I like your idea best, but with a credit score like that I don't know if he could get such a big loan, maybe with a co-signer?
Im worried about that as well. In theory, if he could get approved for say $4000 he could sell the car and hopefully cover the differnece of the loan. It would leave him in the hole $4k but the payments would be more manageable. I do not believe he knows anyone whom will consign for the loan either. I was hoping some bank would approve him something since he does have a history of steady employment.
dealer ought to be run out of town. :/
Completely agree, but i know there are probably 20 dealers around there to pick up the slack.
Whats funny is the dealer recommended he surrender the car to them so they dont "have to charge him the repossession fees." I wanted to tell the lady to eat dirt.
But, I say walk away. Don’t pay another penny. Ignore bill collectors. It will be over eventually.
Obviously this would trash his credit score, which in my opinion doesn't really matter. So the real question is, what is the likely hood of him getting sued then having his wages garnished?
I asked the lady at the dealer (he put me on a conference call with her) if he could surrender the car, and perhaps pay $1000 to just be clean and clear from the car beyond that. She of course denied with no counter options. At one point she started recommending he find a cheaper place to live and apply for assistance. You know, get on section 8 housing so we can get our over priced car payments from you.
No one should pay $500 a month for a 11 year old high mileage chevy.