azurecrayon said:

im not sure how you got that impression, but i already said we usually pay cash for cars, not finance them with loans. over the past 11 years, we bought 6 cars prior to this one that we paid cash for, no loans. we have bought one since, cash no loan. the highest we've paid for a car, besides the financed one, is 2800 out the door, and that was for our latest. kbb value on it was over 5k, we got an excellent deal. all the rest we paid between 1000 and 1400 for. of those previous 6 cars, we sold one, gave one to my mother in law, lost three to mechanical issues such as blown head gasket and two shot transmissions. and one we returned after we purchased it through a mechanic who got it as a salvaged abandoned vehicle at his shop when we discovered it was abandoned because the owners didnt want to pay to repair it because it had a lien on it from a loan (OH maybe i should consider this option =P). we almost always have two vehicles and my so does most of the simple repairs himself (brake pads, starters, etc).

the only other car i ever financed was in 1994 and i paid it off early in 96. i seriously doubt i will every finance a car again.

there is no debt cycle. we dont use debt to get out of our problems. we dont even really have debt besides this car loan and student loans from 90-96.

financially both our credits are poor already.

This is how he got the impression. You generally dont' get bad credit by not using debt to get out of your problems. You've hit a roadblock, or two or three, four or five in the past to be paying that high of interest on a car loan to begin with. It's certainly not the worst. I knew someone who hit 36% for a car loan, and I told him he was crazy to get a loan. His response was something BS about building credit, that car was repoed too. Look, I know peope get into trouble, and it's not always their fault. I think you might want to take a step back and figure out what's going wrong and look at sacrifcing a few things. You are talking about screwing your lender, taking more hits on your credit and before that is even done, talking about dragging your sister down with you in the future to try it all over again. She'd be crazy to let you do it, and you simply unkind to even ask. She'd be better off just giving you some money outright rather than associate her credit with yours in anyway.

Seriously, I am not going to blame you for what you've done simply because I don't know your story, and I don't need to. I think your head is already in the wrong place with this though.

azurecrayon said:the duplex would be financed but my sister is willing to do the financing entirely under her name on her credit. in two years we should be able to have 15-20k saved for downpayment.
Thats pretty funny. You can't afford your bills, but you should be able to save 15-20k in 2 years? Why don't you take that extra money and pay extra on the car loan? I hope your sister can afford the payments for the duplex herself, because you WILL screw her over. I already know what is going to happen. You'll be embarrased to tell her that you can't afford the payments one month, and then she'll receive a 30 day late notice in the mail, therefore trashing HER credit. Awesome. You said you were dumb in the past, but you don't seem to learn from the dumb things you have done and want to continue down the same path.

Your credit is already horribly trashed. I don't think a repo of a car is going to hurt you much more. Try and negotiate the rate with the bank, and if they won't help, just let it go. You're already f'ed for the next 7 years.

xoneinax said:if you let this Verona go to repo, you will never be able to get a loan to buy another car, or anything else. Or maybe you are just going to pay cash.

Are you going to need any kind of loan when purchasing the duplex, or cash ?

Never is an awfully long time... Would be off his CR in 7 years, credit will improve long before then assuming a good payment history. I agree with the other posters that a loan mod is the way to go. And don't ever take another loan at 24% again, better to buy something you can actually afford.

NoKnownPurpose said:
Never is an awfully long time... Would be off his CR in 7 years, credit will improve long before then assuming a good payment history. I agree with the other posters that a loan mod is the way to go. And don't ever take another loan at 24% again, better to buy something you can actually afford.
It probably won't be off in 7 years unless it is paid promptly. That large of a deficiency is going to be sold back and forth between collectors, who are well known for reaging debt beyond the allowed period. She'll then have to either pay it or file a Federal lawsuit.

If the deficiency happens today, and Cap1 waits before securing a judgement, that judgement will begin to age from the date it is entered.

azurecrayon said:the car is running. theres a knock in the engine that could possibly be serious and expensive to fix. the warranty that they said the car had and that was posted on the big warranty window sticker that cars have, was non-existent. according to them it had a 50k mile warranty and we bought it at 27k. we found out 3 days later (after driving it and finding numerous serious issues that made it unsafe to drive at night) the warranty was already expired and it was out of warranty. we contacted them about it, they eventually agreed to take the car back, but after we drove the 80 miles to the dealership, they refused again. capital one refused to revoke the loan despite numerous calls and details about the false warranty information and issues with the car. attorney generals office advised us to seek legal council. we couldnt afford a lawyer and couldnt find one willing to work pro bono for this type of thing.

Chalk one up for Japanese quality!

And I personally wouldn't let an engine knock bother me, unless it was so loud that I thouhgt it was going to drop a valve seat, or something.

Anyway, you can always pimp yourself out to KK until you have enough money to pay off the car.

azurecrayon said:over the past 11 years, we bought 6 cars prior to this one that we paid cash for, no loans
Maybe you should stop buying so many cars.

azurecrayon said:beyond that we have cash income of about 2000/mo for our family of 5
You should schedule a vasectomy asap.

azurecrayon said:
our entertainment consists of one mmo subscription, trips to mcdonalds and the park, and camping one weekend a month;

Maybe its time to let stop wasting time (and less importantly money) leveling up a virtual elf. Take that time gained and put it to a part time job. Then you could possible get a few more tradelines. Start leveling up that credit score!

zzyzzx said:azurecrayon said:the car is running. theres a knock in the engine that could possibly be serious and expensive to fix. the warranty that they said the car had and that was posted on the big warranty window sticker that cars have, was non-existent. according to them it had a 50k mile warranty and we bought it at 27k. we found out 3 days later (after driving it and finding numerous serious issues that made it unsafe to drive at night) the warranty was already expired and it was out of warranty. we contacted them about it, they eventually agreed to take the car back, but after we drove the 80 miles to the dealership, they refused again. capital one refused to revoke the loan despite numerous calls and details about the false warranty information and issues with the car. attorney generals office advised us to seek legal council. we couldnt afford a lawyer and couldnt find one willing to work pro bono for this type of thing.

Chalk one up for Japanese quality!

And I personally wouldn't let an engine knock bother me, unless it was so loud that I thouhgt it was going to drop a valve seat, or something.

Anyway, you can always pimp yourself out to KK until you have enough money to pay off the car.

OP's car is a Korean econobox rebadged as a 2nd/3rd tier Japanese econobox. At a repo auction in Michigain it will be lucky to fetch $1000.

just a suggestion, but why dont one of you pick up a second job? even if its a burger king.
a place like Home Depot or lowes pays very well. i work part time at Home Depot just on the weekends and i bring in an easy 700$ a month or 800$ if i get extra hrs. do that for a year and you can have the car payed down after you get them to cut your rate.