Giving up a car before first payment is due

[funcritter]

Thanks coloradomrg, I don't plan on messing this up. Things have to get better from now on.

I also think this whole payment thing was done also because of the mess GM is in. A lost car sale is a huge thing and they insured now that they have their revenue on this car.

[coloradomrg]

GO isn't exactly known for their generousity, so it's safe to say they weren't happy to give up their $$, but it made more sense to get the funding than to let it escape.

Now, make sure that you keep your ducks in a row, you are probably going to be stuck with that new car for atleast a few years, as it sounded like you rolled negative equity into the car. The new car depreciation is horrendous right now, so that on top of the extra $$ financed = you owe more than the car is worth.

We've all done goofy things... myself at the top of the list. I've owned 7 different cars in the last 4 years, with only 3 at one time max. Just make the right choices moving forward and life WILL be better ( A major accident and the BK account for losing 3 of those cars, and one I bought as a beater car that I realized I got myself in over my head and sold as soon as I could lol )

[funcritter]

I'd guess the bank didn't actually fund the loan until the first payment was made. I've heard of this happenning with CU's locally depending on their relationship with the dealer. Which meant the dealership ate a payment out of their profit to make sure they got the check!

NOW.... sell one of your cars and dump that profit into what you are behind with everyone else.

It sure seems like this is what the credit union did. The payment was due on the 13th and the welcome letter was dated the 17th. Today I got the account number info in the mail. Knowing these dates and what you have mentioned makes me 100% postive this is what happened. The dealership ate the payment and they would have contacted me if they expected me to pay them back.

[funcritter]

How are you going to afford it next month?

I'll have no problem paying the car payment in December or in the future. I was only short for the first payment. I also have more than enough now to pay for the license plates which are due this week.

[coloradomrg]

I'd guess the bank didn't actually fund the loan until the first payment was made. I've heard of this happenning with CU's locally depending on their relationship with the dealer. Which meant the dealership ate a payment out of their profit to make sure they got the check!

NOW.... sell one of your cars and dump that profit into what you are behind with everyone else.

[hereforinfo]

How are you going to afford it next month?

[funcritter]

When you bought the car, didn't they make you pay the first payment along with taxes, registration, etc? Could be where the first payment came from.

No first payment, only the down payment and registration.

[fltoo]

When you bought the car, didn't they make you pay the first payment along with taxes, registration, etc? Could be where the first payment came from.

[funcritter]

Wow! They made your payment? Could I have their number, I'll give them my bills too lol. I hope things work out for you on the car - whatever got you into this mess, it's tough! Keep your chin up.

Yeah that surprised me. I started to think something was strange when I got the welcome letter from the credit union that said that my NEXT payment is due on 12/13. I called them up and they told me the dealership paid the first payment!

By the way, if anyone cares, the dealership is Go Chevrolet in Denver Colorado, Boulder Turnpike and Broadway exit. It's where I bought the last six new cars.

[Trixie007]

Wow! They made your payment? Could I have their number, I'll give them my bills too lol. I hope things work out for you on the car - whatever got you into this mess, it's tough! Keep your chin up.

[funcritter]

The dealership paid my first car payment for some strange reason. My financial problems are solved this month because of this and I can now afford to pay for my license plates and so I will be keeping the car! I really wanted to keep it obviously when I bought it, it's just that I was short on cash and so the car would have been the thing to give up.

[allavdj]

Maybe you two need to call each other up or get on AIM or something and hash this out instead of back and forthing on the forums.

[InDebtNeedHelp]

You need more than financial help. AGAIN, I did NOT say that you said anything about "the only reason." I NEVER SAID THAT! Go back and read what you said. Go back and read what I said. Do you even know what you said? Do you even know what I said? MY RESPONSE TO YOU HAS NOTHING TO DO WITH AN ONLY REASON. A few posts above, I quoted you word for word. This is about what you said in that post.

So where do I say that the only reason I wish to give up the car is to make the lender upset?

[funcritter]

So where do I say that the only reason I wish to give up the car is to make the lender upset?

[InDebtNeedHelp]