This might be my last post :(

[My Hemi]

Well i might be losing the Mag i am hitting it pretty hard right now some of you might know what has been happening in my life the last few months...I moved into my own place now and im having trouble affording the car i need o make sure i have at least a roof over my head thats the most important thing right now...I tried trading in the car they want to give me $20,000 can you believe that my car is in near perfect shape...And the problem is i owe $40.000 0n it due to putting my leased RT difference on the car..I have no idea what to do im very upset right now i missed 2 payments i think here going to repo it or i can give it back myself..i really dont want to i still will have to come up with the difference of $20.000 what can i do....i need some advice...thanks:sad::sad::sad::sad:

[blackmagnum06]

Sorry To Hear That..maybe You Can Get A Second Job Just To Make Ends Meet Meanwhile You Get Back On Track

Goodluck To You

[CoolVanilla]

Call up finance company right now. Talk with them, and tell them everything you've just told us. Don't wait for them to come after you.

[GasGunR]

Yep what CV said... and then take the advice on the second job, sounds like you need it.

Next stop modding the car till you pay it down ALOT... you are double upside down on the car, that's a ton and its going to take like double payments for a long time to get out of it.

You've got a hard road to hoe, but you can do it if you really want to.

Good luck!

[Ultimatecarman45]

Ditto exactly what CoolVanilla said. Get ahead of the game, and they most likely will be able to help you keep it all.

[pimp mobile]

yeah what cv said and rk too.

[Titanium R/T]

It might be time to De-mod the car .. go back to stock and sell the Mods.

[My Hemi]

Thanks guys i really dont have that many mods to de-mod anyways i tried re-fiancing they lowered the payment down by $20 dollars thats isnt going to help let me tell you they are nasty people too they dont seem to want to help but there quick to want my car back yeah so they can keep it tell me they sold it for nothing and i still will owe alot of money on it ....I pay 750 month right now thats just to much for me i cant catch up...i wish i could but i cant i really feel like a loser right now that i cant even pay for my car....:sad:

[crhemi]

I'm sure you can sell it yourself for more than $20K. Have you even tried?

[Bornagainultimatum]

Call them and propose giving you a couple of months deferment until you can get back on your feet (second job, etc.). But most of all, pray. Prayer changes things. Consider that the finance company can add the missed payments to the back end of the loan. That may give you some breathing room. Contact a credit counseling service. They can sometimes negotiate with creditors to lower payments or get payments deferred. Usually you can keep your car if you need it to get to work. As a last resort, contact an attorney who can tell you waht legal options may be available. I pray that God will deliver you from this unpleasant situation and heal your finances, in the mighty and matchless name of Jesus Christ.

[DAYTONA3949]

Let it go man. You have to much load on you. You can get other one later. One black mark on your credit is not going to kill you. You can always get other ride!! Probably a good used SRT8 for half want you are paying now!!

[PappaDoc]

^^^ DITTO The Prayer ^^^

I pray wisdom for you in Jesus Name!

[obiwan]

Problem with a repo, they sell it at wholesale auction for what ever it goes for and you are on the hook for the difference. If you owe $40K and they sell it for $15K you owe them $25K and they will and can file suit, attach your wages etc.

[Hemi31]

Sell it G....sell it for what you can and pay off the rest as you can.

[CaseyC]

sorry to hear about your situation man. all the advice given so far has been excellent. definitely get in touch with credit counseling assistance to see how you can get the debt down and taken care of, if at the moment you can even physically afford to keep the car in any way. if you cant, even with a second job or getting the debt reduced to a single payment, you may have to sell it privately and then take out a smaller loan to make up the difference on what you still owe. its not going to be an SRT8, but there is always time later for that.

even though you may not want to do it, taking on a second job might be the next best option. even if its just weekends or something, a weekends worth of work at a best buy or circuit city, verizon store, lowes, even being a parts driver, is an extra $150+ a weekend maybe. i know it hurts your pride a bit to be in this situation, but it will sting worse and will be overall worse if you let it go and go and eventually it gets taken from you. be proactive man. good luck.

[cm2005300]

i work 2 jobs to afford everything and still have a life so dont worry about that just get out there make the extraq money thats what its all about making as much money everywhere you can sell stuff on ebay sell stuff locally do side jobs yea your life will suck because all your stuff is gone BUT YOU CAN GET IT BACK LATER ON ............... just do what you have to ive been close to your situation luckily i have a great mother who helps me when she can so i will pray for you now................

[bubbamagnum]

Have you tried a credit counseling service, A lot of times you can get all your other bills lowered. Just a thought for you.

[da BoMM]

Coming in here at the end --
just wondering why you had to "move into your own place" --
seems logical, but maybe not possible, that you could save the car if you could move in with family (parents, siblings, friends) --
seems like deferring the housing cost might help keep the car.

God bless -- hope and pray things get back on track for you,
and believe me they will.

[RR/TT]

contact an attorney. sell any mods that can be taken off. get a second or third job if possible. do not give the car up or wreck it.

[NAS T MAG]

contact an attorney. sell any mods that can be taken off. get a second or third job if possible. do not give the car up or wreck it.

Joined over a year ago and only 3 posts? That's unusual.

I hope you were stating "Do not give the car up or (for sure don't) wreck it.

I know that's what you meant to say, but I don't want to put words in your mouth. It would be idiotic to advise wrecking your car wouldn't it?

The real problem here is buying a depreciating item whose value is falling faster than the payments. There is no problem, in my mind, to have payments over $750 a month as long as you have the assets to pay it off, if necessary. If not, the poster has made a huge financial mistake.

Unfortunately, we learn these lesson too late. Why didn't our parents or teachers give us more direction regarding financial responsibility?

[Leadfootluke]

Dang Gerard, Im prayin for ya. I really hope things change. Gonna miss you if you dont post and arent in chat :sad:

[My Hemi]

I had to move had family problems...I can get the payments deferred but they way a 100% gurantee that i wont miss another payment i have no way of saying i wont or will ..so they said they cant help me...if i sell it what can i get for it and plus how would i pay the difference? im sure the difference is still going to be over 10.000 money i still dont have how, would i get the title to give to the person that bought it? Any help on that would be great thanks....

[GEN XER]

I had this happen to me when I was about 23 y/o. I had to file chapter 7 bankruptcy, but I was in debt way over my head. I was in the middle of a seperation and I inherited all the debt, a total of 50K. I was only making 25K a year and w/o my wife chipping in on the bills plus child support and alimony I was in a pile of ****. I had two cars and I kept them both. I still had to take on a second job with my military pay just to break even. It took me seven years to get out of debt, at about age 30, but now at 36 I am in the drivers seat. You can do if you really want to. You have to get a bank to give you a longer repayment schedule from 5 years to 7 or 8 years. Use the Consumer Credit Counseling (CCC) they can get most of your interest removed and have all your creditors come to the table and renegotiate your payments. Get on top of it and dont get behind again. Start this process before they start coming after you.

[MagnumRT05]

Even if you have to get rid of the car FOR NOW, it doesnt mean that you cant post anymore:)

Its just a car...it would kill me to give mine up, but in the end its just a car. Its not worth the hassles, but I owe near $5k on mine. I lost my job awhile back and couldnt pay anything, since I was stupid in the past and have racked up 11 points so my insurance is HIGH. However, I recently got a job for the Ohio emissions and its paying me $7/hour for 38 hours a week, which when I owe $5k it aint much. So I have been looking for another job (3rd shift) and its tough it really is. But if I can do it, I know you can. And you got thousands of people here who will support you the whole way!

[SilvaSurfer]

Call up finance company right now. Talk with them, and tell them everything you've just told us. Don't wait for them to come after you.

Very sound advice from CV... I second that. And who knows they may try to work something out or lower the payments. Don't wait :thumbs_u:

[Davesatdoasisbar]

You are only getting friendly advice here. You need sound legal advice. Something you can bet your future on.
Get serious, make a call or two if you want to compare, then follow this advice.
Im sorry to hear about this. Sounds like things were good when times were great but now the tide has change and so must you lifestyle and toys.
Don't be to full of pride to say you are ready to start over without dumping your debt and feeling like you can start fresh again.
Take your life back, don' have somebody hand it to you on a piece of paper yrs from now.


Good luck!!

[Pigman 440]

If you let it go in most states they will sell it and hold you liable for the difference. That means attaching your paychecks and a lot of grief. My advice at this point considering how upside down you are in the car is contact a bankruptcy lawyer. If you are young you will be clear of it in 7 years and most likely get to keep the house which as you stated is the main thing now. If you give the car back your credit will be damaged also. Hold your head up high knowing you did the best you could under mitigating circumstances.
GOOD LUCK!

[REDCHARGE]

what if he hides it until he can get the difference ?

[MagNite]

Yeah, like other posters said, if your car gets repo'ed, they sell it and you are still liable for the difference. Some places will re-finance the car. Don't know if that would help or not. As far as other debts, maybe a consolidation loan would be an option. Also a debt management program can be helpful also. I was in over my head in credit card debt (not a hard thing to do these days....rip off interest rates and charges) and I used In Charge debt management http://www.incharge.org/ and paid off my debts. It worked good for me and it's working good for my brother at the moment.

[hawkxp]

Without full info (not tosay your holding back, but you can only give so much of the picture) its hard to give real advice...

But... Having been there... you still have the asset... it hasnt been destroyed... They want your money.. they dont want the car...

First.. I dont know NJ law, but they may not be able to garnish your earnings without a judgment. You need to speak to an lawyer and give him the full picture.

However, dont go to a bankruptcy atty... go to a lawyer who does it all. who doesnt have an agenda..

I would call and try to get 3-6 monrhts deffered... threaten bankruptcy... And gently remind them that this is your only way to make it back and forth to your job, and it happens to be your only asset... Meaning, you would probably get to keep it... and keep making payments

Can you borrow the 10-15k from family/friends? Do you have other assets you can borrow against?

As to the prayer thing... um... Ill be frank... praying for help? why not ask why he put you in this place... both prayers make the same amount of sense to me...

Good luck... and remember... its ONLY MONEY... it sucks.. it can make you cry... but its only money...

[TxCowboy]

Make a deal with the finance company yourself even if you can't say you won't be late again. A Repo is one of the worst marks you can get on your credit. If you lose the car you'll be stuck buying from the buy-here-pay-here lots with interest of 24% or more. If you have money for an attorney then use that money to pay down on the car it'll show "good faith". Also if I was you I'd go into crack-wh*re mode and start selling everything you can for what you can.

[Charg-um@BMC Performance]

Another good idea is to get a roomate. They are excellent sources of income ( or should I say take some strain of your income). Plus with a second job and talking to the finance co, you may be able to catch up.

[bandaid]

[quote=Davesatdoasisbar;1225299]You are only getting friendly advice here. You need sound legal advice. Something you can bet your future on.
Get serious, make a call or two if you want to compare, then follow this advice.
quote]
Cannot agree more. Lots of friends here with good advice but you are the one living this. Get professional help!

[bklynmag]

Man, I am sorry to hear this G. I know how well you take care of your Mag. I agree with most of the above. Try working with your lendor and seek out legal advice. If you have to sell, do so privately, if she gets repo'd they are going to sell her cheap and come after you for the difference.

Either way, this should not be your last post. It doesn't take an LX to make you part of the family:huddle:

[bskylerj]

Man, sorry to hear this but understand where your at. As others have posted get some legal advice. I would not rule out chapter 13 if you have to do BK. They will set your payments up to what you can afford for 5 years and you get to keep your car. Just my 2 cents. My thoughts and prayers are with you.

[Slim's Magnum]

Without full info (not tosay your holding back, but you can only give so much of the picture) its hard to give real advice...

But... Having been there... you still have the asset... it hasnt been destroyed... They want your money.. they dont want the car...

First.. I dont know NJ law, but they may not be able to garnish your earnings without a judgment. You need to speak to an lawyer and give him the full picture.

However, dont go to a bankruptcy atty... go to a lawyer who does it all. who doesnt have an agenda..

I would call and try to get 3-6 monrhts deffered... threaten bankruptcy... And gently remind them that this is your only way to make it back and forth to your job, and it happens to be your only asset... Meaning, you would probably get to keep it... and keep making payments

Can you borrow the 10-15k from family/friends? Do you have other assets you can borrow against?

As to the prayer thing... um... Ill be frank... praying for help? why not ask why he put you in this place... both prayers make the same amount of sense to me...

Good luck... and remember... its ONLY MONEY... it sucks.. it can make you cry... but its only money...

Well said!

[JimIsland-SRT8]

You need to sell the car. Try to keep the damage to around 15K. Take out a personal note for 5 yrs. and you'll end up with payments around 310.00 a month. This will keep your credit intact and lower you monthly expenditure by over 400.00. Hope you get back on your feet.

[sugar-tj]

good luck G, hope ya can get this all fixed up,
but, that doesn't mean ya have ta leave the forum.....

[Super T]

I had to move had family problems...I can get the payments deferred but they way a 100% gurantee that i wont miss another payment i have no way of saying i wont or will ..so they said they cant help me...if i sell it what can i get for it and plus how would i pay the difference? im sure the difference is still going to be over 10.000 money i still dont have how, would i get the title to give to the person that bought it? Any help on that would be great thanks....

You would take out a standard loan (figure about 8-10% interest) for the balance and pay that money to the leinholder on your car so you can get the title, then you'd have the smaller loan to pay back on whatever terms you negotiate.

what if he hides it until he can get the difference ?

You can (illegally) hide assets for the sake of avoiding taxes, but you can't hide a car that's titled to you (indirectly through a leinholder)... you sign your name to the loan, it doesn't matter if Elvis comes back in a spaceship and steals the car, you're still responsible for the loan.


Totalling the car is an option, but it's RISKY. For starters, you risk getting hurt. If you fake it stolen or something, you still risk getting busted for fraud, and then you don't have to worry about a job because you start stamping license plates!


Where were you living before vs. where were you living now? Can you take on a roommate that can pay you something monthly to help balance out your cash flow???

[Nuclearjack]

Dont beat your self up too much over being in this spot. I have been there and if you decide to talk to friends about it you might be surprised at how many tell you they are in a similar situation.


Also if you have never done it I suggest taking 30 days and recording every single thing you spend money on. When you know exactly whre the money goes you can then look at changes. I did that and was shocked to realize I spend $60 dollars a month on Pepsi. Alot of people are suprised at how much the spend on coffee.

After you know where the money goes you can look at somethings that you maybe you would give up instead of the car. Some examples of things I changed were extra cable TV channels, My monthly parking at work, my cell phone plan. Even though some of them only saved me 10 or 15 dollars a month. My total monthly savings was a 100 dollars month.

Depending on how much you make and spend you could save way more.

[guest01]

Aren't these cars prone to sudden 'electrical fires' ? ;)

[Glazeworld]

I can relate to you in some ways. I have been over $35k in debt with a mortgage and a car payment. Fortunately, I wasn't that upside down with the car, but I was able to get by without selling the car either.

Shortly after I bought my first house, I became unemployed. I happened to have some extra bedrooms, so I had my friends move in. Luckily, I was able to collect enough rent from my friends to pay the mortgage without having to spend my money. Since my roommates were my friends, they were also willing to help out with the utilities until I got back on my feet. I won't lie to you, it can be rough living with your friends (especially if they are slobs), but I couldn't have made it without my roommates. I lived in that house for 7 years and had roommates for just over 6 years. I was able to sell the house and make a really good profit on it. Let's just say that you could pay off your loan in cash and still have a chunk left over with the profit I made on my house.

I also started to fix people's computers to make some money. Once I got another job, I continued to fix computers in the evening. I was able to use the extra cash to pay down my debt. I was over $35k in debt when I bought that house, and I managed to have $10k in my bank account right before I sold the house. It wasn't instant, but I managed to survive and climb out of that hole. I borrowed some money from friends and family to get by when I was really crunched, and that helped.

And yes, it's just a car. If selling it will help you financially, go for it. I just sold my Magnum to help save some money (I just started a new business and would like to have some extra $$ saved up for worst case scenarios) and I really missed it at first, but now I am happy that I'm saving money every month. I still smile everytime I pass a Magnum, and I am happy with my new car. I know that when I get my business going strong, I'll be able to find a really good deal on a used Magnum (maybe SRT8?) because most of the dealers don't want them and will do anything to get rid of them.

This is some friendly advice from a guy who was swallowed in debt. You can use it (or ignore it) as you see fit. Hopefully you'll find a way out of this situation. Good luck!

[GEN XER]

I guess this was his last post.

[boggart]

Thanks guys i really dont have that many mods to de-mod anyways i tried re-fiancing they lowered the payment down by $20 dollars thats isnt going to help let me

Don't take this wrong, this is just facts. It's not these guys jobs to help you. It's their job to get the money that you owe them. It's not their fault you owe 40k on a 20k car. Your life troubles cannot concern them, they have a job to do. It's not your money, it's theirs. But, they did help you by lowering your payment. Just not what you wanted. Face it, how much lower did you think your payment would go? You're not going to get a $100 payment on a 40k loan on a 20k car.

It's time for you to start eating RAMAN noodles 3 meals a day, get a second job, and be looking for a better first one if your life situation doesn't allow you the opportunity to ask your parents for help and advice.

[boggart]

Let it go man. You have to much load on you. You can get other one later. One black mark on your credit is not going to kill you. You can always get other ride!! Probably a good used SRT8 for half want you are paying now!!

It's a huge black mark and it will make a huge difference. Also, keep in mind that the black mark doesn't start it's 7 year going away ticker until that debt is paid. This one car will impact the ability to get a credit card, house, other cars, etc... It's not as simple as "one black mark won't hurt you".

[Aikidoka]

Hey G. How about giving me the SRT and letting me take over the payments. That way you can at least sit in it once in a while.


OK Really, I hope everything works out for ya.

[ToddStone]

Well i might be losing the Mag i am hitting it pretty hard right now some of you might know what has been happening in my life the last few months...I moved into my own place now and im having trouble affording the car i need o make sure i have at least a roof over my head thats the most important thing right now...I tried trading in the car they want to give me $20,000 can you believe that my car is in near perfect shape...And the problem is i owe $40.000 0n it due to putting my leased RT difference on the car..I have no idea what to do im very upset right now i missed 2 payments i think here going to repo it or i can give it back myself..i really dont want to i still will have to come up with the difference of $20.000 what can i do....i need some advice...thanks:sad::sad::sad::sad:

I don't know how you feel about the military, but the National Guard has up to $60,000 bonus right now. You could check into that and see what happens.

Just a suggestion.

[Ronin]

Problem with a repo, they sell it at wholesale auction for what ever it goes for and you are on the hook for the difference. If you owe $40K and they sell it for $15K you owe them $25K and they will and can file suit, attach your wages etc.

Obiwan, as usual, is wise, and a couple of other people said the same thing. I know from personal experience that's exactly the case since my parents co-signed a load for my POS younger brother, he defaulted, it got repo'd, went to auction, and my parents were on the hook for the difference, which ended up being over $12K. They're on a fixed income and our family attorney and AARP got the "settlement" down to $2K with a lot of heavy lifting. The only good thing to come out of this is my brother's credit is completely ruined...

You might want to see what Car Max will give you. They gave me $18K for my '05 Mag R/T with 36K miles. Private party is horrible and with an SRT you'll just get tire kickers (and burners!). You'll have to satisfy the amount you're upside down, and getting a standard loan from a bank for that amount, which should be between $10-$15K shouldn't be too difficult if they know the car payment is coming off your credit report. You loose the car, but maintain your credit, which, I don't care what anyone says, is more important than a car any day...

Lot of good suggestions here, (with the exception of committing insurance or similar fraud, which isn't even funny), we all want the best for you, best of luck...

Matty

[Shane T.]

Just find someone to take over payments. At least it doesn't ruin your credit.

[Shane T.]

Just reread the first post why do people finance so much money on cars??

[miplank]

You definetly don't want the "shaded grey" on your Bereau. You will have 1 hell of a time ever getting a loan again, and if you do your going to pay crazy interest rates, insurance, blah blah blah.

What you need to do is contact a credit counseling agency, find out what they can do for you. Get another job and pay extra on every payment, Throw in an extra payment hear and there. It will make a big difference.

You could always get some GAP on your car and take care of it forever, although that would be a sad end to a beautiful car. (I don't condone of this in any way shape or form, but people do it and its a sad reality)