Auto Loan from Hell
I need some help. In October of 08 I had my car repossessed. Long story behind it basically I was 6 months pregnant at the time boyfriend quit his job I got handed the choice of car payments or roof over my head. So as soon as it got taken I went out to get another car. I couldn't be stuck with no car and a baby on the way.
I went to a dealership that offered a buy here pay here.
I got a car that was a 1998. My loan was for 7999, the car is worth to this day roughly around 2000. My interest rate is 26%. I have paying for the car now over a year and have barely made a dent in what I owe.
Now the car is starting to break down. I cant keep driving it, fixing it would cost more than what it is worth.
I have tried to go look at other cars, and the problem I am now facing is the car loan does not report on my credit. So my credit score hasn't improved.
I need to get rid of this car. If I give the car back to the dealership can they then decide to start reporting and have it show on my credit? Is there any loop hole anyone knows about?
I need some help!
Please.
Sincerely,
Single mother of a 1 year old
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