i losed my job on new years, i was able to find a new job two months later but i am not making enough to feed myself and have this car. i tryed goin to the dealer but they were not able to help me.


does anyone know what takes place during a repo? aslo this car is on a lease.
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Old 04-02-2009, 04:59 PM   #2
anthonyrod1
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Member#: 160437
Join Date: Sep 2007
Chapter/Region: SCIC
Location: So Cal..
Vehicle:
2004 NO MORE SUBARU!
time to move on!

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Wow.

Dude sucks to hear.
Your credit will get f'ed bad.

There is nothing u can do.
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Old 04-02-2009, 05:01 PM   #3
thejordan
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you don't want it to get repo'd, your credit will be toast.

call the financial company being used, or talk to the dealer to see what they can do...
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Old 04-02-2009, 05:07 PM   #4
!kid
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Join Date: Aug 2008
Chapter/Region: SCIC
Location: socali
Vehicle:
08 WRX 4door
satin white pearl

Default

because its a lease i have three options

1-repo
2-sell to 3rd party
3-sell or trade back to dealer


i can not afford a car payment
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Old 04-02-2009, 05:08 PM   #5
SUBYDOODIE
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Member#: 71490
Join Date: Sep 2004
Chapter/Region: SCIC
Location: LA/Hollywood
Vehicle:
05 cgm wrx
rubbing axles haha

Default

^^ looks like you know what to do then...

sell or trade back to dealer and just take the hit
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Old 04-02-2009, 05:12 PM   #6
!kid
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Join Date: Aug 2008
Chapter/Region: SCIC
Location: socali
Vehicle:
08 WRX 4door
satin white pearl

Default

Quote:
Originally Posted by SUBYDOODIE View Post
^^ looks like you know what to do then...

sell or trade back to dealer and just take the hit
the pay off for my car is 26k nobody is going to buy a 20k car for 26k


and like i said i cant afford a car payment
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Old 04-02-2009, 05:13 PM   #7
anthonyrod1
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Join Date: Sep 2007
Chapter/Region: SCIC
Location: So Cal..
Vehicle:
2004 NO MORE SUBARU!
time to move on!

Default

Find someone to take over the payment.


How much a month u pay?
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Old 04-02-2009, 05:19 PM   #8
!kid
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Join Date: Aug 2008
Chapter/Region: SCIC
Location: socali
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08 WRX 4door
satin white pearl

Default

452.51$ a month for 42 months i am 6 months into it, its a lease
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Old 04-02-2009, 05:20 PM   #9
thejordan
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Quote:
Originally Posted by anthonyrod1 View Post
Find someone to take over the payment.

very difficult to do...


either way you have to pay for it... interest and depreciation.
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Old 04-02-2009, 05:28 PM   #10
berny227
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Join Date: Dec 2006
Chapter/Region: SCIC
Location: :amused:
Vehicle:
2012 NUDEMOBILE
REAL MAN KREW #1

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Quote:
Originally Posted by !kid View Post
452.51$ a month for 42 months i am 6 months into it, its a lease
damn...

damn.
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Old 04-02-2009, 05:31 PM   #11
SUBYDOODIE
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Join Date: Sep 2004
Chapter/Region: SCIC
Location: LA/Hollywood
Vehicle:
05 cgm wrx
rubbing axles haha

Default

Quote:
Originally Posted by !kid View Post
the pay off for my car is 26k nobody is going to buy a 20k car for 26k


and like i said i cant afford a car payment
i dont know how it works with the dealer but can't you jsut sell it back to the dealer for a much lower price and take a loss?
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Old 04-02-2009, 05:42 PM   #12
SG02WRX
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Chapter/Region: SCIC
Location: South Gate
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Wow, sorry to hear about you situation; but one year I was able to lower my
Payment by refinancing my car. I went to US bank and they offered me a lower intrest rate and payments dropped; the difference was about twenty five bucks each month.
See if they can help you out.
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Old 04-02-2009, 06:00 PM   #13
constantinus
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Chapter/Region: SCIC
Location: SGV
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refinance a lease??
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Old 04-02-2009, 06:03 PM   #14
anthonyrod1
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Member#: 160437
Join Date: Sep 2007
Chapter/Region: SCIC
Location: So Cal..
Vehicle:
2004 NO MORE SUBARU!
time to move on!

Default

do u have full coverage insurance?




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Old 04-02-2009, 06:08 PM   #15
thisisthenewsic
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Member#: 156829
Join Date: Aug 2007
Chapter/Region: SCIC
Location: murrieta/south of riverside
Vehicle:
05 legacygt,00 OBS
red 95 supercharged nsx

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^^ lol

i say take it to la
leave all the doors open with the keys in it
=]

then report it stolen the next day lol

jk
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Old 04-02-2009, 06:10 PM   #16
caracer22
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Member#: 171076
Join Date: Feb 2008
Chapter/Region: SCIC
Location: Lancaster, CA.
Vehicle:
2011 Wrx DGM
STG 2

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Dont let it get repo'ed... you will still have to pay in the end and a repo on your record sucks... i have one and it has prevented me from getting jobs!!!
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Old 04-02-2009, 06:11 PM   #17
caracer22
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Member#: 171076
Join Date: Feb 2008
Chapter/Region: SCIC
Location: Lancaster, CA.
Vehicle:
2011 Wrx DGM
STG 2

Default

Quote:
Originally Posted by thisisthenewsic View Post
^^ lol

i say take it to la
leave all the doors open with the keys in it
=]

then report it stolen the next day lol

jk

Better idea than it getting repo'ed!!!
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Old 04-02-2009, 06:12 PM   #18
anthonyrod1
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Member#: 160437
Join Date: Sep 2007
Chapter/Region: SCIC
Location: So Cal..
Vehicle:
2004 NO MORE SUBARU!
time to move on!

Default

Cough *mexico* cough
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Old 04-02-2009, 06:16 PM   #19
KoreystWRX
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Member#: 186324
Join Date: Aug 2008
Chapter/Region: SCIC
Location: orange
Vehicle:
2002 WRX
Aspin White w/ 05 face

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refinance and try and extend the loan and or get a lower interest rate.
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Old 04-02-2009, 06:18 PM   #20
thejordan
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well this is no laughing matter, and i believe op is really looking for a viable solution.

he said he doesn't want a payment at all. most of us realize this isn't possible when you're going to owe. refinancing would only be a good idea if he kept the car.

i'm betting that if you sell it back for 20k, you still owe about 6k. you might have to then get a small loan (the small loans usually have higher interest) to pay off the difference. call and talk to as many people as possible at other dealers and your financial institutions. see if a family member can loan you the difference and make payments to them. either way you're going to have to make payments one way or another, you'll just have less of a payment. maybe you'll have to throw it in with your school loan or move back home cause you're paying rent. you gotta make sacrifices bro, you can't just use a car for free.

hopefully someone older with financial experience can help out, but good luck.
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Old 04-02-2009, 06:20 PM   #21
rubelcon
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Chapter/Region: International
Location: Bear Mountain
Vehicle:
not DOT approved :(

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well if operation repo comes after you, at least u can get your mug on TV
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Old 04-02-2009, 06:30 PM   #22
XmikeX
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Member#: 184768
Join Date: Jul 2008
Chapter/Region: SCIC
Location: 805
Vehicle:
05 WRX
toasted white

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no joke have someone take it!!
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Old 04-02-2009, 07:15 PM   #23
G4ORCE
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Join Date: Sep 2006
Chapter/Region: SCIC
Location: Where my fists meets ur face
Vehicle:
07 M 2thedark side
Mperformace

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Quote:
Originally Posted by anthonyrod1 View Post
Cough *mexico* cough
Cough *panthony will do it* Cough
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Old 04-02-2009, 07:17 PM   #24
subaru3169
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Chapter/Region: SCIC
Location: i know, i regret it too
Vehicle:
* pullup bar *

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Quote:
Originally Posted by !kid View Post
452.51$ a month for 42 months i am 6 months into it, its a lease
WHAT THE ****
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Old 04-02-2009, 08:05 PM   #25
Tahoe SC
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Join Date: Nov 2006
Chapter/Region: SCIC
Location: Lago forestal
Vehicle:
2006 CGM WRX Wagon
Yimi Tuned 296AWP/322TQ

Default

between keeping food on the table and roof over my head and good credit, i'd choose the former.

credit is just 'credit'...not having any teaches you not to live beyond your means. many people are losing their jobs and not able to afford homes, cars, etc.

employers know this and won't hold it against you as long as it's not really in your control since the economy is so jacked up.

good luck mang.
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