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



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 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]

Originally Posted by 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...

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?

[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.