I paid too much for a car and now I cant afford it. What are my opinions? ?

I bought a car from a Buy Here Pay Here and its simple to say I was ripped off. Me being a 20 year old college kid in desperate need for a car I was willing to agree to any offer. I finance my car through the dealership for a grand total of $22,000, the Kelly blue book value is $9,000 in perfect condition. What are my options? I am willing to do anything to get rid of this car and get something more affordable. I feel I was taking advantage of but i understand thats the name of the game and its my fault. Please help.

20 Answers

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  • Anonymous
    1 month ago

    Don't Make the payment s and they'll take away the car and that's the end of it. You can rebuild your score but I don't know how much it might affect it

    I really don't know a lot about it though.

    I wonder how they approved such a loan. They may have given fase info. I couldn't even be approved for a 5k car at 21 and later when I had the efficient credit I changed my mind and felt it was risky

  • 2 months ago

    I am the god of hellfire! And I bring you

    Fire, I'll take you to burn

    Fire, I'll take you to learn

    I'll see you burn

  • 2 months ago

    Pay extra on the principal every month, and that should help lower the total interest you will pay

  • Anonymous
    2 months ago

    Opinions?We got lots here.We need more info.

    WHY were you so desperate for a car? Why this car?Why, do you check the KBB AFTER the negotiations are over?

    There is more than one book .There is a Red book and a Black Book and their values numbers differ. You only got access to KBB.

    It is a negotiations tool.  You know the average price this mystery car is selling for, so there has to be some reason for you to pay OVER DOUBLE for it.  Maybe the money you had was counterfeit so you had to dump it and that is what you did. Counterfeit money is not worth the paper it is printed on so you got the car for free.(we don't know so that possibility exists)

    . You finished negotiations. An agreement was reached and you signed on the dotted line. That is your contractual obligation (legal and required in court). KBB does not ENTER INTO THE PICTURE  as you did not use it at time of negotiations as your leverage(at least WAKE YOU UP to the actual value of same car).  

    . But maybe you car is special and is gold plated. Or Elvis once owned it.  For some INSANE reason you were willing to sign for the purchase of the vehicle.  

    . The salesman did his job. He sold a car to another "sucker" [as the salesman takes the bus to work and never needed a car.]  The dealership made another sale as that is what  they do FOR A LIVING.  The only work they do is polish hubcaps and move their lips...and fill out papers.

    WHY do you now need to sell it? It is worth maybe $9000(most likely less like $7000,00 being realistic BATMAN.  

    You must realize that the person you sell it to, HAS TO BE DUMBER THAN YOU...and is loaded with cash because you only accept cash deals because you can't finance anything.  Dumb & rich are 2 terms not commonly associated together in the same sentence.

    Toss in some numbers here. LIKE HOW MUCH MONEY YOU ACTUALLY HANDED OVER AS CASH.(check or m.o.) so we know how much you actually paid and are out that much.

    Can you walk away from the money you have thrown away? Because it is GONE.

    The contract is NEVER gone. Because the sales department have a copy.  Will they renegotiate this ridiculous number lower to accommodate you?   THEY DON'T HAVE TO.   THERE IS A COLD HARD FACT.  They are more likely to seize your car(which is really their car as they have money into that car) and you get NOTHING BACK IN RETURN.

    >>>They might only if you are willing to give them your first born -[{("wha? they don't do that anymore? Then I guess a beating heart is out of the question? What about the princess in the tower? No?- what about 3 wishes?or Soul? No again"?]})These modern days are the schits!<<< 

    "Kid" stopped at 18,  Now you are an adult. Your decisions= your fault. Your responsibility. No one is going to help you.  You walked into the negotiations with both eyes open...and YOU BLINKED.  And signed on the dotted line of your own free will.

    So basically . SOL

    Am guessing you are a minimum wage worker. So the ONLY car you should have been looking at was one you could buy completely for CASH  that you have saved.  Did not save any = no car. Car is like an expensive girl friend. She demands stuff and you supply it or she won't put out.  Car insurance is biggest hunger,Gas is her continuous hunger, oil changes is next, mechanical repairs is next, stinky pine tree air freshener fits in there somewhere...and on and on it goes.  Somewhere in life like every 6 years she wants a NEW BATTERY.  You got to figure with this stuff happening. At least once a year car insurance needs renewing meaning more cash.

    Meaning your first car should cost between $0 & $2000.  No they are not found on car lots.  More in front of peoples homes or you heard it through the Grapevine about a beater just sitting in a back yard for his chickens. It is a runner, but he won the lottery some time ago and bought a newer car and parked old Betsy out back.

    You need a lot of off-line contacts to find out about these Jewels in the rough.(mechanics who know mechanics who know body men who know of other people who know people because they smoke drugs together or drink ) & you got to be a "BUDDY" to somebody who knows of somebody that has such a vehicle.  Sure, some are gonna ask for some money along the way each making off of each person THEY relate to so it may cost you a couple hundred to find a car that costs a couple hundred and is not the latest and greatest car on the road, but it is a car.

    . The poor can't be choosy. 

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  • Anonymous
    2 months ago

    He wasn't taken advantage of, he was stupid.

  • 2 months ago

    Buy a big jar of Vaseline. Chock it up as a lesson in life.

  • Anonymous
    2 months ago

    Some BHPH dealers don't report.  Not sure I would wager on that.  And what if they sue you? They could be garnishing your wages for years.

    But, some BHPH just take the car back and thats the end of it.

    Your options are not good. Refinancing is impossible and would not remove the negative equity. 

    Might be best to just suck it up and pay every month and hope it lasts the length of the note. Get a 2nd job and make extra payments to get the monkey off your back sooner.

    (My answer assumes a real in house bhph dealer. If they sold the contract, it will almost certainly show up on your credit and they will almost certainly sue you if you don't pay)

  • Anonymous
    2 months ago

    Being young and dumb is no excuse😉

  • 2 months ago

    If it is a good car you may be better off just keeping it rather than getting rid of it and buying another one.  You are going to have to pay that car off, or default on the loan, there are no other choices.  First I would find out how much it is to pay off the loan, lets say it is $15K.  If you can sell the car for $8K you are going to owe $7K and still have to buy another car.  You can always go to the dealer and tell them you can't afford the car and you are going to default on the loan and see what they will do for you; this is assuming they have the loan, they probably sold it so they won't care but you can try.  Once you go to the dealer and they tell you to go away you may try going to the local tv news if they have a consumer advocate, we do in my city and they sometimes can help as the dealership doesn't want bad news coverage.  Other than they you are screwed.  It is always better to sell the car and pay off the difference as if they repossess it they may sell it for far less than you can and you will owe more than if you sold it yourself.  Like I said to beginning with you may be better off just keeping it and making the payments.  This is a tough way to learn a lesson like this but you are 20 and an adult so suck it up and chock it up to experience.

  • Embery
    Lv 4
    2 months ago

    Report it as stolen and keep driving it, that will show them.

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