QuestionDear Ray,
I'm looking for advice on what I should do in my current situation regarding my financed 2008 Pontiac G5.
My name is Justin, and I purchased a 2008 Pontiac G5 in July 2008 on financing over 72 months at 0% with payments totaling 317.64/month. I live in Halifax, Nova Scotia, we'll use the postal code b3c3h3 for reference.
My issue with this vehicle is multi-layered.
a) I believe I am paying too much for this vehicle. About 2 or 3 months after purchase the car was devalued because the recession hit, a new one could be purchased at 11 or 12k (at the low point about 10k for an very similar model) then with GM discontinuing the pontiac line, that created further devaluation.
b) When I purchased this car I was working full time, now I'm considered part-time while attending university, so car payments are occasionally a struggle. I am trying to figure out what I should do financially.
c) The car is becoming unreliable, in November on a Saturday night my car's ignition lock broke inside the steering column leaving my financee and I stranded at the movie theatre. I was able to have my parents pick us up fortunately. Not only did it take the dealership 9 days to correct the problem, I'm experiencing similar symptoms now (and for the past few weeks) that I did in the year before it went.
That about covers my issues. In a perfect world I would love to just give the car back, work out a payment plan for the difference of the balance due, need be, and say "up yours" to these people.
This is what I have done so far. Because of the devaluation of the car I called the dealership, they said that they don't deal with the price after the sale, "contact the financing company" they told me. So I did. The told me "we don't deal set the price, contact the dealership you purchased the vehicle from."
I also attempted to find a financing take-over, but because of the ticket price on it, they can get a new one for less.
Finally I contacted the financing company, Ally, and asked what I could do. The told me I could transfer the title to a new owner, push the payments in some why, but would charge me for it, which doesn't make sense if I and in financial need, and finally do a voluntary repo, which I don't want to do, for obvious reasons...
I just want to either reduce my payments or get rid of the car. Help me Obi-Wan Kenobi, you're my only hope.
Regards,
Justin.
AnswerHi Justin
You contacted the financing company " Ally " I assume you meant GM Finance ?
The last thing you want is a repo that will hunt you for years to come, I figure you owe just over $13K in a pay out on a vehicle thats worth about $9K subject to KM - model 2 - 4 door Coupe. ?
I really don't have an answer at this point,,, I know there are only about 15 - G5 advertised in the Halifax area from 8K to 12 K,,, Phone the lender and ask for a pay out amount,,, how many K's are on the vehicle ?,,, Answer these Q,,, and let's try to find the best way.
When you answer - check the make private box
Ray http://www.usedcartips.org/
