Search SEARCH

Upside down in vehicle that is falling apart!?

I have a loan on a 2002 Ford Escape that I financed in 2009 through CNAC, which is the in house bank that finances cars for JD Byrider. Yup, a program that inflates car prices and jacks up the interest rate. 23% to be exact. I put $100 down.  Are you nauseous yet? I was desperate. I owe $6,700 and the car is is bad shape.  I bought into the JD Byrider program nearly 3 years ago because my first financed car was repossesed after losing my job.  The reverse went out in December and recently the rusted bracing for the gas tank broke. To top it all off, this morning the car stopped working. My boyfriend suspects it is the alternator. oh, and my inspection sticker expires in 4 days. My credit score is still only at about a 550 average, so trading the car in towards a new car isn't an option. Plus, I'd just be upside down. I can't fathom the thought of letting the car go so that I can save up to buy a "beater"outright,plus I need a car to get back and forth to work. Help! Not sure if I am replying properly, but in answer to BD's question- yes, they have reported positive credit monthly and it has boosted my credit. Sadly, I destroyed my credit when I was only 20, so by the time I bought this car at 23, my credit had depleted to a pathetic 300. So, the program has definitely helped to improve my score by reporting positive payments every month. However, with all my negative marks, this is probably as good as it's gonna get until the other stuff is paid off. In the meantime, I need reliable transportation to get to work so I can afford to pay off the debts. Just trying to avoid giving up the car when I have worked so hard to build my credit. Im sortve stuck between a rock and a hard place.

Asked By: - 9/26/2011
Best Answer - Chosen by Asker
Sometimes you are better off cutting your loses. I am not sure how long you have had the vehicle was it inspect able when you bought it, just because the sticker was there does not mean it was really inspect able. Contact your state motor vehicle department if they feel the car was unfit or full disclosure was not... More
Answered By: Calvin C - 9/26/2011
Additional Answers (1)
This is typical of most buy here/pay here dealers. The crappy vehicle was overpriced and you are stuck. If you allow the vehicle to be repo'd, it could end up on your credit report -- I assume the dealer doesn't report your loan/payments to the credit bureaus. But will probably turn the debt to a collection... More
Source(s):
Answered By: bdancer222 - 9/26/2011
 
Sponsored results
Over 483 Local Jobs Now Hiring In Your Area. $18-$87/Hr - Apply Today!
Jobs.Quick-com
Click. Search. Apply. Free!
www.JobDiagnosis.com
Jobs hiring near your local area. Part-time, Full-time, Work at home.
www.HiringLocally.com
Get Your Degree Online Sooner than You Think. Financial Aid Options
Degree-Accredited.com/Degree

Other Career Questions

What is your current job? Why did you choose this job? What do you enjoy about your job? What do you dislike about your job? What would be your perfect job? Would you rather have this j...
3 answers - Asked By: drop pants not bombs!.♥ - 3/2/2010
Where are the jobs? Is productivity and globalization creating a permanent “recession” of jobs? My main issue is I am doing a paper for school and have no idea where to begin. I was hoping suggestions...
4 answers - Asked By: bayebd24【ツ】 - 11/21/2007
Hi ok im 19 and about to start college to do an acess course into a university. Ive been browsing through all the courses and im tottaly stuck! I thought politics but im scared ill end up with some r...
1 answers - Asked By: roseparkerly - 1/26/2009

Content is not owned or controlled by Monster. Any content concerns should be addressed with Yahoo!
Yahoo! Does not evaluate or guarantee the accuracy of any Yahoo! Answers content. Yahoo! Disclaimer.

Popular Articles

Best-Paying Work-from-Home Jobs Article Rating
It’s easier than ever to work from home. Of course, not every job is a mobile job, and some companies aren’t interested in having their employees work from home.
2013 Marketing Jobs Outlook Article Rating
The US may be facing another year of anemic hiring overall, but that won't be the case in the high-orbit world of multichannel, digital media marketing.
For Employers: Post Jobs | Search Resumes | Advertise
About Monster | Work for Monster | Advertise with Us | AdChoices | Partner with Us | Investor Relations | Social Media
Terms of Use | Privacy Center | Accessibility Center | Help | Security | Contact Us | Sitemap | Mobile
©2014 Monster - All Rights Reserved U.S. Patents No. 5,832,497; 7,599,930 B1; 7,827,125 and 7,836,060 MWW - Looking for Monster Cable? - V: 2014.1.40.24-210
eTrustLogo