I Owe Thousands For Cars I Don't Own Anymore!

Barb talks about how she bought two cars, got in a bind financially and now owes a ton of money on cars she doesn't own anymore...

"I think i will tell you exactly what happened and then may be you can tell me what to do next. Me and my fiance purchased two cars from a used dealership and one was a 1994 chevy cavalier which they charged over $7,000 for and the other was a 1996 chevy cavalier and they charged over $5,000 for it. well needless to say we got in over our heads and our financial situation changed after we purchased these vehicles so we tried to borrow money to pay them off. They would not accept what the lender offered for the two vehicles which was more than the blue book value. So we took the vehicles back and left the keys in the night drop they turned around and sold the vehicles at auction for less money than our lender was willing to pay and are trying to charge us the remaining balance on the bill at a 19.95 interest rate per day on one and a 24.45 interest rate per day on the other one. So what can we do?"

My response...
Apparently the car dealer didn't check their credit rating before giving them a car loan or did and that is why they charged a high price for the cars plus huge interest on the loan. The high interest rate is understandable since you are considered a high credit risk. Just turning the cars in at the dealer was a huge mistake because you are locked into a legally binding contract and will be held liable regardless of how poor your finances are. I'm really sorry for your misfortune, but this is a perfect example of what I talk about all over this site on the importance of NEVER going in to a car dealer without being prepared. The other thing is that Chevy Cavaliers have really lousy resale value because they are one of the worst cars Chevy ever crapped out of their factory.

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