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/biz/ - Business & Finance

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11096696 No.11096696 [Reply] [Original]

Need Financial Advice... Pay the debts or take the credit hit?

I have a car with a 7k title loan out on it. Then my cars engine died... About 6k to replace the engine. The car isn't even worth 6k. I already own a home so no huge need for great credit over the next few years, so I'm considering dropping off the car at the title loan place and stopping the 7k in payments altogether. Think they'd keep the car and still put me in collections for 7k?

Or should I keep paying the 7k debt (315 a month at 29% interest) for god knows how long? I think they might sue even with giving them the car... Thoughts?

Yes i know title loans are dumb.

>> No.11096710

>>11096696
I wouldn't fucking keep paying for it. You have full coverage BC youre still paying it off, right? I'd fucking get someone to smash it up a bit, make the insurance claim to get a few grand then drop the car off. If you're gonna fuck your credit up you might as well get some money out of it

>> No.11096712
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11096712

>> No.11096715
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11096715

>>11096696
>29% interest on a car loan

>> No.11096729

>>11096710

I don't know what you mean by full coverage, it's insured. I paid off the car years ago and the title loan place has the title. Smashing it up sounds illegal no? I mean its drivable still I could crash it and file a claim but that sounds like fraud.

Tires are new so I could put it up on blocks in their parking lot haha. Yeah im thinking use that 300/month saved to just pay off other debts and let my credit take a beating. Dont wanna get sued though.

>> No.11096748

>>11096715

Used the loan to fix my deck, had a plan to pay it off in 3 months. Then my divorce derailed everything. So id rather stop paying 315 a month for no car when i need to buy another anyway. If feasible.

>> No.11096794

>>11096729
they won't see you over 7 grand title loan lol they will just fuck up your credit

>> No.11096818
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11096818

>>11096696
This is why the poor deserve it.

>> No.11096905

Drop the fucking loan and tell them to go fuck themselves. It will most likely go to collections but at that point you use the Sam Hyde method for dealing with debt.


https://m.youtube.com/watch?v=oD2gXY4piF4

>> No.11097063

You have to understand you're a fucking idiot for taking out a 29% interest loan to fix your deck in the first place. You realize that right? Never pay more than like 4% interest

>> No.11097092

>>11096905

Interesting tactics.

And another person saying fuck the debt.

>> No.11097164

>>11097063

I know... Like I said it was going to be paid off in 3 months. Then I discovered my wife is a serial cheater and shits gotten out of control.

4 kids too so trying to make the move here that lets me keep the most money.

>> No.11097225
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>>11097164
>wife is a serial cheater
>4 kids too
>title loan to fix a deck

>> No.11097247

>>11097225

Yes my lot is now pain and I deserve it.

So the consensus is dump the car in front of the loan place and block the auto-debit?

>> No.11097510

>>11097164
Not trying to rub it in bro I hope it works out for you

>> No.11097519

>>11097247
Not sure how title loans work, you should review your contract. You literally might not even get fucked if the only stipulation is they get your car if you default on the loan, you never know

>> No.11098015
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>> No.11098075

>>11096696
Get another job and pay it. Title loans haunt you for a LONG TIME. Why the fuck did you get one? Jesus.

>> No.11098495

Send your wife in to suck the dealer off.