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Alright, I've got a mess to clean up and I'm hoping someone can help me find a solution here. About 3 or 4 years ago, my sister and her common-law husband decided they needed a new car (even though they didn't). They more or less took advantage of my grandfather and roped him into co-signing. He didn't have too much of a problem doing that since he's cosigned for my mom and uncle without trouble before and figured my sister could take on the responsibility. What my sister and her husband didn't mention or didn't pay attention to was the fine print on the loan for their 2007 Malibu. They just got hit with a balloon payment and 16% interest, making their monthly payment around $600. They owe 10-12k on a car with an average resale value of 7k to 8k as a result, and since they barely make it anyway, there's no way they're going to be able to make that payment. They both have college degrees but live in an area with a terrible job market and her husband is a lazy jackass who's scared to don some workboots or a fast food uniform and is trying to sell real estate in a goddamned college town. My grandfather, in attempt to preserve his credit, was going to take out a loan from his bank, pay the balance of the car loan off, and get it down to a loan with 6% interest and ~$300 payments. Unfortunately, when the bank found out that the car has an astounding 160,000 miles on it they said no dice. Now we're in damage control mode and the reason I'm posting this. Is there anyway to save my grandfather's credit? My sister and her husband are the absolute last priority. Obviously this should have never happened in the first place, but her husband is a scummy turd, she's a doormat and my grandfather is too nice. We're basically looking for the least worst outcome here and wondering if there are any tricks we can pull to at least keep my grandfather's credit out of the mud. If my sister and her husband end up on their asses with $10k of debt that's fine, we're just trying to mitigate the hit to my grandfather's credit if possible. Perhaps selling the car at a loss, applying it towards the car loan and then finding a way to pay off the difference? I suck at this whole financing thing, I've never had a credit card and any cars I've purchased have been with cash. The closest I've had is medical bills. DELETED fucked around with this message at 18:48 on May 6, 2011 |
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May 6, 2011 18:45
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Don Lapre posted:Invoice on the aveo in 2004 was 9k. I had one as a rental once, and it felt like the door handles were going to snap off every time I opened the door. Imagine a Little Tikes Cozy Coupe with an engine and cheaper plastic.
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Jul 16, 2011 19:00
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Just how disappointed would I be upgrading from my 98 Civic DX coupe to a new or new-ish Civic coupe? I'm a big fan of the cheap insurance, killer gas mileage and ease of repair for most things. I prefer to do my own repairs when possible, though I'd definitely take advantage of the warranty if applicable. I do a lot of driving for work and receive a mileage compensation so the less I spend on gas, the more money ends up in my pocket. Has Honda really gone that far downhill?
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May 22, 2014 14:31
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Twerk from Home posted:Hey now. Fox bodies are 3rd generation Mustangs, and that pushrod 5.0 V8 is pretty great and can be made into one of the best cheap drag racing platforms. You can also fit a 351 from an Explorer in there if you need more torque. Depends on how far you want to go with it, really. 86-93 are generally the most sought after, as they came stock with roller lifters and true dual exhaust. 1986 is the first year of fuel injection and has redesigned heads IIRC. They're all pretty much the same as far as rust goes, just keep an eye out in the usual spots like rocker panels, floor pans and trunk/hatch seals, etc. One big issue that comes up with floor pans is that the seats are bolted directly to the floor pan, and can develop cracks around the mounting bolts. The repair is fairly simple, weld up the cracks and install subframe connectors which are welded to the front and rear frame rails and have a crossbar for the seat to bolt to. If you're just looking for a fast car there's better options, but they're definitely a good money pit. The aftermarket is ridiculous and except for certain things (Marchal fog lamps and the 82GT's unobtanium hood ornament spring to mind), most parts can be had for fairly cheap.
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Jun 21, 2014 00:50
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Is using the "Apply For Financing!" forms on dealership websites worth using? I'm going to have to use dealerships about 200 miles away in another state so it seems like working this out through email and the phone is going to be my best bet, since I travel a lot for work anyway. Ideally I could just get things worked out so I only have to go there one time, sign some paperwork and drive home but I've never financed a car or bought a new car before so I'm not even sure where to begin. I've got $3,000 saved up already and I'm continuing to save while I work all this out. I've got a 98 Civic but it has 218,000 miles on it and probably isn't worth trading in, I could easily get $1,200-$1,500 for it from a private party as it sits now. I have a limited credit history and most of it sucks thanks to an impaired and uninsured driver who left me footing over 10k in medical bills for a while, but I've always been good about paying my credit cards. I'm not expecting a miracle from the finance department but I figure it can't hurt to shop around and find a good interest rate. Will this work out the way I have it planned, or is there a better way to go about things? I'm trying to get things done somewhat quickly since I'd rather put $400 towards a new car instead of fixing the car I have now
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Aug 17, 2014 19:56
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