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Unique problem
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Posted by chrismc1@shentel.net (203.96.111.201) on August 01, 2002 at 07:36:01:
Hi, Need a final opinion. I bought a car 3 years ago, ran fine for one of those years. Then the right rear brake failed and continues to do so, the shop can't fix it, dealer can't fix it and I can't fix it either. The car was financed for $9018, through Chrysler Financial, due to cost of attempted repairs, unemployment for a year and payments made, the I've taken a -$7000 loss off the car, car isn't worth the remaining $4000 left to pay; about $1800 to be exact. I've late paying the car off 17 times due to loss of my job and legal battles with former employer. I've recently started working again, and car's brakes are failing again. I've gone to used dealers, new dealers won't talk to me, due to credit and I owe too much on the car they said they won't take the car as I owe too much, but they also said there is nothing stopping me from buying a serviceable car in the $1-$2500 range outright with title in hand. My question is this, since no one will take the car due to how much is owed, and credit is shot badly already as well as the problem that no one seems to be able to fix, should I just buy another car outright and surrender the other to the bank voluntarily? And should I then refer the account to a credit counseling company and pay it through them? Talked to family, one of which was in finanaces as a career and he told me thats the best thing I can do at this point, considering the situation. Credit Counselor at Ameridebt said the same thing. A tertiary question should I go that road, since paying it off now due to condition and worth of car is not worth the payments of nearly $300, should I, completely write off credit as a payment option? And simply pay cash for any and everything? Thanks
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