QuestionI have a 2001 Mitsubshi Montero Sport , all the extras, 60,000 miles and in need of tune up, good condition. The loan has several options but it is a balloon loan at the end I owe $11,500 due in 2007, I've had the car 3yrs now and paying $549 a month and today owe approx $24,000 7.49% interest. We don't know what to do with the car having trouble paying the high payment and no one will even touch the car. We have been told to give it back but don't want to have a repo on my credit. Have not had any major issues, only thing is the a/c went hot, which we fixed. Please help me decide what to do! I do have another vehicle, smaller payment but high interest because of past credit problems.
AnswerHi Paula
Yes it is a bad car loan but your not alone as every day i come across same problems from consumers...
I may not be able to help but will try if you like to answer some of these Q's...You are stuck and having the vehicle Repo will only blemish your credit rating further...
Is the balloon loan at termination plus taxes...do you have an option to return vehicle staying within Miles...
is your contract a lease type or finance...
How many exact months remain...
include your postal code or Zip...
As allexperts is an open forum for all to read...its your choice to keep it more private...as i can also be reached at pray25@cogeco.ca
Regards
Ray
