Need to make Decision in two days: please advise

[SG2009]

hey fellows, I recently applied and approved for Title Loan at this Loan Shark Joint in my state. Now I'm stuck with high interest payment plus the Outstanding the Principle. I'm thinking of giving up this contract I promise to keep. I want them to come and Repossess the Vehicle and hopefully to cancell the Loan....Can Someone advise me if this is the Right decision? I can't continue to make this payments...the interest is way high....I have got rent to worry about....and food to put on the tabe....After all I'm no longer interest on the truck.....gas price sucks here.....I willing to use public bus service.....please advise......

[Imperious]

hey fellows, I recently applied and approved for Title Loan at this Loan Shark Joint in my state. Now I'm stuck with high interest payment plus the Outstanding the Principle. I'm thinking of giving up this contract I promise to keep. I want them to come and Repossess the Vehicle and hopefully to cancell the Loan....Can Someone advise me if this is the Right decision? I can't continue to make this payments...the interest is way high....I have got rent to worry about....and food to put on the tabe....After all I'm no longer interest on the truck.....gas price sucks here.....I willing to use public bus service.....please advise......

Loan sharks are no fun. Try and get out of that as soon as possible

[JP-MAN]

gasoline and a match....

have a sucessfull robbery where they find the vehicle burnt to a crisp.

dont dump in lake, they will take to long to cut the check, meaning insurance company...

problem solved

[SG2009]

Loan sharks are no fun. Try and get out of that as soon as possible

I want them to come and repossess the truck and forfeit any future payment I'm obligated to them, do u think this a wise decison. I dont care about the truck anymore....but I'm worried whether if I let that truck go,,,will still continue to make payment...

[Imperious]

I want them to come and repossess the truck and forfeit any future payment I'm obligated to them, do u think this a wise decison. I dont care about the truck anymore....but I'm worried whether if I let that truck go,,,will still continue to make payment...

I like the sound of jp's plan

[SG2009]

gasoline and a match....

have a sucessfull robbery where they find the vehicle burnt to a crisp.

dont dump in lake, they will take to long to cut the check, meaning insurance company...

problem solved

The truck is not insure...I just want them to have it to forfiet the loan contract I signed up with them> What's your best advise> thanks

[jasc]

If they reposess your credit is gonna take a hit..

Would you be able to possibly refinance the vehicle through another company? This will probably be costly in the long run but will save your credit n hopefully lower your payments if you can stretch the term.

There are more important things in life than credit though, like food, shelter, family.. If you are forced to make this choice it should be an easy one.

[jasc]

They may also take you to court after they reposess for what they believe you owe.. or atleast place it in collections

[JP-MAN]

no insurance...not smart. get insurance on it now, wait 2 months, then torch the fvking thing...

explain the loan shark thing, are we talking about real loan sharks or a company with rates like a loan shark?

that will determine my advice....

[BigBadWolf]

I want them to come and repossess the truck and forfeit any future payment I'm obligated to them, do u think this a wise decison. I dont care about the truck anymore....but I'm worried whether if I let that truck go,,,will still continue to make payment...

Unless you owe more than the truck is worth which i doubt I wouldn't worry. You will be black balled in there system and want be allowed to borrow from that company again. that's it.

[Shol'va]

Actually I think you are already in violation of their terms of service. According to most Title loan companies you must have and keep insurance all the time the loan is in effect having primary pay out to them in event of a disaster or loss.

[Shol'va]

When a place like that charges you 360% APR, that is just highway robbery. I wish the feds would step in and force them to cut way back on what they can charge the public. After all it's people who need the money the most who go there in the first place so they know they can gouge them for whatever. It just plain sucks...

[< <Samson> >]

Well, here's how the auto loan game works. You owe, they repo your shit and you still owe the difference of what was left after the vehicle is auctioned for. Lets say the ACC of the vehicle is 5k, it will auction off for approximately 1-2k. Since the vehicle will undergo a stripping process by who ever gets to repo it and such. It is all a sham. Your best bet is to settle the loan by any means. Sell the vehicle for parts or scrap then settle the loan or the other way around.

[AXx]

Pretty much what Samson said, they will repo and sell it and you will be responsible for the rest.

You will be in court for the difference. If you are in a financial mess then there is always bankruptcy. I know it's not the coolest thing in the world but like others have said there are more important thing in life than credit and a truck.

Just do like I have and learn from your mistakes and move forward. Good luck bro. Try to sell it out right. Or the above suggested method of a BBQ.

[Honkey_Kong]

Pretty much what Samson said, they will repo and sell it and you will be responsible for the rest.

You will be in court for the difference. If you are in a financial mess then there is always bankruptcy. I know it's not the coolest thing in the world but like others have said there are more important thing in life than credit and a truck.

Just do like I have and learn from your mistakes and move forward. Good luck bro. Try to sell it out right. Or the above suggested method of a BBQ.

Bankruptcy will screw your credit for 7 years, but that in many cases is better than the alternative. You really should consult a bankruptcy attorney if that's the route you're going to go.

How much do you owe on this title loan?

[songdog]

Seems like you dont think ahead if you dont change things in your life.You will never have anything.

[Tigershark]

I feel for you. Have had some tough times where I felt I needed to use a place like this but then did not because I knew eventually the title place would win. Got a second job instead and avoided all the mess. Best of luck to you.

[Rwy]

When a place like that charges you 360% APR, that is just highway robbery. I wish the feds would step in and force them to cut way back on what they can charge the public. After all it's people who need the money the most who go there in the first place so they know they can gouge them for whatever. It just plain sucks...

look up indian reservation loan

[Rwy]

I feel for you. Have had some tough times where I felt I needed to use a place like this but then did not because I knew eventually the title place would win. Got a second job instead and avoided all the mess. Best of luck to you.

you are def in the 1 % good for you

[Rwy]

let them repo it

let it get bought out by a collection company and try to settle it before it beceoms a judgement

then get it removed of your credit