This guy is giving actual helpful and accurate advice, which is rare on KZitem.
@Dannysphotography
Жыл бұрын
lol
@ayyyejesterdazed
2 ай бұрын
I wasn’t able to convince them to undo the charge off. “Voluntarily” dropped it off at the bank today and made sure to show everyone at the bank the utmost respect. They wrote a decent note on the paperwork about me falling behind on payments. I don’t plan on paying them another dime and will instead see if they take it to court. I have plenty of evidence to prove that the dealership created a predatory loan and that this short range EV cost me my initial job and several others because the estimated range is no where close to the actual range. I was even the victim of a hit and run in a rental car because the EV was inoperable for 2 months. I fell behind on payments because of having to pay out of pocket for the rental and having to quit yet another job because of the intense pain I was in from being rear ended at a stoplight by an SUV going 45 mph. ALWAYS document your journey. Not just with auto loans but also toxic work places💯 oh and they technically can’t garnish my wages because I do DoorDash full time now and am not considered an employee😉
@DavidGonzalez-et2ce
10 ай бұрын
This video aged very well everything is getting very expensive and alot of people are suffering right now but there’s always an alternative
@deesantana1908
2 жыл бұрын
I watched this 5 minutes before surrendering my vehicle. Thank you. Saved me lots of money
@isaacsangels7235
2 жыл бұрын
Think I need to, what did it do to your credit
@deesantana1908
2 жыл бұрын
@@isaacsangels7235 so i ended up surrendering it back to the bank. They sold it at a auction for nearly what i bought it for. It brought down my credit score but not by much. I only owe a couple grand left on the car. Do what is best for your situation. Things happen. Its better than keeping a car you cant afford.
@Eastsidee817
2 жыл бұрын
@@deesantana1908 are u paying the remaining balance? I’m in the same position but don’t want to just want to volentary surrender
@deesantana1908
2 жыл бұрын
@@Eastsidee817 i owe $3k compared to owing $26k. Totally worth it.
@kevingalarza80
2 жыл бұрын
How many points did it bring down your credit score ?
@wanderlustoceans8205
2 жыл бұрын
I actually voluntary surrendered my car was best thing ever despise it messed up my credit score for 3 months, paid off the 19K loan I only own $1k finish paying it off and my credit score went back up fast but it could be different situation for everyone also... Buy cars from private sellers not dealership, dealership are terrible!
@SoulSimple95
2 жыл бұрын
So you have the car back and still had to pay the 19k?
@wanderlustoceans8205
2 жыл бұрын
@@SoulSimple95 i had a car that costed $19k and I voluntary surrender it of course I made it clean and waxed also fix minor issues that it had, someone bought it in auction for the price at $18k and I still own the $1k since it was $19k in total with that I paid the $1k left of the loan and the loan got completely paid off, it did damage my credit but then it got fixed within 3 months so basically it was worth it! Loan paid off, and credit is in good score, Though I got lucky someone bought it for $18k because its an auction bidding system someone could had paid it for $10k and still i would had own $9k so I got lucky, OR someone could had paid $22k for it and that would give me $3,000 for my pocket. So it depends!
@SoulSimple95
2 жыл бұрын
@@wanderlustoceans8205 thank you for responding! Yes. Dealerships are total scams. I need to get rid of my car but I'm afraid I won't be as lucky. Nor do I want to do so much damage to my credit. But it's nice to hear a positive outcome. Gives me hope.
@LibraChick43
2 жыл бұрын
I got lucky as well thank God....My car was repossessed in February, and I owed over 16,000 dollars on that car! It was sold at auction and the deficiency balance was only $410.00 my portion to pay! I'm so happy but not having a car is hell for me right now considering I don't have the money to get another one! Public transportation doesn't run very well where I live, so I'm in a rough situation without a car! Glad the car loan is off my back though, bittersweet I must say! I won't ever get a car from a dealership again! Nothing but scammers! I'm glad your situation worked out well for you as it did for me! Blessed, we are! Best wishes and stay safe out there!!!!!
@ltmltm4945
Жыл бұрын
@@wanderlustoceans8205 what if I don’t want to payback anything. I just want my car reposed and not pay absolutely nothing back.
@jerrynavarro2404
3 жыл бұрын
Thats why I purchase my cars from a private seller. I never ever EVER bought a car from a dealership , because it all a scam !
@brcleaningcompany2566
3 жыл бұрын
Not only that,, but if you are ever in a jam, you can get a loan using your car title as a collateral... i also buy my cars right out.💪🏽
@scottr2706
2 жыл бұрын
Oh please, buying from a dealership is not a scam. It is just a business deal, no different than buying from a private seller. Of course you will likely pay more buying a used vehicle from a dealer than you will pay if you purchase from a private party. Whether you buy from a dealer or from a private party you either pay cash or finance. If you finance, regardless of where you purchase, the financing company (not the dealer unless it is a BHPH dealer (which is a scam)) is responsible for collection on the loan.
@bionicwoman9884
Жыл бұрын
whatever I bought three from a dealership use common sense you'll be fine
@Tay234.
Жыл бұрын
Private sellers can scam u too
@michaelsuzio4268
Жыл бұрын
Buying from a dealership isn't that bad I got my last car zero down (2019 civic) had a 2013 Camry too got a $1500 cash back rebate on it... there was a smart car in between them for it for just $4500 drove it from 68k miles to 200k
@sal5440
2 жыл бұрын
This is harder than just selling the car and covering the remainder. The paperwork for selling a car is the cars title, and the title is held by lender who's name is on the title. Since your name is not on the title you would need to call the lender and inform them that you want to perform this transaction and if they want to they can setup an agreement. It's not very common for a lender to agree to this, but it is possible. Never buy a car without a title in hand.
@PEACHFACE24
3 жыл бұрын
My stomach hurts because I’m just now finding this video and was in this very situation and was considering a repossession. I didn’t. I found someone to take over the note , but I paid the note late earlier this year out of frustration and confusion. It dropped my score 75 points. I have done so much hard work to get so close to a 700 credit score only to be knocked down again. It’s so frustrating, stressful and it just hurts honestly. Now, the person can’t handle the note either so I’m back to square one.
@tierajohnson1556
Жыл бұрын
So paying off your car dropped your score?
@RRASHAD1k
Жыл бұрын
@@tierajohnson1556no not paying it off but the fact she waited to pay it cuz she was confused on what to do , her payment was late and that’s not good for Antoine’s credit score
@sempert197
Жыл бұрын
If I were you I would send the company that reported your late payment a letter stating they are violating your right to privacy under Gramm-Leach-Bliley Act 15 USC 1692 (a). Read 15 USC 1681a(2)A section i, ii, and iii it will tell you what is excluded from your credit report. It specifically says transaction history and experiences MUST BE EXCLUDED from your credit report. A late fee is a transaction history.
@ksuddith
Жыл бұрын
I searched and searched and searched for a video like this. Thanks sooo much
@diegobautista19
2 жыл бұрын
It's not that I can't pay the car; it's that the car broke down on me, and it'll cost me more to fix it than what it's worth. So what do I do now?
@DiamondEdwards
2 жыл бұрын
Get it paid off and stop financing vehicles. I would also get multiples estimates for the repair because it’s better if you can get it fixed and keep it while you are paying it off. The other option involves ruining you credit and sending your years getting back on track.
@ralfyboi317
Жыл бұрын
My situations is tricky. I have a 2017 civic si. Got into an accident that brought the car worth to 13k is the best offer I got. I owe 23k on it. I don’t have the extra money to pay that difference. Credit is too low to get a loan. So that options out for me. I live in CT and the economy over here just ain’t it. Rent prices sky rocketed, Eversource (electric supplier) doubled their rates, literally everything went up. Got another kid on the way so my back is up against the wall. 1,750 I pay for rent. 565$ car payment. Over 200$ for insurance. Paying 800$ for a car. Before everything up I was able to afford it but the economy is trash rn.
@Afmchristianministry
2 жыл бұрын
Not if you file a chapter 7 Bankruptcy, the balance of the car loan will no longer be your responsibility and the dealership will lose the $26,000, that does not include all of the fees the dealer would have to use to fix and repairs on that vehicle, by the time they repo your car and the amount they pay for everything just to sell in for $11000 they won't even want the car anymore, I just finished doing a Chapter 7 and now Ford no longer wants the car it's a 2017 and no longer has any depreciation.
@stevenrodriguez9655
2 жыл бұрын
I’m a little confused by this
@Afmchristianministry
2 жыл бұрын
@@stevenrodriguez9655 If you are in a financial situation where you cannot afford the rest of the car loan if you file for bankruptcy chapter 7 ALL expenses that the bank or lender tries to charge you with will be discharged, meaning you will not owe them that balance and those lenders will have to figure out where they will get that money from to cover those costs. I did it in 2017 and it was the best decision. It's better to have a bankruptcy on your credit score than repossession and breach of contract. At least with a bankruptcy on your credit score, you will still be approved for loans and credit cards, with a repossession you will be denied loans and credit cards every time you apply.
@five18audio
2 жыл бұрын
@@Afmchristianministry how do I apply for chapter 7
@stevenrodriguez9655
2 жыл бұрын
@@Afmchristianministry This sounds like it might be my best option. Unfortunately I can’t afford the car anymore. It’s killing me between payments and terrible MPG. Just not working out… so how can I start this process? I want to get out of this thing ASAP.
@Afmchristianministry
2 жыл бұрын
@@five18audio You need to find an attorney closest to you, they will require work documents, tax documents, if you go to school documents for tuition, they will probably charge you 1 sold fee, I'm in NYC so my attorney charged me $1200 but allowed me to pay in small amounts until I was able to collect the $1200, they are very very helpful. If you have any other debts or bills you owe you can put every bill you owe into chapter 7 and no longer owe anyone, start over again, the best feeling in the world. And after 1 month after your discharge, even with a bankruptcy on your credit score, your score will increase immediately and you will begin to receive credit card offers.
@jfreedom4290
3 жыл бұрын
Lol goes as long as you can go drive free .. your credit is shot have a back up car in meantime after repo your in trouble . Just file either chapter 7 or 13 and you will not have to pay the stupid thievery deficit balance . Your credit will bounce back 2 years after bk simple as that . Don’t pay the note if your already strapped up . Fresh start bk ! Or 7 years with stupid issues fighting a loan with a car you don’t have . Best thing pay cash for cars never take out loans ....
@MaseJr-
2 жыл бұрын
a little too late for me i surrendered my car not knowing what the consequences were and my credit score dropped 149 points, very depressing and i don't know what to do or where to go from here. im 19 and i may have just made a mistake that ill be recoving from for years.
@kendellleo7149
2 жыл бұрын
Me too we got this hopefully it gets better for us
@RoseMon3yy
Жыл бұрын
I totally understand that! Get a good paying job, maybe government or with the airports. They pay great so you’ll be able to finish ur your life back in order…everything is a learning experience
@YoungVon33
Жыл бұрын
It’ll get better please stay strong
@ltmltm4945
Жыл бұрын
Omg chill you’re so young it’s not the end of the worldn
@Killerqueen-oi7si
Жыл бұрын
Don’t give up you can come back from this anything is possible. Research ways to help your situation I wish you the best. I’m in the same boat as you I feel very overwhelmed wish I never bought it in the first place tbh.
@Omar-Type271
6 ай бұрын
Is he still doing videos? This information was gold back then not sure if some things have changed ever since. I really learned from just this short video. Outstanding.
@scottmatthews6889
4 ай бұрын
I need to do something. I emotionally purchased a dodge challenger, and the dealership screwed me over. Not only did they not tell me what they were buying my car for that i traded in, but they ended up charging me 40k for a car that was only worth 27k at the time. I currently have the loan down to 30k, but currently, the car is only worth 20k-23k.
@renattapage6147
4 ай бұрын
Same boat I’m in Smfh
@realRayFinkle
2 жыл бұрын
In the state of Utah for a title loan, if they take possession of the car it negates the entire balance due, including interest.
@DiamondEdwards
2 жыл бұрын
Thanks for sharing. What if the car is worth more than the balance of the loan do you get a refund for the difference or just eat it? Example: Car is worth $9k but you are behind on a $5k title loan and they repo the car? Do you get the difference or did you just pay $9k for a $5k loan?
@realRayFinkle
2 жыл бұрын
@@DiamondEdwards Utah state law requires itemized accounting of the sale and any excess amount over what you owed must be given back to you. Sounds nice, but most likely it would get low balled down to what you owe. But you never know, there could be ethical loan sharks out there lol.
@stevefromny92
4 ай бұрын
Things like this is what parents suppose to teach their children to prep them against scams like dealerships
@justinkeen6084
9 ай бұрын
I voluntarily gave up a cheap Cherokee latitude.I still got charged towing fee. Plus the difference on the car. But one thing I could not figure out as I had coverage And nobody Has a track of it.
@GhostFaceGan1
Жыл бұрын
Could just have the car total if you have gap insurance
@Erniepotts
2 жыл бұрын
I told my finance company I can make current on my payments in two weeks and they’re suggested I return the car. They made it seem like I just give it back and can get my car back in two weeks. That don’t sound right.
@nickawilliams5175
2 жыл бұрын
Finance will not give you any money back
@scottr2706
2 жыл бұрын
It depends on the finance company. Finance companies do not want to take back a vehicle. They are not in the business of selling cars. Most legitimate finance companies will work with the debtor to allow the debtor to retain the vehicle and become current on the loan. Your situation seems a bit dubious. It makes little sense for the finance company to ask you to return the vehicle if they are confident you can become current is two weeks. But perhaps the finance company is being honest and wants to get their hands on the vehicle in case you do not become current on your payments. Of course, if you are late on your payments, the finance company is not obligated to refrain from repossessing the vehicle nor allowing you to retain the vehicle for any period of time. In this case, you have no options other than returning the vehicle if the finance company initiates a repossession.
@alltruthmatters4395
3 жыл бұрын
This message brought to you by Bank of Anerica
@DiamondEdwards
3 жыл бұрын
Wow, do I sound corporate? Because I'm definitely not!
@JourneyWithPatDavis7311
3 жыл бұрын
Thanks for sharing and keeping it real
@DiamondEdwards
3 жыл бұрын
Always!
@jamesmonto9562
Жыл бұрын
💯💯💯
@elincorrejible629
3 ай бұрын
What if I need to relocate because I can't handle the bills plus the car note?
@M0DFATH3R
3 жыл бұрын
I'm in this situation now smh
@sagehashirama9915
3 жыл бұрын
yo i need help im planning on giving bavk the pre owned car i got from a dealership because im paying more than i should how do i do this
@t.ronnyyy3376
2 жыл бұрын
Give me a update on how did it go and what did u do?
@dknowles60
2 ай бұрын
if you can sell it be for the Repo that is great that will not work for most people
@andresprado800
2 ай бұрын
Have a 2023 Silverado almost fully Loade anyone interested I pay rest of Balamce not full Balance
@knives26
3 жыл бұрын
I surrender my car and they never came back to me with any owing money. First nobody will take over your loan as we have diff. interest rates. And selling it privately wont work if your big interest. If the collection called you just set up a low monthly payment plan they will agree with that. Sure its gonna be bad in your credit but it is what it is. 7 yrs in your record just suck it up and if your situation becomes better then just purchase car cash.
@DiamondEdwards
3 жыл бұрын
Sometimes those Buy Here, Pay Here lot's don't come after you because they are in the business of recycling the same cars and they already made their profit by the time you give up and turn it in.
@knives26
3 жыл бұрын
@@DiamondEdwards Exactly my point. If u really need to give up ur car and you know u been paying for few years, chance are they wont go after u it just bad on ur credit.
@brianaslaughter2119
2 жыл бұрын
@@knives26 I live in California and im thinking the same thing this is my second time buying from this lot but they changed management i got the car in may (its been 7 months) i don't want my wages garnished that's what I'm most scared of but I believe this is the best option any advice ??????
@knives26
2 жыл бұрын
@@brianaslaughter2119 if you dont have more solution then surrender then but be advise your credit score would be impacted. That being said, it would free up your wallet but before doing that get a credit card first then rebuild your score from that.
@brianaslaughter2119
2 жыл бұрын
@@knives26 thanks for your advice i really appreciate it!
@djmegahurtz
Жыл бұрын
going thru this right now with my 2021 Hellraisin Charger R/T smh, I already fully own another Charger I shoulda never went after having the latest ughh
@TRAUMAGAMINGINC
Жыл бұрын
In the same boat bruh owe 4K but got it parked MIA to take the repo off but yea
@ahviedinero
4 ай бұрын
If they put shit in collections you don’t have to pay it just sent a verification of debt letter and if you do it correctly they will take the collections off your record
@ElDuffman
21 күн бұрын
What if your vehicle is basically a lemon (and no longer on warranty)? My girlfriend’s vehicle keeps messing up every month and she’s thought about surrendering it.
@tdg6395
7 ай бұрын
I was sold a lemon, called a lemon law lawyer and they can not help me. Car keeps breaking down and I still owe 18,000. I just think it’s wrong these car places can do this to you. I’m stressed don’t know what to do. I’m literally up at 3am trying to find a better and easier solution.
@peppaminttea
4 жыл бұрын
Oh snap 1k subs congratulations!!!
@DiamondEdwards
4 жыл бұрын
I know right! I’ll never forget my Day 1’s!!! 🙏
@peppaminttea
4 жыл бұрын
@@DiamondEdwards You better not! 😂 Excellent content as usual! I don't plan to surrender any vehicles but I watch anyway to gain more knowledge. Thank you Diamond!
@DiamondEdwards
4 жыл бұрын
@Peppamint Tea Thank you for that. By mid July, I plan to start speaking more on investing. That is were it literally PAYS to learn. What type of content would like to see on this channel?
@hongceequan1030
Жыл бұрын
I used a car loan from a credit union had them on the phone with the dealership and I closed the deal on the car I had the car for 2 and a half months and I called them to find out about my first car payment and they told me I don’t have to loan with them.
@R-BURQUENO
11 ай бұрын
I like how easy these finance guru's make it sound. It's not that easy to sell a car for what Kelley Blue book says it's worth. Good luck finding somebody to pay it.
@DiamondEdwards
11 ай бұрын
I agree with you and nothing about getting from under a car loan is easy. Getting book value will take time! You also have to check other source to ensure KBB is accurate. Last thing is be sure you looking at private value NOT retail! It took me 4 months to sell my GSXR-750 but I got every penny I asked for and it was a hassle. I was about ready to just keep it!
@kimberlywood7783
Жыл бұрын
Of course I hadnt considered a personal loan. Do bankers as a bunch of personal questions about what you're doing with it
@WW-yd4yj
2 жыл бұрын
What to do if the truck will cost 10k to fix and it was written off by bank but collectors have full judgment of 54k and it is only worth 39k if it was operational
@DiamondEdwards
2 жыл бұрын
In general collectors buy debt in bulk for pennies on the dollar. Once I had some cash I would attempt to settle for pennies on the dollar. Also, 10k to fix what happen did a engine blow up on a diesel truck?
@CarolinaBoyTV
2 жыл бұрын
I did this cuz they wouldn't take my money out on the day I get paid . I been doing 400 here and 600 there and couldn't afford insurance
@EBAKAFAME15
7 ай бұрын
Been thinking about taking my car back 😭 They scammed me so bad. I’m paying too much money on it. I’ve only had it for 4 months 🤦🏾♂️
@adamatt2001
3 жыл бұрын
That’s a huge help, thank you!
@DiamondEdwards
3 жыл бұрын
Glad it helped!
@lilliangarcia5984
Жыл бұрын
If I surrender my car 🚗 the balance can it goes to bankruptcy court ???? I’m screwed big time !
@drj-pi9ob
3 жыл бұрын
What happens if you still have the car and there trying to sue you for the balance owed?
@caylee3277
2 жыл бұрын
Did this happen to you?
@lindadurbin9067
5 күн бұрын
Thanks but that really didn't help
@blackpeach5
2 жыл бұрын
So I gave my car back to the bank because the state said I had to as I could not get the title in my name. After asking the bank for help with this they couldn't/ wouldn't help. So even after turning it in I still made payments they then turned it to my credit when I told them they had no right they said 🤷 we can't take it back off so no need to talk about it. I advised them that if I had the title I would have sold it for 2 times the amount they sold it for. So lost
@lasers33
3 жыл бұрын
I was in a desperate moment where my paid for vehicle got totaled and it was the other person's fault but I couldn't get a rental so I ended up getting into a car loan which I am about $8,000 upside down and my payments are over 500 a month and my insurance is almost the same which is a really big burden on me right now I'm thinking about voluntary surrendering my car
@DiamondEdwards
3 жыл бұрын
I understand and if the dealer (usually buy here, pay here) will take the car back without coming after you for the difference it may be an option. (Get it in writing) Another wise a voluntarily surrender usually ends up causing more problems than it solves. Check out my other videos and hopefully one of them will help you come up with a game plan. Thanks for being part of this community.
@lasers33
3 жыл бұрын
@@DiamondEdwards thanks
@lasers33
3 жыл бұрын
@@DiamondEdwards I have a 21.9%apr loan from santander consumer USA bank
@DiamondEdwards
3 жыл бұрын
Enough said those people specialize in "helping" people with no credit or bad credit. Check your paperwork because you may have a prepayment penalty or other fees and if your credit score has improve you could try to refi but what I would do is download about 5 gig apps and go to work 18 hours a day until I got these people out of my life and NEVER do business with someone who specialize in "no credit/bad credit" dealer. This is subprime market that is designed to take from those who need the most.
@tvbuu
3 жыл бұрын
Yup I completely understand and these bank mfs do not care because it's their job
@user-nn7uy3ri3j
6 ай бұрын
They sell it at whole sale always knowing they still get you for balance owed on original contract
@rodbars
Жыл бұрын
I wish I didn't get a car from the dealership and researched before I signed I fucked myself now I bought a car that's worth 25k for 48k
@Wiretalker
11 ай бұрын
I contacted the manufacturer lender of my vehicle in June. I told them I have been sick. I have not been able to work a regular job. They made me say a phrase exactly as they told me to say it to relinquish my vehicle. I am paying insurance and not driven the jeep. For three months they have ignored the relinquishment and keep doing collections calls. I’m sick I don’t have but one avenue to pay this off a live video letting it rot or subscribers saying save it and drive it when you can. They sold me the vehicle upside down on value 20k there is no option that will get me out of this. I’m sick and drowning in debt. Too sick really to do much about it. Maybe I will get lucky and die instead of having to wonder if they will even repossess it.
@jin2135
4 ай бұрын
rip brother
@chevytyler312
11 ай бұрын
Voluntary surrender still shows as a repossession on your credit makes no difference
@CDLMoney
Жыл бұрын
I got sold a lemon and I owe 19,000 my car can’t drive anymore so I’m doing a voluntary repo and after this I’m only paying cash for my cars like the old school niggas do.
@kjthomas4553
Жыл бұрын
Ong big facts
@rizzleriz4457
2 жыл бұрын
Here's a thumbs 👍 up boss. Nice vid. I thought once the lender disposes the asset below their owed amount the outstanding amount was "written off' as a loss and they wouldn't hound the borrower for the balance 🤔 ...
@thevillakhalifashow3109
11 ай бұрын
I bought a car from carvana and two months later my engine went out… now I’m thinking of volunteering surrendering. It
@DiamondEdwards
11 ай бұрын
They are most likely going to come after you for the difference. Check all of your options.
@austinmahone6322
Жыл бұрын
So how do i even sale a car i dont have the title too? Also the credit union my car was finance doesnt do refinancing. My credit was at the lowest when i purchase the car and its still at the lowest so loaning from a bank is not an option either. My only guess is to have it repo, wait a year and try to buy a car with 20% downpayment.
@DiamondEdwards
Жыл бұрын
With a bill of sale, use proceeds from sale to pay off the loan and once the title is recieved send it the buyer. It's a proceed and most private buyer don't want to deal with it which is why so many people trade their car with a loan. It's just easier but you get less for the car. If it get repo'd I would just buy a cash car and focus getting my finanical life in order before I worry about getting another car loan. Check some of my other video's.
@JayCProps787
8 ай бұрын
What happens if you want pay the car off if your on repo status ?
@Mr.ML2024
2 жыл бұрын
I think it's better if I traid it in
@DiamondEdwards
2 жыл бұрын
If you can trade in it sure but it makes things worst if you roll a ton of negative equity into a trade. Sell and get a cheap car until you get your feet under you.
@arielsherrill2927
Жыл бұрын
I wished I would have come across this before I surrendered my car. Now the company is trying to serve me papers. Any info would help please and thank you.
@pipercity
Жыл бұрын
What company? And what are they saying?
@mrfada916
Жыл бұрын
Im stuck with my motorcycle and I can’t get rid of it so I’m thinking about filling for bankruptcy
@dogbreathmints
9 ай бұрын
What if you sold it to Camax and they give you 5K less than you owe on the loan but they accept financed vehicles
@williyoko6716
Жыл бұрын
The balance on my 2022 audi Q5 is around $57000,with a 21000 miles on it. I wonder who will wanna buy my car if I don't surrender it...
@DiamondEdwards
Жыл бұрын
The point is if you sale it you can attempt to get top dollar and yes you will have to come up with any difference but if they repo it they will sell it auctions prices and come after you for the difference. If you can get $45k for it then it's easier and less hassle to come up with the $12k than deal with a repo. Lessons will be learned such as NEVER roll negative equity into a loan, NEVER overpay for a car, and NEVER buy a car with zero down. If all options are exhausted then a repo maybe the option it's just a last resort for me.
@williyoko6716
Жыл бұрын
@@DiamondEdwards thanks for replying. In my case I did 3 months payments in one time but my bank reversed the transaction and I never got notified by either the bank or the dealer who provided me with a confirmation number after the payment. Come to realize 3 months later that my account went on default, I feel like I got set up. Right now I just don't know who I'm gonna sell this car to.
@DiamondEdwards
Жыл бұрын
I'm not even going to ask why you didn't notice the payment amount never left your account because it has happened to me before too. The only thing I will say is when you are dealing with banks you have to verify everything because they mess up too. I hope it all works outs just get it online for sale ASAP and see what type of hits you get. Since dealers are still trying to overcharge people you may find a private buyer who doesn't want to be ripped off by the dealer.
@someguyto4675
Жыл бұрын
One thing I learned a good while back. If you dont have the money to buy it then dont buy it.
@xHypherzz
2 жыл бұрын
I just got a suv yesterday and it’s my first time and I changed my mind I wanna take it back and not do it anymore could I do that?
@DiamondEdwards
2 жыл бұрын
It's possible but not likely. Check your state laws, and talk to your dealer. A car is the hardest thing to return. Good Luck!
@how2Headliners
3 жыл бұрын
How does the paper work, work? When u sell the vehicle and pass it over to the purchaser? Plz reply im thinking of selling my car from the dealer because i cannot pay it anymore.
@kaybeelove4982
2 жыл бұрын
Hey Diamond. I really need your help. I have a 2018 Ford Focus. I’ve had it for 3 years and it has 75,000 miles on it. I believed I was sold a lemon but The transmission just went out on it a few days ago. The cost to replace transmission is roughly 3600. (Which I don’t have just laying around) I still owe 11,000 on the car but according to KBB it’s only worth 8800. And I’m assuming that an extra 2000 or more will be deducted because of the transmission not working properly. I can’t continue to make these 400 dollar payments on a car that can’t run properly. What do you suggest I do to get out of this mess?!
@diegobautista19
2 жыл бұрын
I got the same problem right. Now. My engine messed up and I owe 7k to the bank and cost 2,400 to fix but high chance it'll still have problems in the future or won't even start
@Eastsidee817
2 жыл бұрын
What are yall doing
@mindless4mbprinceton
Жыл бұрын
Hi. Im in this same sitaution. 2018 Ford Fusion tho. My head gasket blew out. What did you end up doing? I still owe 12K, my payments are 400 as well. I cant keep paying it... what did you do?
@RRyDaa
Жыл бұрын
@@mindless4mbprincetonsame situation
@scotthickam904
3 жыл бұрын
I have looked at options but I don’t have anyone to take over payments and other things u stated
@DiamondEdwards
3 жыл бұрын
Are you struggling to make the payments? If so, do whatever you can to temporary increase your income, gig services. Get the car up for sale and start speaking with your local credit union to see if they will get you a loan for any upside down amount. It's better to deal with a small loan for a car you don't have than a repo. Let me know if I can help and thanks for watching.
@jacobgallup4018
3 жыл бұрын
@@DiamondEdwards I made the mistake of struggling to make the payments after my divorce (I couldn’t afford it after our finances split) and because of that struggle I wrecked my credit in the process. I’m unable to get even a small loan now to cover the difference. I see surrendering the vehicle and getting everything back under control after that repossession as much best option. But I see many talking about bankruptcy. Is that really a good option for me even if it’s really just the car that is causing my hardship? I always saw bankruptcy as the worst possible choice.
@gafurrzogaj1426
8 ай бұрын
Great information thank you 👍
@erichanson898
2 жыл бұрын
Transmission gave out after 5 months out of the dealership I don't Wana deal wit this micky mouse bs how can I let it go and have no fee I have warranty but I don't trust their fix or that car any more wat can I do
@jhonng694
Жыл бұрын
I got a 2017 c300 with only 25k miles and with all this shit going on abt banks closing and dadada i rather not have it i rather save that money or invest it in something els i can as thinking of surrounding it but i think ima trade it for something cheaper and pay that off instead i mean at the end of the day i still need a car to drive
@DiamondEdwards
Жыл бұрын
Banks closing should not affect your loan status. If you have some positive equity then selling it and buying something cheaper could make sense. If you are upside down, I would run the numbers because my could end up paying more to drive something cheaper.
@lovepeace9101
Жыл бұрын
Purchased a vehicle with Carvana didn't know that the car had a recall on the transmission. Of course the transmission went out and I still owe on the loan. Not sure what to do. Any suggestions?
@patrickstar-iw2dl
Жыл бұрын
What if the car is broken down and no longer be able to drive
@dominiquegreen4553
3 жыл бұрын
What if it’s in house financing
@dadggsCA
8 ай бұрын
Chief, what’s the next option. Hol up don’t end the vid, what’s the next option Chief 💀
@michelleperez6695
2 жыл бұрын
I co signed for someone’s car and he stop making payments how do I get rid of his name?
@DiamondEdwards
2 жыл бұрын
Refinance it into your name will get his name off loan but the title is a different story. Check with your DMV on the title.
@miharuka7408
Жыл бұрын
Hi. What happened to your case? Im going through the same thing please if you could share
@fxxk3664
2 жыл бұрын
This stuff is nasty.. the dealerships are also scummy and just want to have you hooked on some stickers, lame insurance policies.. it’s just awful. The customer isn’t even safe from the car just blowing up into bits.
@jasonborn7858
2 жыл бұрын
I have a car that I bought 2 weeks ago and the motor went out now they saying that I have to volunteer surrender it does that show up on my credit report
@DiamondEdwards
2 жыл бұрын
Typically just but talk to your lender/dealer and get it in writing or it did happen and no one will remember what was said.
@jacquelinejackiedamphier9915
Жыл бұрын
Okay what happens if a used dealership sells you a vehicle that you find out your upside down and there's no way of you getting out of a car that's upside down I had no choice to send it back because they were taking advantage of a disabled.
@popvega9326
3 жыл бұрын
I just went through this.
@DiamondEdwards
3 жыл бұрын
Any advice for someone watching?
@popvega9326
3 жыл бұрын
I surrendered my vehicle, couldn’t afford it anymore. And couldn’t take the vehicle with me . Moved out of the country. KBB said my vehicle was worth 12k and I owed 19k on it. So it went to auction and luckily it sold for 16.5, and I was responsible for the rest adding up to the 19k. I called the bank and they dropped some of the charges. After that I only owed 1,700 set up a payment plan and sold some stocks and 3 days before my first payment was to be made, paid it all off. Now waiting on a payoff letter. I got lucky I guess, key thing is to call and try to get some of those charges knocked off. It helps a lot. I know my credit took a beating but it will build back up.
@DiamondEdwards
3 жыл бұрын
Thanks for sharing! I am glad to hear that you followed the process through until it was 100% resolved. For anyone reading this please do the same if you find yourself in this situation. DO NOT just hand over the keys and walk away. Great Job @Pop Vega and thanks for being part of this community. We can all learn something from you!
@NinetySixLove
3 жыл бұрын
Great video! My situation is a little different. I bought my car a year ago but my transmission just gave out. They don’t make the transmission for my car anymore so even if they do find one, it’ll be more than what the car is worth to put a new transmission in. So I’d love to just sell it for parts. But I still owe $6500 on the vehicle. And I need a new car ASAP! If the car was still operable then I’d just sell it but its not. The car is perfect besides that! I’m not sure what to do. Otherwise I would be paying for a car I can’t use. What should I do?
@MichaelSellers5691
2 жыл бұрын
Make it disappear.
@pablitoperez9109
2 жыл бұрын
If it’s a nice car put it on eBay and be honest. If it’s a nice car or sometinf rare idk too much about cars but a car that they don’t make the transmission for could still have collectible value. There’s a lot of rich collectors on eBay with money to spare who wouldn’t mind fixing the transmission no Mayte the cost, thus taking it off your hands.
@MiracleMommy8759
Жыл бұрын
I'm in the same position my engine completely stopped working and I have to do a surrender.
@nyverone
Жыл бұрын
What if you get another car (financed) and then do the surrender?
@MiracleMommy8759
Жыл бұрын
@@nyverone I did that. I ended up voluntarily surrendering my car and went to get a new car before the repossession hit my credit. I knew if I went looking after then it would be difficult to get a car or the APR would be outrages.
@KatinaLifeCoach4444
3 жыл бұрын
My sister bought a car and when she came home it was way too much they really did a job on her since she just bought it and it hasn't been 24 hours can she return it? By law
@POTFULLOFGREEN
3 жыл бұрын
Nope, buyers remorse doesn't exist anymore. Once it leaves the lot, the car is depreciated and considered 'used'. They will only see it has a trade in at that point. I know from experience.
@agueye44
3 жыл бұрын
Well, I am on that situation too. I decided to return the car the next day but the dealer refused to accept it saying it was a final sell and I refinance it after one year. I am still trying other options but because the car is too expensive for me. I really need a help
@DiamondEdwards
3 жыл бұрын
Best move is pay the loan down equal to the value and sell it privately. Then buy a car for cash until your in a stronger financial position.
@knives26
3 жыл бұрын
@@agueye44 Find a dealer that offers rebates and cash back then trade in your car then use that rebates with that loan. Make sure to look for a new car thats is just basic maybe around 20k or less if possible to trade in. I did 2 repo voluntarily already the last one coz of this stupid pandemic.
@KatinaLifeCoach4444
2 жыл бұрын
@Chauntoria McCray that's okay the information is still good to know and no the dealership does not tell you that however nowadays when you buy online and I'm sure at the dealership it's in the terms and conditions you have to read it but they don't voluntarily tell you that or else she would have done that... Heck back in the early 2000s I sold cars for a while and I didn't know that everybody is not honest and they put things in writing the small print so that and they know people like me don't read all of those that paperwork about 10 pages of paperwork so they do it on purpose however nowadays with buying cars online they make it clear to the point that you have seven days and you can bring a car back thankful for your comment
@Kyle-us6pk
Жыл бұрын
What does one do when they owe 42k on a tesla that needs a minimum 5k repair and 12% interest rate? Selling it I can maybe get 20. I guess a personal loan is possible. Money isn’t a problem, im ahead on payment’s… I just have a new tesla and don’t care for this one anymore
@deejaydennis5864
3 ай бұрын
hey i wanna keep the car but my mom is surrendering it. what can i do?
@aracelitamez2045
Жыл бұрын
I surrender my vehicle 4 years ago and the lender never came for it! What can I do?
@tatesxe
2 жыл бұрын
Thank you so much
@roshglock
Ай бұрын
So your saying that if i volunteerily turn the car in its still seen as a repo?
@tinyblanca37
4 жыл бұрын
Veryyyyyyyyyyyyyyy helpful honestly!!!!!
@DiamondEdwards
4 жыл бұрын
I'm so glad it helped Tiny Bianca! The real question is did I talk you out of it? If you are having issues with your car payments checkout this playlist for some real world tips and tricks: kzitem.info/door/PLdKOWk-Vo99x2A-yIp4I17utR-MwLAykF
@tinyblanca37
4 жыл бұрын
@@DiamondEdwards yeah you did talk me out of it. I think ima sale it to a mechanic for at least 8k and get a used car from him and I'm sure he can flip my car to 12k or 15k easily. My lost his win but also my win cuz I'm not going to mess up my credit
@DiamondEdwards
4 жыл бұрын
SUCCESS! Make that happen and your the MVP! Funny you mention a mechanic, in my latest car buying tips video, tip#4 was learn how to do car repairs yourself and I gave some easy ways to make it happen.
@tinyblanca37
4 жыл бұрын
@@DiamondEdwards well during this covid im not making enough like I use too my car is a great car just has the airbag light on and many dealers don't want to trade it off cuz of that. I bought it off a 2nd hand dealer (my worst mistake) they promised to repair my car at 0 cost and nope they where giving me a bill so I just took my car. Had it for 4 years cant trade it or do anything with it. I want an upgrade
@DiamondEdwards
4 жыл бұрын
@@tinyblanca37 I promise buying cars should not be this complex. Good luck on your upgrade. Let me know if I can help in anyway.
@Yessnyeah1
2 жыл бұрын
Great advice thank you
@kimberlywood7783
Жыл бұрын
Except my debt is 21k on a 7k car at 11% interest.
@kevinduran3891
2 жыл бұрын
Thanks man 🙏🏽
@DiamondEdwards
2 жыл бұрын
No problem 👍
@124kwp
2 жыл бұрын
What if you file chapter 7 bankruptcy after?
@DiamondEdwards
2 жыл бұрын
For the best advise, speak to a bankruptcy lawyer. Thanks for watching!
@user-ut7rw6zt5o
9 ай бұрын
Am in a corner right now 😢I took on a 2018 kia optima at 65,000 miles i put about 40,000 miles I still own 20,000 $ on it I recently lost my job so I had to cut back on expenses and one of them was insurance now my engine went bad and don't have the money fix it , the car is worth 7,000 $ way less then what I own and since I got this car has been a horrible car to me what should I do....😢
@goodluckdaa9190
5 ай бұрын
Any updates and leave your Instagram
@joserecendez5590
2 жыл бұрын
How about if I’m upside down a lot how can I get rid of it if nobody gonna want to pay for it
@DASwealth
2 жыл бұрын
Hey brother, this video is so helpful! But I am not the best with money, i bought my car from a private seller for $1000 dollars in cash. It is currently impounded , if there's nothing i owe besides the impounding fees, does the surrending my vehicle a good idea? the more important thing tho its in the process of being registered in my name because of the failed smog test, and with no trace of owner :(
@ankitpatidar1709
Жыл бұрын
I have a BMW and i owe around 51500$ on it and i am not able to afford it anymore , i am looking to sell it but i am not getting offers more than 42-43k and the bank is asking for 53500$ to get out of the loan and get the title , how will i be able to sell the car if i don’t have the title plus i will not be able to pay the difference . What to do ?
@danielcarranza2018
2 жыл бұрын
Dewd, so you saying if the sale didn't go thru it is a surrender contract of that value. and it is going to be 75 Trillion Dollars when 15 Trillion Dollars turn into 24 Trillion dollars so eventually it will be 75 Trillion Dollars.
@charlottemilburn5588
7 ай бұрын
Hello so what if you have a loan and Tranmission went out and the price is high to fix should you surrender it back ?
@chriscarter9875
Жыл бұрын
New sub here. I’ve got a 2022 highlander i need to let go and this video is helpful. I’ll see if i can get someone to take it from me
@pipercity
Жыл бұрын
What ended up happening?
@phillybred8580
Жыл бұрын
Thank you
@purecountryjacob
2 жыл бұрын
This guy gives good advice but Iv already tried everything he’s stated nothing works I need to get out of this car now
@DiamondEdwards
2 жыл бұрын
Thank you! If all else fails it may be your only option but please ensure you are out of options.
@purecountryjacob
2 жыл бұрын
@@DiamondEdwards what If you made a video of when worst comes to worse and you have to either file chapter 7 bankruptcy or turn it in
@DiamondEdwards
2 жыл бұрын
@@purecountryjacob that’s a good idea. Thanks for the suggestions.
@aleximanon2522
3 жыл бұрын
What would he the best way to find someone to take over payments
@DiamondEdwards
3 жыл бұрын
If it is a lease you can use a service like swap a lease but it is a auto loan then you just have to find someone to buy your car for the loan amount or lease and pay the difference out of pocket.
@soundsofthegreat8288
6 ай бұрын
So my cars engine blew so all these options like selling it , or getting someone to take the payments aren’t a option for me. Any suggestions?
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