UPSIDEDOWNER THAN BEFORE

What will happen if I can’t pay the $2000 down payment on the car I just bought? I have had the car for a little over two weeks now, it has been financed and I received the monthly statement. I traded in a car that I was upside down on and I just checked and they have paid it off.

I was supposed to pay $500 of the $2000 last week. I didn’t. And I’m supposed to pay the down payment by the 4th of May.

I did not give them post dated checks or anything......
I am worried now I have not heard anything, can they take the car from me even though it’s been financed and the trade in paid off by them???

What will happen..... Please help  need to know so I can get some sleep!


Ana

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Ana,

What you did here is make a bad situation worse. If you were already upside down on your last car [owed more than the car was worth] and you have now agreed to payments that you can’t make, this deal was a total mis-meeting of the minds.  You agreed to payments you could not make and the dealer called nothing down a $2000 down payment - highly questionable judgment on both sides. If I were a judge, with a sense of humor, I would order the car sold and have each of you split the loss.

The fact that the other vehicle was paid off and you received a payment book does not change reality. You agreed to a contract that you can not honor – you are now “upsidedowner” than you were before. The best course of action is to figure out how to pay for this vehicle. If you can borrow money from an equity line, use a credit card or other source of temporary funding – do it. If this car is repossessed you will still owe every penny plus repossession costs. Get a part time job; learn a lesson.

Ordinarily, it takes several missed payments before repossession procedures are initiated. You probably have some time to work things out.

As for sleep…

“Rock-a-bye Ana on the tree top, when the wind blows…”

I hope that helps,

Everybody’s Uncle