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Frequent Contributor
Strepthroat
Posts: 260
Registered: ‎06-13-2008
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Re: Please Help !!!! Pleaseee A Dealer or Someone.

Your credit doesn't determine the buyout amount.  But I think if I understand you correctly, you're afraid your credit might prevent you from getting a loan for the car.  If you can't turn the car back in and your stuck with the lease (I stay stuck because you said you can't afford the payment), see if you can go to a local bank of credit union to sit down to talk to someone about refinancing the car over however long you want to do so.  Again, I doubt there will be fees due to an early buyout (not lease termination).  It wasn't in my case. I can only imagine how you feel and I hope you get it resolved to your liking. 

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shaun2009
Posts: 648
Registered: ‎03-07-2013
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Re: Please Help !!!! Pleaseee A Dealer or Someone.


Dustink wrote:

shaun2009 wrote:
@strepthroat that the hard part for me i dont think my credit is well enough to qualify for a buyout payment on this car it would be a miracle im building credit so it really no chance in getting a bank to give me a loan for that amount...

What kind of car do you have?


2013 Honda Accord Cpe LX-S

 

 

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shaun2009
Posts: 648
Registered: ‎03-07-2013
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Re: Please Help !!!! Pleaseee A Dealer or Someone.


Strepthroat wrote:

Your credit doesn't determine the buyout amount.  But I think if I understand you correctly, you're afraid your credit might prevent you from getting a loan for the car.  If you can't turn the car back in and your stuck with the lease (I stay stuck because you said you can't afford the payment), see if you can go to a local bank of credit union to sit down to talk to someone about refinancing the car over however long you want to do so.  Again, I doubt there will be fees due to an early buyout (not lease termination).  It wasn't in my case. I can only imagine how you feel and I hope you get it resolved to your liking. 


yes i feel horrible 656 is way too much for this car its not so much i cant afford it .... moreso that its too much for a Honda i know ppl with BMWs, Audi, and Benz paying less than me ... so i just want a lower appropriate rate but as you see below my credit is not so great nor do i have a large history im only 22 so i dont really have a long AAoA to most ppl im an amateur with credit because before these 3 cards i only had one back in 2008 other than that i had no credit .... so no banks will approve me due to my history being so short ....

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Valued Contributor
Dustink
Posts: 3,016
Registered: ‎10-02-2012
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Re: Please Help !!!! Pleaseee A Dealer or Someone.


shaun2009 wrote:

Dustink wrote:

shaun2009 wrote:
@strepthroat that the hard part for me i dont think my credit is well enough to qualify for a buyout payment on this car it would be a miracle im building credit so it really no chance in getting a bank to give me a loan for that amount...

What kind of car do you have?


2013 Honda Accord Cpe LX-S

 

 


That car will have a high book value. A local credit union might be able to finance you for the buy out. Try to get some cash together.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


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Established Contributor
shaun2009
Posts: 648
Registered: ‎03-07-2013
0

Re: Please Help !!!! Pleaseee A Dealer or Someone.


Dustink wrote:

shaun2009 wrote:

Dustink wrote:

shaun2009 wrote:
@strepthroat that the hard part for me i dont think my credit is well enough to qualify for a buyout payment on this car it would be a miracle im building credit so it really no chance in getting a bank to give me a loan for that amount...

What kind of car do you have?


2013 Honda Accord Cpe LX-S

 

 


That car will have a high book value. A local credit union might be able to finance you for the buy out. Try to get some cash together.


credits not good enough thats my only issue im pretty much in a triple whammy here lol...

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Regular Contributor
hopingsoon
Posts: 231
Registered: ‎03-09-2013
0

Re: Please Help !!!! Pleaseee A Dealer or Someone.

You said your mom just got a lease...if you are concerned about your credit not being good enough, do you think your mom could help? Co sign? 

 

I wouldn't give up hope. StrepThroat's suggestions seem reasonable. I would at least talk with someone as suggested. You never know until you ask. 



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Established Contributor
shaun2009
Posts: 648
Registered: ‎03-07-2013
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Re: Please Help !!!! Pleaseee A Dealer or Someone.

shes actually the one who got me approved for this she co-signed with me ... she generated a 618 while i generated nothing because they said i have no Auto Fico score what they suggested was make my payments on time for a 5 months and then come back and by then i should generate some type of score in which i could just finance the car instea dof lease
Current Credit Cards
| PayPal MC: $10K | WalMart MC: $7.5K | Discover IT: $6.5K | USB Platinum: $5K | Sams MC: $5K |
| CapitalOne QS: $1.3K | AmEx TrueEarnings: $1.2K | AFCU Rewards: $1K | USB Select: $1K |

Goal Credit Cards
CapitalOne QuickSilver, Discover IT, Sam's MasterCard
AmEx EveryDay, US Bank Cash+
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Established Member
BreakingBad_Credit
Posts: 16
Registered: ‎03-11-2013
0

Re: Please Help !!!! Pleaseee A Dealer or Someone.


shaun2009 wrote:
shes actually the one who got me approved for this she co-signed with me ... she generated a 618 while i generated nothing because they said i have no Auto Fico score what they suggested was make my payments on time for a 5 months and then come back and by then i should generate some type of score in which i could just finance the car instea dof lease

Shaun,

 

I don't mean to be rude, but if you're unwilling to explore the options presented to you, how do you know that you have no other options?  As you said, you're a relative novice in the credit arena, and the only way you're going to learn and improve your scores is by going to the banks and actually having THEM tell you what your options are. I wouldn't solely take the dealer's word for it.  Although dealers usually have access to a greater number of potential lenders, there might be something a credit union could do.

 

I'd start my analysis by figuring out how you got into this lease in the first place.  The dealer should have broken down your payments when you were negotiating the price of the car and the negative equity.  Furthermore, I've never heard of someone "accidentally" leasing a car.  If you thought you were buying, but they pulled a switch on you, you likely have some legal options available to you.  If you simply took the advice of the dealer and opted for a lease instead of a purchase, you're probably out of luck.  While you say that you can't afford a lawyer due to the up front costs, you have to realize that if you continue to pay something that you're not legally obliged to pay, you're just THROWING away money.  The up front cost of a lawyer will likely result in savings in the long term.  I'd set up an appointment with a no fee for consultation lawyer and see if he'd be willing to take on your case (if you're entitled to legal recourse) and find out how much it will cost you.  If you don't know how much it will cost you, you can't make an educated decision about how best to proceed.

 

Also, as a general word of advice, I'd suggest that for the next major purchase you will be making, especially as it relates to debt that you DO YOUR RESEARCH BEFORE YOU SEE THE DEALER.  There are a ton of great car buying sites, some of which even have step by step breakdowns on how to go about the process.  Typically you'll get more money out of a car if you sell it yourself than if you trade it in.  If your KBB value on your old car was higher than the 9800 you got from the dealer, you basically just left money on the table.  Also, if you don't negotiate the purchase price of the car, even with a lease, you are leaving money on the table.  You should always negotiate the total cost of the vehicle at the onset of a lease as they effect your payments and your buyout price.

 

Look at all the suggestions you are getting here and then actually TRY to complete them.  Even if you end up not going with a certain option, it'll allow you to be INFORMED, instead of just making assumptions when you are obviously not well versed enough in the credit game to go on just your gut instinct.  Again, no offense, but I'd avoid simply assuming you have no options if you haven't physically gone out and tried to employ those options.

Established Contributor
shaun2009
Posts: 648
Registered: ‎03-07-2013
0

Re: Please Help !!!! Pleaseee A Dealer or Someone.


BreakingBad_Credit wrote:

shaun2009 wrote:
shes actually the one who got me approved for this she co-signed with me ... she generated a 618 while i generated nothing because they said i have no Auto Fico score what they suggested was make my payments on time for a 5 months and then come back and by then i should generate some type of score in which i could just finance the car instea dof lease

Shaun,

 

I don't mean to be rude, but if you're unwilling to explore the options presented to you, how do you know that you have no other options?  As you said, you're a relative novice in the credit arena, and the only way you're going to learn and improve your scores is by going to the banks and actually having THEM tell you what your options are. I wouldn't solely take the dealer's word for it.  Although dealers usually have access to a greater number of potential lenders, there might be something a credit union could do.

 

I'd start my analysis by figuring out how you got into this lease in the first place.  The dealer should have broken down your payments when you were negotiating the price of the car and the negative equity.  Furthermore, I've never heard of someone "accidentally" leasing a car.  If you thought you were buying, but they pulled a switch on you, you likely have some legal options available to you.  If you simply took the advice of the dealer and opted for a lease instead of a purchase, you're probably out of luck.  While you say that you can't afford a lawyer due to the up front costs, you have to realize that if you continue to pay something that you're not legally obliged to pay, you're just THROWING away money.  The up front cost of a lawyer will likely result in savings in the long term.  I'd set up an appointment with a no fee for consultation lawyer and see if he'd be willing to take on your case (if you're entitled to legal recourse) and find out how much it will cost you.  If you don't know how much it will cost you, you can't make an educated decision about how best to proceed.

 

Also, as a general word of advice, I'd suggest that for the next major purchase you will be making, especially as it relates to debt that you DO YOUR RESEARCH BEFORE YOU SEE THE DEALER.  There are a ton of great car buying sites, some of which even have step by step breakdowns on how to go about the process.  Typically you'll get more money out of a car if you sell it yourself than if you trade it in.  If your KBB value on your old car was higher than the 9800 you got from the dealer, you basically just left money on the table.  Also, if you don't negotiate the purchase price of the car, even with a lease, you are leaving money on the table.  You should always negotiate the total cost of the vehicle at the onset of a lease as they effect your payments and your buyout price.

 

Look at all the suggestions you are getting here and then actually TRY to complete them.  Even if you end up not going with a certain option, it'll allow you to be INFORMED, instead of just making assumptions when you are obviously not well versed enough in the credit game to go on just your gut instinct.  Again, no offense, but I'd avoid simply assuming you have no options if you haven't physically gone out and tried to employ those options.


Thanks for the advice i will go a head and see if i can get free consultation and see what my options are there ... the lease was recommended to me because i was upside down and yes i did take a hit they made my car only worth 9800 and KBB says its at least 12k at the lowest but 13k at the max.... from me calling around the best option i heard is to try to build a Auto FICO and then go to some banks and  try to get financing to buy out the loan same what i was told on here so at the moment that seems like the best cost effective option to go with but overall ill still be paying the samething is what im seeing because to buy the lease out its a total of 31k which is way over this car value i assume because MSRP of the car is 24,990.... but if it gets me to lower payments im fine with that ...i can afford 350 a month but 650 is almost double thats not acceptable to me so yea ill try to go with a few of those options and see if i can get someone to finance me to buy it out because i do like the car overall i just dont like what im paying for it monthly right now...

Current Credit Cards
| PayPal MC: $10K | WalMart MC: $7.5K | Discover IT: $6.5K | USB Platinum: $5K | Sams MC: $5K |
| CapitalOne QS: $1.3K | AmEx TrueEarnings: $1.2K | AFCU Rewards: $1K | USB Select: $1K |

Goal Credit Cards
CapitalOne QuickSilver, Discover IT, Sam's MasterCard
AmEx EveryDay, US Bank Cash+
Last Application: 10/3/2014
Valued Contributor
Dustink
Posts: 3,016
Registered: ‎10-02-2012
0

Re: Please Help !!!! Pleaseee A Dealer or Someone.


shaun2009 wrote:

BreakingBad_Credit wrote:

shaun2009 wrote:
shes actually the one who got me approved for this she co-signed with me ... she generated a 618 while i generated nothing because they said i have no Auto Fico score what they suggested was make my payments on time for a 5 months and then come back and by then i should generate some type of score in which i could just finance the car instea dof lease

Shaun,

 

I don't mean to be rude, but if you're unwilling to explore the options presented to you, how do you know that you have no other options?  As you said, you're a relative novice in the credit arena, and the only way you're going to learn and improve your scores is by going to the banks and actually having THEM tell you what your options are. I wouldn't solely take the dealer's word for it.  Although dealers usually have access to a greater number of potential lenders, there might be something a credit union could do.

 

I'd start my analysis by figuring out how you got into this lease in the first place.  The dealer should have broken down your payments when you were negotiating the price of the car and the negative equity.  Furthermore, I've never heard of someone "accidentally" leasing a car.  If you thought you were buying, but they pulled a switch on you, you likely have some legal options available to you.  If you simply took the advice of the dealer and opted for a lease instead of a purchase, you're probably out of luck.  While you say that you can't afford a lawyer due to the up front costs, you have to realize that if you continue to pay something that you're not legally obliged to pay, you're just THROWING away money.  The up front cost of a lawyer will likely result in savings in the long term.  I'd set up an appointment with a no fee for consultation lawyer and see if he'd be willing to take on your case (if you're entitled to legal recourse) and find out how much it will cost you.  If you don't know how much it will cost you, you can't make an educated decision about how best to proceed.

 

Also, as a general word of advice, I'd suggest that for the next major purchase you will be making, especially as it relates to debt that you DO YOUR RESEARCH BEFORE YOU SEE THE DEALER.  There are a ton of great car buying sites, some of which even have step by step breakdowns on how to go about the process.  Typically you'll get more money out of a car if you sell it yourself than if you trade it in.  If your KBB value on your old car was higher than the 9800 you got from the dealer, you basically just left money on the table.  Also, if you don't negotiate the purchase price of the car, even with a lease, you are leaving money on the table.  You should always negotiate the total cost of the vehicle at the onset of a lease as they effect your payments and your buyout price.

 

Look at all the suggestions you are getting here and then actually TRY to complete them.  Even if you end up not going with a certain option, it'll allow you to be INFORMED, instead of just making assumptions when you are obviously not well versed enough in the credit game to go on just your gut instinct.  Again, no offense, but I'd avoid simply assuming you have no options if you haven't physically gone out and tried to employ those options.


Thanks for the advice i will go a head and see if i can get free consultation and see what my options are there ... the lease was recommended to me because i was upside down and yes i did take a hit they made my car only worth 9800 and KBB says its at least 12k at the lowest but 13k at the max.... from me calling around the best option i heard is to try to build a Auto FICO and then go to some banks and  try to get financing to buy out the loan same what i was told on here so at the moment that seems like the best cost effective option to go with but overall ill still be paying the samething is what im seeing because to buy the lease out its a total of 31k which is way over this car value i assume because MSRP of the car is 24,990.... but if it gets me to lower payments im fine with that ...i can afford 350 a month but 650 is almost double thats not acceptable to me so yea ill try to go with a few of those options and see if i can get someone to finance me to buy it out because i do like the car overall i just dont like what im paying for it monthly right now...


If $650 is not acceptable, then why did you accept it? 

 

If your mom co-signed, she is equally liable for the debt. Can she afford to take over the payments?

 

It seems like you and your mom may just need to bite the bullet and keep paying on this car. Sounds like you didn't read the contract and got in over your head.

 

If you can pay extra on the lease, you should. Try to create some equity and once you have your individual credit up high enough, buy out the lease.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k          $8.5K          Closed          $19k         $6.5k           $24.2k        Closed          $5k         Closed       $8.5k        Closed      @2.49%

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