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car help

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car help

Hey! 

I have a car loan through vw credit- roughly $17000 at 19%. with 50 payments left- $469/month- I cannot continue to pay this- not sustainable. 2017 Jetta. Credit score transunion - 607, Equifax 614, Score the dealership recognized today when I asked for financial advice was 575. 

 

She had told me to take my car to Carmax or something like that, sell it, take the money they give me to pay off that loan from vw. She told me we would probably owe around 7k. We did a rough estimate online, with an offer of $9500. She also adivsed me NOT to take it back to vw bc they will put me in a brand new car, with a 30k loan for like 72 months, ridiculous monthly payment, and the value drops 10k the moment you sign the papers. 

 

 I coown the car with my newly exhusband and am trying to wipe my hands clean. 

 

My thought was do what the woman at the dealership told me to do, get a personal loan to pay for the "new-to-me" used car and pay off the rest of the vw loan. or Do I get a loan for the amount of whats left over after the dealerships gives me an offer plus 1-2k for a downpayment? 

 

How much of a personal loan should I get? Should/can I even get one? Where should I go? 

What would be the best way to go about the situation?

 

Tyia!

 

Danielle

3 REPLIES 3
Contributor

Re: car help

Sounds like the best thing to do is to get a loan for the negative equity, then buy a $3K car to drive around until you can get in a financial place to upgrade down the line.  With that auto credit score you will be looking at a high interest rate if you try to get another auto loan short term.

 

You say you own the car with your ex-husband - has this asset been settled in the divorce?  


09/02/19 - FICO 8 EQ - 702 TU - 699 EX - 714


Low Point - 558 in late 2009
br>Working towards being debt free! FICO 8 Goal: 750+, Mortage Fico 700+ and debt free!
In my wallet -
Message 2 of 4
New Member

Re: car help

Its in the separation agreement that he pays $100/week and removal of his name off the title -which was part of the divorce decree

Message 3 of 4
Valued Contributor

Re: car help

The problem is that a personal loan isn't really a viable option with your scores . . *if* you can get approved, you are probably looking at 35% interest, and I don't see how this is really going to help matters. Trading one problem for another IMO.

 

You are better off working this car into your budget for the time being . . visiting the rebuilding forums here and seeing what you can do to improve your credit. You'll have a lot more options available to you then.

Ch 7 Discharge May 2015
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EQ/EX/TU: FICO 8's November 2019: 696/679/668, 14% utilization, AZE2 (w/ those 2 cards reporting 30% util), INQ's: 4/2/1
Message 4 of 4
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