I really hate to air my dirty laundry/personal info, but I'm getting pretty desperate for help at this point.

https://honda-tech.com/zerothread?id=771922

If you've been in my situation, have any advice (the helpful type), etc, I'd really appreciate it.

Thanks.

 

I'm not sure what kind of bank you bank at, but your first step should be to sit down with them and explain your situation. Show them the consistency of your on-time payments and ask them what your options are. You'd be in better shape had you thought about this sooner than one month before your lease was up. I don't know what you'd be taking a loan out for amount-wise, which would make a big difference. I also don't know if you've got ANY money to put down, so it's hard to think of ways to help. I know this isn't very helpful advice, but I've seen amazing things happen to people with bad credit. It does you no good to go into this assuming you won't be approved for a loan. Talk to your bank first. It helps if you've banked with them for a decent amount of time. I'm sure others on here can be of more assistance. Good luck to you, I'd hate to have to give my car up and drive my POS CRX...

 

I've been at my bank since high school (11 years since I got my own account there) - granted it has changed names/been bought out 4 times.

They weren't willing to negotiate or help whatsoever.

I have been thinking about this for about 6-7 months. I did my best to pay down my bills on time, etc, but it wasnt' enough time.

It's my own fault, now I'm just hoping I dont have to turn in the car and sell all my things. And not have any way of buying another car, i would be hoping i could get the crx running again for a long period of time, which i'm not confident would happen.

 

Damn, I'm really sorry then... Hopefully someone else will jump in here with some suggestions... Good luck

 

I'm gathering that my answer is:
"find a cosgner, hope that is enough."
or...
"you're screwed."

 

cosigner should work depending on amount of loan. if your mom's credit is bad too, you're either gonna get a 9+% interest rate or no loan at all

 

Mom's credit is good. very good.

loan would be 15-16k.

I HATE to ask her for this. But if i can get it, raise my credit this year, and maybe refinance on my own in a year or so, I guess that's how it has to be.

 

Maybe you might have to take out a personal loan that is secured. This sucks in more than 2 ways... 1. ties up your money until you pay off the loan 2. rates are higher than normal.

Also, try online loan agencies. PeopleChoice or something online seems to have a good feedback... but your interest rate might be high.

Last but not least, consider selling your mods and put down as much as possible to reduce the $ you have to take out on a loan.

G'luck, Chris.

 

At least apply for a loan and see what happens first.

Go through lendingtree.com and look at what kind of rates you can get. I doubt that you'll get a good rate but at least it's something to go with. They did return with the lowest rates at the time for a lease buy out when my lease was up on the Hype R.

 

Thanks guys

I made a call to the sales manager at my dealership. We're meeting tommorrow to discuss several options he thinks I may have with them/honda finance. Sounded better than my other responses so far.

Has anyone extended their lease? (on any car, not just hondas/acuras) An idea several people have suggested, actually. It's a temporary fix, I know, but it allows me time to get my act in gear and get my own loan next year, or soon after.

 

i wish i could help .. if only i didnt' co-sign two other cars in my family i could've maybe offer assistance.. but hope it works out fine g-luck

 

Try other sources like a credit union. They have lower rates and seem to be more flexible. Your credit score, other than Beacon, is determined heavily on one thing, debt to equity ratio. Don't forget to include all major posessions and all accounts. I inquired about purchasing a WRX two years ago and Subaru said they couldn't finance me but my credit union allowed me about $25K. Go figure.
good luck!

 

chris, i write home home mortgages for a living so i deal with credit-based purchases every day. if possible, can you put the loan completely in your mom's name? with loans, mixing good credit and bad credit doesn't make clean dirt, it makes mud. so mom has loan, you pay the bill, you will both be on title and you'll still have the car registered/insured in your name only. this is legal, just like a parent buys their kid a car.

if the loan stays under your name, expect a higher interest rate but just deal with it. to repair your credit you need to pay on time (obvious) but you also need to absolutely retain your sources of credit. you'll repair your credit by using it, paying it on time, and maintaining low balances.

cosigner may not be required (or help) because the ability to get a loan will be based off your income and debt load your income qualifies you to carry. cosigners are typically added to increase the income to debt ratio or when the primary borrower has no credit. no credit is different than bad credit it may be that you carry a lot of debt that your income can't support.

disclaimer: most of the pertains to mortgages which might have somewhat different rules than car loans, but loans is loans

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Chris N &raquo;</TD></TR><TR><TD CLASS="quote">Thanks guys

I made a call to the sales manager at my dealership. We're meeting tommorrow to discuss several options he thinks I may have with them/honda finance. Sounded better than my other responses so far.

Has anyone extended their lease? (on any car, not just hondas/acuras) An idea several people have suggested, actually. It's a temporary fix, I know, but it allows me time to get my act in gear and get my own loan next year, or soon after.</TD></TR></TABLE>

can't you deal directly with AHFC? Not going through the dealership? I can't see why they would want to help you, unless they get some sort of cut..

and I agree with Magic Hat #9. You are much better off having your mom own the car if you are going to go that route, then buy it from her when you can support the loan.. who cares who's making the payments and whose name is on the registration in the meantime..

oh yeah, and look into other local credit unions you may be able to join.. typically much friendlier than banks, loan-wise..

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by mstewar &raquo;</TD></TR><TR><TD CLASS="quote">look into other local credit unions you may be able to join.. typically much friendlier than banks, loan-wise..</TD></TR></TABLE>

60 mos @ 5% for me, credit union.

I hate banks... will never go back.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by .RJ &raquo;</TD></TR><TR><TD CLASS="quote">

60 mos @ 5% for me, credit union.

I hate banks... will never go back.</TD></TR></TABLE>

That's what I've been trying to tell him

I was approved with no problems (and NO MONEY DOWN), and my credit isn't very good

 

I called AHFC, who told me to deal directly with my dealer. (who is just going to end up calling/faxing/etc AHFC on my behalf, kinda silly. )

Hopefully I'll have something worked out today at the Acura dealer.

Mike - I don't quality for any credit unions in my area. Most are dependant on either where you live, if you company is a 'member', living in certain school districts, etc. So far no luck to this point with that search.

But I've had 3 accounts with AHFC, i'm banking on them being most lenient/helpful for me.

 

Thats a tuff situation and i hope that it all works out for you. I know that you would hate to ever have to part with your car but there comes a time when you have realize that its only a car. Your credit will remain very important to you for the remainder of your life. I would honestly work on paying off those bills. I may only be 19 but i am in a very bad financial state myself. I am glad that it happened now though so that i can correct it before i am out on my own. Best of Luck and i hope you get to keep the R, i know thats what you really want.

 

What's funny is that my debt is manageable, and going down. It's my history of being late.

So, yea, sure, it would suck major *** if I end up without the car. But I'd much rather fight to get some sort of car loan so I have additional sources to help rebuild my credit. Putting around in my CRX might be cost effective... but I would have just slashed 1/3 of my credit sources if I turned in the car. I have a feeling that would screw me really bad also.

Anyways, thanks again.

 

The dealership should have plenty of lenders that will finance for you. I remember the first car I bought through a dealership, the interest was somewhere ~15-17% but at least I got the car I wanted.

 

banks and CU's all have levels of risk to place you into.

Depending on the policies of the loan institution and your financial standings, they may not even give you credit...thats the bottom line.

IF you consistantly were late on your payments in the past, that puts you off in a lower tier for loans, because you are seen as a person with higher risk.

Just like any loan, higher the risk, the higher the ROI there needs to be.

 

Good luck Chris.

I've got a running 1st gen CRX you can have cheap.
It gets great gas mileage, haven't had to put gas in it since June (when the turbo was finished). LOL!

 

Maybe someone said this (I didn't read all the replies), but it's probably your credit card debt. I am looking to buy a house and within 2 months of paying $1000 off of a credit card I had, my credit score went up 100 points.

Also, have you tried talking to a debt counselor? They may be able to help you pay off the debt and fix your credit. I think this should be your main goal.

 

My score is low due to cc's, yes. All because of my past late-ness.

Anyhoo, my score went up 10 points in two days.

I'm waiting to hear back from the sales manager, who was away from the dealership when I showed up. Sounds more promising than anything else right now.

Maybe I just sell some organs and pimp myself for a month. I bet I could get the money i needed....

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Chris N &raquo;</TD></TR><TR><TD CLASS="quote">My score is low due to cc's, yes. All because of my past late-ness.

Anyhoo, my score went up 10 points in two days.

I'm waiting to hear back from the sales manager, who was away from the dealership when I showed up. Sounds more promising than anything else right now.

Maybe I just sell some organs and pimp myself for a month. I bet I could get the money i needed.... </TD></TR></TABLE>

Maybe for the organs......