Trade-in reposition car

Asked by Jan 15, 2016 at 10:03 PM about the 2009 Honda Fit Sport w/ Nav

Question type: Shopping & Pricing

I'm trying to find a car but also trade in
my repoed car of about 4 months or so,
still with me. Still owe about almost 6k on
it.with about 135661miles.  I have a job
but no work but still I was receiving
income from unemployment. I'm going to
start a new job within these next week or
2. I don't want to put anything down($0
down). No cosigner. Credit score roughly
at 455. I never wanted to miss any
payments because that wasn't my
problem, but it was that I really want to
get rid of this car and didn't care about it
anymore.  under these circumstances I
want to get a loan and start at a good
point again. What are my options?

1 Answer

58,865

In today's economy it's not uncommon for someone to have the financial difficulties that you're having. Your best option is to talk to the bank or finance company and explain your situation and that you are now employed again. Tell them you want to bring the loan current, over time, and continue making the payments. There's a good chance they'll work with you. They really don't want the car, they want the money. If they refuse to work with you let them take the car. Your credit is already ruined and you can't trade in a car that you don't own. When a vehicle is repossessed the lender takes ownership of it. If you try to hide the vehicle or otherwise make it impossible for the lender to get the vehicle you are guilty of grand theft auto. You will be arrested and charged! Without any trade in your only options are a buy here/pay here place or buying something for cash. Remember, you didn't get into this mess overnight so you won't get out of it overnight. Back in the '90s I went through a terrible time financially and it took me 7 years (no bankruptcy involved) to get out of it. This will pass, I've been through it. Good luck to you. HTH. -Jim

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