huntersmom40
New Member
Hi, on 4/5/06 I purchased a 2002 Nissan Xterra. The original loan amount was 18,438.03 and the original loan date was 4/5/06. My interest rate was 19.29% with household bank auto loans. My payoff quote as of today is 14,616.18. I have not even paid 4,000 of the principal of this loan. I went to trade it in yesterday. It has 90,000 miles and I was only offered 3,500.00 trade-in value, but owe almost 3 times that much. Is there any law that protects me here? I know it is my fault for buying it in the first place but I think I have really been taken advantage of.
Also, I can no longer afford to put gas in this vehicle nor the payments of close to 500.00 per month. I drive 25 miles one way to work and fill up twice per week. I also would like to know since I cannot get rid of this vehicle, I would like to turn it in as a voluntary repossession. Do you have any advice on whether I should voluntarily turn it in or let them come and get it. I have tried refinancing it, trading it, selling it out right, but I do not have the deficit to pay off the loan.
Thanks,
Help Me Please!
Also, I can no longer afford to put gas in this vehicle nor the payments of close to 500.00 per month. I drive 25 miles one way to work and fill up twice per week. I also would like to know since I cannot get rid of this vehicle, I would like to turn it in as a voluntary repossession. Do you have any advice on whether I should voluntarily turn it in or let them come and get it. I have tried refinancing it, trading it, selling it out right, but I do not have the deficit to pay off the loan.
Thanks,
Help Me Please!