toyota credit questions

[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]

Originally Posted by 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

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]

Originally Posted by 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.

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]

Originally Posted by 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.

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]

Originally Posted by 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.

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

Here's the link http://www.yarisworld.com/forums/sho...ht=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.

Originally Posted by 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

Fun toys, VERY bad idea as a DD.