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

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Established Contributor

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

Ok so to make a long story short i recently just financed a car back in December  with Roadloans.com ... i got a horrible rate... so i took my mom to get a car from Planet Honda she got a nice deal.... So i thought i could bring my car back and trade it in and be ok with it ... i owe 13,700 on my car and had a 16% interest rate...  So i went to Planet Honda traded my car in for a 2013 Honda Accord in which comes to find out its not financed its leased and im over paying by alot on it my payments are $656 a  month keep in mind that the trade in allowance they gave me for my car was 9800 ... But to the main part i cant afford to pay $656 for a car not right now ... Ive been back to the dealer several times trying to give it back i keep getting turned away what are my options i really need help i want to get out of this 35 month lease if i have to continue like this i will have paid by the end of this lease term 23K for the car and then owe 14k on it to buy it out because the way i travel to work is definitely going to go over the miles allowance given to me  what can i do to reverse this process and get my car back or at least get me out of this loan deal... Dealer says wait 4 months and come back because he could not generate a Auto FICO for me since this is my first car loan with a main bank roadloans was my first but they said they are bad and not considered a prime car financer so they didnt build me any auto FICO.... I even showed them this FICO listed here and they showed me what my auto fico said NO SCORE could be GENERATED... and they pulled Transunion...

CH7 Filed (3/29/17) - 516 EQ, 517 TU, 483 EX -- Discharged (5/31/17) - 538 EQ 501 TU 559 EX
PenFed CLOC $500 - NFCU nRewards $2k - Merrick $800 - CreditOne $700 - VS $250 - Overstock $250 - KingSize $250 - Macys $5.8K (AU) - AmEx $1k (AU)
Message 1 of 33
32 REPLIES 32
Valued Contributor

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

Maybe something illegal was done when you leased the car. That might be a way to get out if you can get a lawyer to help. Hard to imagine leasing a car without even knowing it.

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%
Message 2 of 33
Established Contributor

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

trying to stay away from costly things im rebuilding credit and i just got myself in trouble by doing this but a lawyers debt will make matters worst...
CH7 Filed (3/29/17) - 516 EQ, 517 TU, 483 EX -- Discharged (5/31/17) - 538 EQ 501 TU 559 EX
PenFed CLOC $500 - NFCU nRewards $2k - Merrick $800 - CreditOne $700 - VS $250 - Overstock $250 - KingSize $250 - Macys $5.8K (AU) - AmEx $1k (AU)
Message 3 of 33
Valued Contributor

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

Then you might have to make the payments for the 4 months. Then see what the dealer can do. Get some cash together to cover the hefty cost of getting out of the lease early.

 

How much does the dealer you got the car from want to charge for an early lease termination?

 

I wasn't aware roadloans did lease's. Maybe they sent you to a dealer who signed you up for a lease to avoid roadloans.

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%
Message 4 of 33
Established Contributor

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

oh no not roadloans i had a finance with roadloans then i traded my roadloans car in and ended up with a lease by Honda Financial
CH7 Filed (3/29/17) - 516 EQ, 517 TU, 483 EX -- Discharged (5/31/17) - 538 EQ 501 TU 559 EX
PenFed CLOC $500 - NFCU nRewards $2k - Merrick $800 - CreditOne $700 - VS $250 - Overstock $250 - KingSize $250 - Macys $5.8K (AU) - AmEx $1k (AU)
Message 5 of 33
Established Contributor

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

they claim that i was upside down so a lease was my best option no clue what that means im new to this lol kinda an idiot to these terms only 22 

CH7 Filed (3/29/17) - 516 EQ, 517 TU, 483 EX -- Discharged (5/31/17) - 538 EQ 501 TU 559 EX
PenFed CLOC $500 - NFCU nRewards $2k - Merrick $800 - CreditOne $700 - VS $250 - Overstock $250 - KingSize $250 - Macys $5.8K (AU) - AmEx $1k (AU)
Message 6 of 33
Valued Contributor

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

You could also try a lease swap website, but you would have to offer a huge cash incentive to get somebody into those terms.

 

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%
Message 7 of 33
Frequent Contributor

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

shaun2009, if you really love your new 2013 Honda and you plan to keep it, you could call the finance company for an early buyout.  Not sure if there are penalties associated with an early buyout versus early termination.  More experienced buyers/lessers could give you more insight.  My recent experience, I had negative equity (couple thousand) on a BMW that I traded in for a lease.  When I logged into make my first payment, I chose the buyout amount and when I saw the amount, my jaw dropped.  So I called the finance company to confirm the buyout and confirm I didn't have to pay taxes again on the car and got the breakdown of what the buyout amount included, checked my contract for early buyout fees.....there were no penalities for early buyout.  Called my credit union to get a loan for a buyout. Approved and my payments are $34 a month more than the lease for a 5 year loan.The early buyout amount was literally thousands less than total cost of the car (leased amount over 36 months and buyout at end of lease).   I figured if i was going to pay a high amount to lease due to negative equity, I may as well pay to keep it since I really love my car.
 
But again others with more experience could give you better insight.  That's just my experience.
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Message 8 of 33
Established Contributor

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

@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...
CH7 Filed (3/29/17) - 516 EQ, 517 TU, 483 EX -- Discharged (5/31/17) - 538 EQ 501 TU 559 EX
PenFed CLOC $500 - NFCU nRewards $2k - Merrick $800 - CreditOne $700 - VS $250 - Overstock $250 - KingSize $250 - Macys $5.8K (AU) - AmEx $1k (AU)
Message 9 of 33
Valued Contributor

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


@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?

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%
Message 10 of 33
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