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Good Morning, quick question. My sister has spent the past year or so digging herself out of a sticky situation with an ex-fiance. They purchased a vehicle together (for him), and after the split, he stopped making his payments and the bank repoed the car. She had continued to make payments in an effort to keep it afloat, but wasn't able to keep up and finally had to concede to the repo.
Her car now has a failing transmission, and she would like to proactively start car shopping before she is left stranded. She has $2000-2500 to put down. What's her best course of action? I cant imagine she will get approved for a loan at this point, but she says she found a "your credit doesn't matter!" place that is willing to approve her. I gave her the usual car buying advice, like don't tell them what you are able to spend in a monthly payment, etc. etc., but I'd like to know if there's anything else I should recommend to her in this situation?
Thoughts?
How recent was the repo ?? I think it will probably be tough to get financed if it was recent.
I would advise steering her away from the Buy Here/Pay Here places, she will likely get offered a painfully high interest rate.
If she can find a used beater of a car for a couple thousand now, she should probably go that route; then once her credit has been rebuilt start car shopping again....
@webhopper wrote:
I would advise craigslist etc and find a Kia type vehicle that might last a couple of years.
Interestingly enough, I was just talking to my wife about giving my sister her '03 Kia instead of trading it in on our new car. We were only expecting about $2,000 from the dealer anyway, if that...
@avv7c0 wrote:
@webhopper wrote:
I would advise craigslist etc and find a Kia type vehicle that might last a couple of years.Interestingly enough, I was just talking to my wife about giving my sister her '03 Kia instead of trading it in on our new car. We were only expecting about $2,000 from the dealer anyway, if that...
Sure way to go...... Win-Win situation for both of you
She would have a car from a reliable source in place for time being and She will earn some time to come out of repo dent and buy on her own.