# car loan situation



## CHICKSDIGLONGBALL (Apr 14, 2018)

I have a 2014 ford fusion witb 152k miles on it. i owe about 14k on it with bad interest rate. My question is when it goes, if i buy a new car with cash and do not pay this loan off can they take my new car?


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## Cableguynoe (Feb 14, 2017)

CHICKSDIGLONGBALL said:


> I have a 2014 ford fusion witb 152k miles on it. i owe about 14k on it with bad interest rate. My question is when it goes, if i buy a new car with cash and do not pay this loan off can they take my new car?


No. Two different loans.

They can only take what is theirs. 
They'll repo the fusion and the difference will end up in bankruptcy most likely, if this is your plan.


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## jgiun1 (Oct 16, 2017)

CHICKSDIGLONGBALL said:


> I have a 2014 ford fusion witb 152k miles on it. i owe about 14k on it with bad interest rate. My question is when it goes, if i buy a new car with cash and do not pay this loan off can they take my new car?


OMG... If you were to total wreck that thing (your fault or not)you would be upside down a lot of money with insurance check wrote to bank. How in the heck does a car end up with 142 thousand miles and still 14k owed.....that's not BAD interest rate, you got RAPED!!!

You can buy top of the line 15 Fusion Titanium AWD for $14,000 with 25 k miles .....the 2014 for about $11,000-$12,000 under 40k miles.

If you end keeping the fusion, make sure you add gap insurance or your screwed. If that car was totaled today, I bet your 4-6 grand upside down in your current loan. You'd be making payments to bank plus any new car payments (that's if new bank would even allow you to finance with existing car loan open)

Whatever you do....NEVER EVER throw any negative equity from one car loan to another.


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## RynoHawk (Mar 15, 2017)

CHICKSDIGLONGBALL said:


> I have a 2014 ford fusion witb 152k miles on it. i owe about 14k on it with bad interest rate. My question is when it goes, if i buy a new car with cash and do not pay this loan off can they take my new car?


If you don't pay the loan, they cannot repo another car. What they can do is sue you and obtain a garnishment on your wages if you have a "real" job. You can counter by declaring bankruptcy. Neither choice is good for your credit rating.


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## FormerTaxiDriver♧ (Apr 5, 2018)

RynoHawk said:


> If you don't pay the loan, they cannot repo another car. What they can do is sue you and obtain a garnishment on your wages if you have a "real" job. You can counter by declaring bankruptcy. Neither choice is good for your credit rating.


Are you Dave Ramsey?


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## RynoHawk (Mar 15, 2017)

FormerTaxiDriver♧ said:


> Are you Dave Ramsey?


.....Yes.


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## jgiun1 (Oct 16, 2017)

When bank takes possession, that things going to sell for 7-8 grand tops at auction with those high miles. Your going to have a serious credit impact from that bad move. I bet you'll be left with a bill of 8 grand with fee's and charges (transportation, detailing for auction and auction fee's) along with the negative equity after sale. I wouldn't plan on obtaining a car loan again anytime soon without putting 2/3 down. 

Hope someone steals it and messes it up... It's like two evils, repo upside down 8 grand, your on the hook or total loss insurance and your on the hook 3-5 grand.....ohh man, bad car choice.


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## dirtylee (Sep 2, 2015)

Option A
If you have some cash, like $7k, let them repo that *****. It will end up at a dealer auction, find an independent car dealer that will look for it by vin. They buy it for you for a fee & you own it. Your credit is ****ed though. I had a car that I owed 11k on but sold at auction for 2,300... 

Option B
Drive it harder, use extra money to pay it off.

Side note: if you're poor; dont buy anything but toyota or honda. Sure they aren't cool but your ****ing poor. You need a car that is super reliable, easy to work on & holds it value.


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## jgiun1 (Oct 16, 2017)

dirtylee said:


> Option A
> If you have some cash, like $7k, let them repo that *****. It will end up at a dealer auction, find an independent car dealer that will look for it by vin. They buy it for you for a fee & you own it. Your credit is &%[email protected]!*ed though. I had a car that I owed 11k on but sold at auction for 2,300...
> 
> Option B
> ...


The miles on that Fusion screams BIG LOSS!!!!
I even found a year later 2015 with 10k miles for $1,100 more than OP payoff price.


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## dirtylee (Sep 2, 2015)

jgiun1 said:


> The miles on that Fusion screams BIG LOSS!!!!


He is ****ed. LMAO, a ford fusion on > 10 % apr most likely...


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## jgiun1 (Oct 16, 2017)

dirtylee said:


> He is &%[email protected]!*ed. LMAO, a ford fusion on > 10 % apr most likely...


I bet it was a double penetration...dealer first on price, then a 7 year, high interest loan from bank. I bet salesman got the monthly LUBE award sitting on his desk.


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## dirtylee (Sep 2, 2015)

Even the santander leases were a better deal.  same APR if you did the math but you could walk away


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## jgiun1 (Oct 16, 2017)

dirtylee said:


> Even the santander leases were a better deal.  same APR if you did the math but you could walk away


When you couldn't even insurance fraud your way out if a car, you know you were bent over.


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## CHICKSDIGLONGBALL (Apr 14, 2018)

i know its a bad loan. dont really care about my credit to much. i can afford everything i need in cash.


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## RideshareGentrification (Apr 10, 2018)

get gap coverage and leave it in a sketchy neighborhood with the keys in it . That car won't even get $5k at a dealer auction as it would probably sell for $7500 on a lot and most good dealerships won't want a 2014 Fusion with that many miles to begin with


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## RynoHawk (Mar 15, 2017)

Just drive it until it won't drive anymore. Probably still has some good years left. By then, maybe you can pay off the balance.


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## Aerodrifting (Aug 13, 2017)

RideshareGentrification said:


> get gap coverage and leave it in a sketchy neighborhood with the keys in it . That car won't even get $5k at a dealer auction as it would probably sell for $7500 on a lot and most good dealerships won't want a 2014 Fusion with that many miles to begin with


7500? Try 6000. Right now there is a 2013 Fusion SE with 82,000 miles on Autotrader for 6500, And that one has leather seats, Upgraded stereo and sunroof.


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## RideshareGentrification (Apr 10, 2018)

Aerodrifting said:


> 7500? Try 6000. Right now there is a 2013 Fusion SE with 82,000 miles on Autotrader for 6500, And that one has leather seats, Upgraded stereo and sunroof.


Yeah I was trying to be gentle


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## CHICKSDIGLONGBALL (Apr 14, 2018)

RynoHawk said:


> Just drive it until it won't drive anymore. Probably still has some good years left. By then, maybe you can pay off the balance.


i'm driving 300-500 miles a day. hoping it lasts this year


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## RideshareGentrification (Apr 10, 2018)

CHICKSDIGLONGBALL said:


> i'm driving 300-500 miles a day. hoping it lasts this year


Hopefully you're making $300 to 500 a day


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## bsliv (Mar 1, 2016)

Drive it to TJ and sell it to a chop shop. Then report your car with 40k miles as stolen. (_If this is illegal in your jurisdiction, don't do it._)


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## I_Like_Spam (May 10, 2015)

CHICKSDIGLONGBALL said:


> I have a 2014 ford fusion witb 152k miles on it. i owe about 14k on it with bad interest rate. My question is when it goes, if i buy a new car with cash and do not pay this loan off can they take my new car?


Only if they sue you in court over the money that you beat them on, and they get a court order attaching the new car to force you to pay.

By the time it goes through that system, its likely your new car won't be worth anything if you're ubering with it.

This story shows a real problem that finance companies have with loaning money on ride sharing cars. The collateral isn't enough to secure the loan. Uber found that out and got out of that racket.


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## whiskeyboat (Oct 14, 2017)

If your credit is any good maybe you can get a better rate from a credit card advance.
But here's what you also need to do no matter what:

You need to baby this car and make it last. If you don't have a real job get one, as for rideshare drive as little as possible (surge only!) until you can get this paid off. Then if you still want to do rideshare, use what's left of this car and be wiser about your next one.


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## Stevie The magic Unicorn (Apr 3, 2018)

bsliv said:


> Drive it to TJ and sell it to a chop shop. Then report your car with 40k miles as stolen. (_If this is illegal in your jurisdiction, don't do it._)


That would be insurance fraud... I doubt there is anywhere it's legal.

Unicorn magic Activate!

The only way i have to rectify this situation without the use of time manipulation are the following..

Get gap insurance, then these are your options, i have ranked them in the order i recommend.

A. Get a home equity loan and pay off your car... right fricken now.
B. stop using the car and continue to make payments on it until it's paid off, take $1000 and buy an uber eligible clunker, ect.
C. continue what you are doing and pray your car survives until it's paid off.
D. Bankruptcy when the worst happens.
F. Something illegal that will put you into jail if you get caught.

You used a new car for Ubering and it's on the verge of exploding in your face.

I bought a new car (2010 Sienna van) to use as a taxi and it lasted me 230,000 miles. (3.5 years)
Toyota wouldn't even sell me a 5 year loan... i had to go to the bank and the only financing I could have gotten was a home equity loan, AKA second mortgage. But instead I drained my savings and bought a car with cash.

But i was charging $2.40 a mile and by the time i got to 150,000 miles i had brought in over $150,000 with it. I had completely replenished the savings i had drained and lived off what i had left. The next 80,000 miles was a bonus and had something happened my check would have been near zero from the insurance company. I actually switched to liability only coverage for about 8 months cause a bad scratch could/would have totaled it anyway. Then one day it was sounding hinky and took it to the shop, $4,000 repair bill to rebuild the engine. Haha... yeah drag it outside and call for a wrecker...

That's another bad choice you may find yourself in if you blow the engine.

No banker will sell you a car loan for a taxi, with the car as collateral and this is why. At the end of the day if something happens... your in a hole of your own creation. Simple arithmetic and a few hours googling and you can see how fast your car is going to hit 200,000 miles and how close you are to paying it off, and how fast you are bleeding value.

If I was a banker, i wouldn't give you a loan for a new car either, unless you miraculously pay the car off.


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## Ride Nights & Weekends (Jan 5, 2018)

CHICKSDIGLONGBALL said:


> I have a 2014 ford fusion witb 152k miles on it. i owe about 14k on it with bad interest rate. My question is when it goes, if i buy a new car with cash and do not pay this loan off can they take my new car?


Bad rate equals bad credit. 5hey won't loan you the cash for a new car.


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