i need help.....really bad.

[TheDirtSyndicate]

does anyone here know anything about legal stuff?

my problem is my car. i just recently found out my pay off balance for my 2004 chevy cavelier is 16,000
i've been paying on it for 2 years now at $377 a month.
(i got it used from a dealership)

brand new at a dealership my car is worth 13,000
not used. brand new.
and like i said, i've been paying on it for 2 years.
why do i owe more than what the car is worth after never missing a payment for 2 years?!!?
and, the kicker is, i have to pay off my balance by the 21st of this fucking month or i'll get $3.02 interest added to my account EVERY DAY.


if there is some way i can get out of this car and not have to continue paying for it please let me know. i can ride my fuckin bike to work.

and, am i getting screwed? should i get a lawyer about this?
i've lost all my paperwork on the car *i know, im an idiot* but can i call the dealership about getting copies?
oh, and i've already looked up the possibility of transfering the lease to someone else, but the cocksucking finance company doesn't allow that.

if anyone has any advice that might help me i'd appreciate it.

-thanks.

[CaptainInsano]

Transferring the lease to someone else is just pathetic. You're going to pass off a mistake you made on to some other poor sucker? That's messed up man.

I don't think the car dealership actually did anything illegal, as you voluntarily agreed to the price and monthly payments. A lawyer won't be able to help you if you signed a contract. Why the hell would you pay $377/mon (or 16,000) for a USED car anyway? You might as well as a get a new one!

Besides that, the extra 3,000 your paying could be interest payments. You MIGHT be able to get someone to take over the lease if you don't make them responsible for the 9,000 you already paid for it. Say they get to buy the car from the dealership for the remaining 7,000 that is yet unpaid. But the thing is, you are left minus a car, and minus 9,000, but it'll be off your hands.

well, I doubt many of us on an art forum will know shit about legal stuff...

Good luck man, that's a shitty situation. They screwed you, and there's probably not much you can really do about it.

[TheDirtSyndicate]

Transferring the lease to someone else is just pathetic. You're going to pass of a mistake you made on to some other poor sucker? That's messed up man.

I don't think the car dealership actually did anything illegal, as you voluntarily agreed to the price and monthly payments. A lawyer won't be able to help you if you signed a contract. Why the hell would you pay $377/mon (or 16,000) for a USED car anyway? You might as well as a get a new one!

well, I doubt many of us on an art forum will know shit about legal stuff...

well....to put it bluntly, i didn't know even the basics about this shit when i got the car.
but thanks anyway.

[Blue]

Besides that, the extra 3,000 your paying could be interest payments.

Its actually an estimated interest if he follows exact payments until the payment period has expired (unless i am wrong here).

Technically you can take out a loan and pay the entire loan of and lose the interest. But then you get interest on the loan. :)

Best bet now is to try and pay it off as fast as possible. if you can find a better interest rate with a bank, then take the loan. You'll save a little in the long run. If you can sell it for the amount minus the additional estimated interest you can get it off your hands scot free.

However, to do this you will need to invest in the car to bring it up in value. maybe a new coat of paint, new tires, new wires, full engine clean up and interior clean up. Or find a sucker.

Take this as a learning experience! You sure as hell won't make these mistakes again, at the very least. :)

edit: Wait its a LEASE? well the rules are far more complex then...what is your ending period before you turn it in? Are you leasing to own? Or leasing new to return for a newer model every 2-3 years?

And if it is a lease, forget fixing it in any way.. you need to consult the rulebook to see what you can and can't touch on the car. if you alter something outside the specifications you break contract and they will force you to buy it.

[CaptainInsano]

Well, according to this website http://www.carsdirect.com/research/chevrolet/cavalier/2004/base_1sv

a used 2004 Chevy Cavalier has an msrp of $10,000.

Soooo, if you can sell it for 10,000, you can use that to pay off the dealership, or like Lord Blue said, take out a loan to pay off the dealership, and use the 10G's to pay off the loan and interest.

But in my honest opinion, you might as well as pay off the car as you agreed to pay for it. What's the point of being minus a car, and minus 9,000? Might as well have the car.

EDIT:
I agree with Lord Blue. If you can get a bank loan with a lower interest rate than the car dealership, take out the loan and pay off the dealership. Once the car is paid off, you can do whatever you want with it, plus you don't have to pay that ridiculous interest rate. Paying off the bank would be cheaper and easier than paying off the car dealership.

[TheDirtSyndicate]

so i guess im a:

http://www.funnymatt.com/images/Multimedia/total-retard.gif

[CaptainInsano]

erm... no, not a retard! You just got ripped off.

You're a good guy. We like you.

Cheer up!

http://img.photobucket.com/albums/v678/ParkerD/barney.jpg

[Blue]

Nah, not a retard. Just a newbie. ;)


Best of luck with your endeavor!

[charcoalArtist]

I think you should request a copy of the paperwork from the lender and go through it to fully understand the restrictions. I dont' think i'll do much good since it sounds like a lease to own but at least you'll understand what you got yourself into.

Good luck