toyota credit questions

[TinyGiant]

as some of you know my wife and i were laid off a couple months back and it looks like Toyota cant give us any more payment deferrals .. so we are going to end up going into the red on teh account. we still owe like 15k on the car and chances of us finding a buyer for it at the price are very very slim.. any suggestions? or has anyone delt with anything like this on here that has some advice? I was thinking of calling up the dealership i bought it at.

[hatchbackkid82]

Sorry to hear about your situation.You could do a voluntary surrender if you can't afford the payments anymore. i don't know if it has the same impact that a repo would have.

[TinyGiant]

i'm going down to the dealer and see what they can do for me .. maybe get me into a much much older car or something my neighbor had a slight interest in it when i bought it .. so maybe i can get him to buy it :)

[SailDesign]

Man, that inhales! I feel for you.
Best bet, as you seem to have figured, is to go to the dealer and lay your cards on the table. They SHOULD want t okeep you as a "someday return" customer, and should treat you well.
Let us know how it turns out, as there are a LOT of us out here with little to no income right now.

[thebarber]

part it out and put the money you make on the loan, then sell the car

[TinyGiant]

the only upgrades i have is the sweet woofer box i made . some interior lighting .. havent dont anything else .. so that wouldnt work out

[TinyGiant]

if i do sell it back .. i'll probably would like to sell my awesome custom woofer box to a fellow YW member

http://www.yarisworld.com/forums/showthread.php?t=9392
http://www.yarisworld.com/forums/attachment.php?attachmentid=13707&stc=1&d=1228315376


the plexi lights up green too :)

[MadMax]

Just a suggestion, but when I used to work in the medical billing world (over 20 years ago), even a partial payment would keep a person from defaulting on their medical bills. You may want to first check with Toyota Finance to see if they will accept a partial payment (it's better than nothing, and it saves them from repossessing the car); and if they can't help you, try to find a financial assistance office (the volunteer or free kind, not the clowns that advertise) near you and see if they can help.

And, not to scare you but just so you know, if they resell the car and don't get the full amount that you owe on it, you are still liable for the difference. So even if you give the car back, you may still owe money on it; especially considering the value of the car is less than what you owe on it.

As such, try real hard to find a solution that doesn't involve giving the car back!

And the best of luck to you, I hope it works out!

Cheers! M2

[hatchbackkid82]

if you have gap insurance just dump it in a lake or light it on fire. you break even :biggrin: just kidding

[TinyGiant]

lol

[SpaceShot]

Try the dealer first, then if no luck try to Craigslist it and see if you can get within a grand or two of what you owe.
You can slowly pay that remainder off $50 at a time if you have to. It's painful to pay and not enjoy it, but you don't want to hurt your chances for the future if you can avoid it.

In general, for any of your bills, if you can't eliminate them, don't ignore them, put as little as $20/mo in, and let the remainder pile up. So long as you make some effort to pay, state laws can protect you to some extent. It's when you make no payments at all that you do the most damage.

If you do have to give up your ride, GoLoco.com services the Durham/Rochester area and you can carpool and get other rides to Portsmouth or where ever for just a little gas money.

Some graduating student might be interested for nearly full price. PM me, and I'll get it in the university classifieds if you want.

Good Luck...

[hatchbackkid82]

i can send a couple of goombah's up there to handle it for you just have a good alibi

[TinyGiant]

Try the dealer first, then if no luck try to Craigslist it and see if you can get within a grand or two of what you owe.
You can slowly pay that remainder off $50 at a time if you have to. It's painful to pay and not enjoy it, but you don't want to hurt your chances for the future if you can avoid it.

In general, for any of your bills, if you can't eliminate them, don't ignore them, put as little as $20/mo in, and let the remainder pile up. So long as you make some effort to pay, state laws can protect you to some extent. It's when you make no payments at all that you do the most damage.

If you do have to give up your ride, GoLoco.com services the Durham/Rochester area and you can carpool and get other rides to Portsmouth or where ever for just a little gas money.

Some graduating student might be interested for nearly full price. PM me, and I'll get it in the university classifieds if you want.

Good Luck...


i've had all my bills covered except for the car since the issue and the house.

iwas able to scrape together enough to only be one payment behind on the mortgage.

so instead of owing 3200 plus 1550 i now only owe 1600 plus 1500

and the payment is due at the end of the month since i made the last a couple weeks back.

thanks to Chinocharles my guitar amp is sold.. so that will get me about a 3rd the way to a mortgage payment.

as soon as i am on top of the mortgage i can apply for the obama plan that can possible cut my mortgage in half (since they cant charge me more than 33% of my income) we took a big income hit. so they should do something.

so there is light at the end of the tunnel .. just dont like the route i need to take to get there

[hatchbackkid82]

you donate bone marrow ($400-$500) and then some of your tadpoles($100-$200) per visit, and donate some plasma ($50) a week. i can't think of any thing else

[hatchbackkid82]

I'm pretty sure if all the YW members came together and donated a dollar that would help too. you want to figure if a 1000 members donate a dollar, 1k for the mortgage.

[hatchbackkid82]

Just throwing every possible option out there

[2006fronty]

Are there any cliffs in NH?:wink:

[The little red pill]

You have a $1600 mortgage?!? Wow. I thought my $850/mo was bad! Now since I lost my job, I sold the house and rent another house with a roommate for $375/mo. Really sucks. I had my house for 5 years!
But it does sound like you have a plan of action and your priorities in line which is great: Mortgage, other car payment (if you have one), utilities, food.
Feel some comfort in knowing there's A LOT of people in the same boat as you (including me). It will get better. Just stick to you plan, and follow the advice in the messages from the other members.

[The little red pill]

**Also to make you feel better, after I lost my job last month I went from the truck to the Yaris. lol

[Phaeton]

You could always just let the car go back, your credit is probably toast now anyway.

[TinyGiant]

tis crappy our credit was really good to.. 25yo and owning a home was a good boost for the credit score

i'm unloading a bunch of stuff (some in the classifieds here) hopefully i can get enough to get back on track. i think my church is going to help a little too.. the pastor told me to come in today after asking for some prayer and said they might be able to help me out.. which would be cool.. i hate taking a hand out.. its soo defeating. but whatever scored a couple shirt orders locally this week . so that helps too :)

i'm going to try and get my car payment squared away for this month .. its our only vehicle so i would like to keep it :)

[YarisSedan]

go to KBB.com and find the trade in value of your vehicle. Then go to the dealer and see if they will help you out. Explain the situation and see if they will let you trade in your vehicle for a cheaper one which will bring down your monthly payments. That way you keep your credit in tact and still have a vehicle while keeping your total monthly revolving debt down. That is the best advice.

If that dosnt work volentarily give the vehicle back. It is less harmful to your credit but it is still a negative note. The dealership probally wont mind this because what you own on the car is what they could sell the vehicle for still. It wil be considered a certified used vehicle so has a high resale value. Plus they still have all th emoney they collected from you.

[tomato]

**Also to make you feel better, after I lost my job last month I went from the truck to the Yaris. lol

Nice wheels on that Yaris!

To the OP, sorry I got nothing new to add here. I'm with the folks who are telling you that paying a little bit is much better than ignoring the bills completely. Hang in there.

[MadMax]

Again, whether you turn it in voluntarily or have it repossessed, you will still be liable for the difference between what the sell the car for and what you owe. As you said it is basically stock and it is an 08 HB, I don’t think it will for anything close to the $15K you said you owe on it, especially since it will most likely be auctioned off for less than its KBB value.

Trust me, we just went through this two years ago with a leased Mercedes my mother drove. It was damaged at the dealership and she refused to take the car back, so they offered her a good deal on a lease for a newer Mercedes and her old car never left the dealership. It was auctioned off later and they tried to stick her for what she allegedly owed on the remaining portion of the lease (despite the fact that the dealership took the car back early). It took a few good and expensive lawyers to sort that one out, but the bottom line was she never ended up paying.

But you have to remember that Toyota Credit and the dealership have absolutely no connection; and even if you convince the dealership to take the car back it doesn’t relieve you of the money you owe. As a matter of fact, it could cause more problems. You need to deal with the credit company, and if they instruct you to return the car to a certain location or dealership then do it; but I will repeat my earlier advice about 1) asking about making partial payments, or 2) finding a debt management organization that can help you sort things out and maybe consolidate your loans into something more manageable.

You can get all the advice you want from this forum, and I am more than happy to spew out my thoughts; but in the end you need to deal directly with Toyota Credit and get this resolved. There may be no options here, but I would think that they’d rather get some payment out of you versus repossessing the vehicle, especially since hopefully your financial situation is only temporary. Given the current economic situation, it would work out to their benefit. But you have to act quickly, and smartly, and get this resolved before it gets resolved for you!

Best of luck!

M2

[nemelek]

I agree with MadMax. Who you got the loan from (bank, CU,Toyota) has nothing to do with the dealership. It is a tough call to turn your car over or have it repossed. Either way your credit will take a hit. Call Toyota Credit. Doing nothing would be your worse choice.

[Forrest]

You mentioned that you owe 15,000. Find out the payoff amount of the loan which would be minus the interest. Maybe you can find a buyer for the principal of the loan.

[YarisSedan]

I dont thikn he will be able to sell the car on his own though since he is not the leinholder. He has no other choices.

[TinyGiant]

You mentioned that you owe 15,000. Find out the payoff amount of the loan which would be minus the interest. Maybe you can find a buyer for the principal of the loan.

that is the payoff i think .. according the toyota credit thing online

[TinyGiant]

toyota credit said i could find someone to take over the payments and sell it that way.. that might be doable.

our church blessed us greatly yesterday by writing us a check to cover a mortgage payment :) I was totally blown away. so now if i can come up with this months payment .. i'll actually be up to date :) then i have to work on the car. Chances are its probably best to try to unload the car to cut down the payment. When we bought the car we were making more than enough to cover it .. darn economy fixed that .

[MadMax]

I dont thikn he will be able to sell the car on his own though since he is not the leinholder. He has no other choices.

As long as he covers the lien, it wouldn't matter; he could sell the car and pay off the amount owed, plus any early payment penalties if they exist, thus clearing himself of the debt.

Or, as TG stated, finding someone who would take over the loan is an option; but as stated the loan amount is greater than the value of the car so that would be a tough one to do.

Either way he would lose not only the car but also the money he has "invested" in it (I say that in quotes as cars are not normally a good investment). I still think his best option would be to either as Toyota Credit about making partial payments until he gets back on his feet, or obtaining additional financing through a low-interest loan to cover his payments in the interim. That is why I suggested one of the debt-management organizations.

Either way, he doesn't default on the loan and he still has the car, which is what I believe his goals would be.

Cheers! M2

[TinyGiant]

i just posted the car up on the local college classifieds

i'll see if i can find someone to take the payments over on.

that would be ideal i guess. probably going to get down the dealer this week and see what they can do .. if anything.. its the second car i bought from them..i'd hope they would be nice to me :)

[TinyGiant]

had 6 people off craigslist interested in picking up the car .. which is bittersweet.. i really really will hate to get rid of it.. but we are landscapers at the moment if we can barely afford it now when winter comes we'll be screwed again.

the wife wants to get a classic VW bug .. anyone know what they get for gas mileage?

there are a few around here for $2k or less

[silaypalmer13]

I like the idea of everyone giving a dollar, that would take care of 3 months payments! Post up a paypal address, i'd chip in if others were interested, Trust me, i went through this a couple of years back, its ALWAYS best to find a way to get by, Most of us hate charity, but sometimes you gotta remember that you've helped others in the past, and just accept it like they did. Think about the paypal thing, see if anyone else would help out.

[TinyGiant]

i'll think it over.. even if we get through the summer months on the car the winter months might still be shaky if we keep the car.. but by then maybe my screen printing biz will blossom :)

i hate being a charity case.. i understand that .. but i dont want to be prideful either.. arrogance and pride doesnt get anyone anywhere.

the church offered to help out and did .. when we get back on our feet I plan to help out someone who is in a simular situation..

the church also just happened to need a landscaper to do the lawn 2 times a month at $100 a mow :) so they offered that to me and i took it without a second guess..
so really that is half of the car payment/ins right there :)

its surely nice to see a light at the end of the tunnel.. i cant wait to be on track with the mortgage this month and apply for the obama make homes affordable plan.. i think that probably will drop our interest rate to next to nothing and drop the complete payment almost in half. which would be amazing and enable us to start wacking down the CC stuff we have built up.

lol we were 100% debt free 4 years ago when we got married. I hope to be there again soon :)

thanks again for all the advice and encouragement guys.. lol thinking today about losing the car made me prematurely miss the forum :)

ill keep you guys posted :)

[1NZYaris1]

I like the idea of everyone giving a dollar, that would take care of 3 months payments! Post up a paypal address, i'd chip in if others were interested, Trust me, i went through this a couple of years back, its ALWAYS best to find a way to get by, Most of us hate charity, but sometimes you gotta remember that you've helped others in the past, and just accept it like they did. Think about the paypal thing, see if anyone else would help out.

Do what i did , buy some of his Yarisworld Patches , and put a few extra $$$ on top to help him out :thumbup:
Sorry Chris, but if you need help and we can help you, you have to except :biggrin:

Here's the link http://www.yarisworld.com/forums/showthread.php?t=15180&highlight=Yaris+patch
order up and support an awsome member in need of help.

or if you want his paypal address PM me

[firemachine69]

If you come to realize that you weren't financially prepared for a mortgage, no matter the outcome dude, YOU'RE the one coming out ahead!


Fact is, that three months set aside stuff ain't a joke, as you've just discovered. Don't worry, I just staved off total bankruptcy not too long ago.



had 6 people off craigslist interested in picking up the car .. which is bittersweet.. i really really will hate to get rid of it.. but we are landscapers at the moment if we can barely afford it now when winter comes we'll be screwed again.

the wife wants to get a classic VW bug .. anyone know what they get for gas mileage?

there are a few around here for $2k or less



Fun toys, VERY bad idea as a DD.

[nimith]

Play poker with the credit company. Have a conversation like this:I am trying not to take the advice of my lawyer and file for bankrupcty, do you have other ideas. They want no part of bankrupcty. Just the talk of a Chapter 13 can buy you alot of time.

[hatchbackkid82]

Come on everyone, every lil' bit helps. You spend more that that on a pack of gum. It's all about helping somone else out. If anyone's been down this road before you know how tough it can be. A dollar isn't going to break the bank and it will be helping a YW member out:thumbsup:.

I like the idea of everyone giving a dollar, that would take care of 3 months payments! Post up a paypal address, i'd chip in if others were interested, Trust me, i went through this a couple of years back, its ALWAYS best to find a way to get by, Most of us hate charity, but sometimes you gotta remember that you've helped others in the past, and just accept it like they did. Think about the paypal thing, see if anyone else would help out.

[TinyGiant]

do this.

i have a bunch of yaris world patches that i made up..

there is a thread in the for sale section.

if you want to help out :) buy some of those :) that way your getting something out of it ..

i dont want to solicit help really ..lol i feel bad.. so if you want to help buying the patches can help :)

Or i can do some more yaris world shirts too :) that way you get something out of it and i work a little for it :)

our church is awesome .. not only did they help us out a with the missed mortgage payment.. the pastor had us do his yard cleanup the other day and gave us $150 for that and they offered the lawn mowing job for the church to us which is $200 a month .it was really a blessing for sure.

thanks again for the kids words guys youre awesome. such a great community

[JustFrozen]

You have a $1600 mortgage?!? Wow. I thought my $850/mo was bad! Now since I lost my job, I sold the house and rent another house with a roommate for $375/mo. Really sucks. I had my house for 5 years!

A $1600 mortgage here will get you a 1 bedroom condo in a not-so-average (scary) neighborhood.

Interesting story, could be a good lesson for others, including myself.

[TinyGiant]

we have a 4 bedroom colonial (built in 1881) 1528sqft

hardwood floors decks on front and back of the house in down town (but not the bad down town ) ..more uptown

now that we are current on the mortgage (or wil lbe friday ) i get to apply for the obama plan.. i hope tobe down in the 800 a month range soon.. they cant charge us more that 33% of our income now with that plan.. so if we qualify. which we will .. it should chop our mortgage in half .. i hope :) which will make our load alot easier .. and we'll be able to pay for the car no problem and the credit card bills :)

[Twistoffate0817]

Sorry that you are going through a rough time, hopefully everything works out.

[TinyGiant]

well i have some good news :) For thos who were in this thread . I finally got to get my obama home affordable loan modification processed today. They cut my mortgage payment from $1550 down to $843 :) they said for the next three months they will have it set at that (which gives them time to process the loan modification and get things rolling..i hear they are quite overwhelmed these days because of this program) and in october they will do the final modification which may go up or down but they said my monthly mortgage payment shouldnt be any more than $1000 which is still $550 lower than it was. They must be cutting my interest rate down like crazy. Its at 6.75 right now I have heard of them going as low as 2% which is awesome. They also have to keep me in this plan for a min of 5years at whatever the decide. I'm stoked. this is going to make life soooo much easier and i'll be able to keep the yaris :)

thanks again for everyone who help and kept us in their thoughts and prayers :)

[41magmag41]

Just a suggestion, see a lawyer about personal bankrupcy. You can go through a chapter 13 and keep everything but make reduced payments and in 3 to 5 years anything not paid off will be discharged. That will allow you to keep your house and car as the bankrupcy court gives more weight to those items that are secured than the unsecured credit cards. Just one option to think about.

[Phaeton]

Whatever happened to personal accountability?




Just a suggestion, see a lawyer about personal bankrupcy. You can go through a chapter 13 and keep everything but make reduced payments and in 3 to 5 years anything not paid off will be discharged. That will allow you to keep your house and car as the bankrupcy court gives more weight to those items that are secured than the unsecured credit cards. Just one option to think about.

[TinyGiant]

Whatever happened to personal accountability?

agreed. i'm not a dirtbag who doesnt make good on his debt. America is in the trouble its in because of people who dont have any accountability.

[41magmag41]

It's not a question of accountablility. Thats what the credit card issuers and all want you to think. Think about it, the goverment with Mr. Leftest Omouthy just bailed out, with your tax dollars, all these companies who then payed all their execs big bonuses. Its time the working man had a chance to get out from under his debt. If circumstances come about then sometimes this is an option that's open to him. It was only an option, with the Chapter 13 you repay what you can through the court and the rest is forgiven. With credit card rates and all sometimes this is the only way. Again I offered it as an option not something carved in stone. Be my guest and go with what works for you.

[Tamago]

politics aside..... not even those with stellar credit are getting offers in the mail for new credit cards.. everyone's playing it safe.

[41magmag41]

And just as a point of reference, my wife lost her job in January of this year and I was laid off in April. So I know your pain. And being in our mid 50's it's not easy finding work.

[TinyGiant]

i've closed 2 of my cards to lock in at the 5% they were on so they wont hike the rate and i just continue to pay off the ballance. i'm hoping to maybe when they do my loan modification see if they can roll in my credit cards.. get the mortgage company more money in interest and save me from having 3 bills :) 4 bills actually.

now that the mortgage rate is lower i can probably pay off one of the cards next month :)