Help: Should I give my car back?

phiber said:
Maybe someone here might be interested in buying it :)
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That is always the first option, as most cars can be sold for a reasonable price, provide it's not a Code 3 or S&R.

That is the first route the OP should take...although, I see that he's not even bothering to come back and see what we have said....sad.
 
Fazda said:
That is always the first option, as most cars can be sold for a reasonable price, provide it's not a Code 3 or S&R.

That is the first route the OP should take...although, I see that he's not even bothering to come back and see what we have said....sad.
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Yea, if it was a nice subaru you would have taken it ;) I might have even been interested in a golf6, who knows!!

Anyways, OP sell the car, pay of the remainder of the debt and learn a good lesson.
 
phiber said:
Yea, if it was a nice subaru you would have taken it ;) I might have even been interested in a golf6, who knows!!

Anyways, OP sell the car, pay of the remainder of the debt and learn a good lesson.
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Me?? Interested in a Scoobie?? ;)
 
Messugga said:
I know a CA who's paying R13k for his car on a R50k salary. Take away tax and whatnot and he's spending about half of his money each month on a car and he's in finance. People have really screwed up priorities these days.
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Huh? Just because someone's priorities differs from yours, it is screwed up?
Or are you saying something else here?
 
satanboy said:
Huh? Just because someone's priorities differs from yours, it is screwed up?
Or are you saying something else here?
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No, I think the point is that it is foolish to spend a massive part of your salary on a car.

Priorities should be roof over your head, then food, and only then do you start thinking of a car, and don't over extend yourself. The repossession guys have cars coming out off their ears thanks to people buying beyond their means.
 
Fazda said:
No, I think the point is that it is foolish to spend a massive part of your salary on a car.

Priorities should be roof over your head, then food, and only then do you start thinking of a car, and don't over extend yourself. The repossession guys have cars coming out off their ears thanks to people buying beyond their means.
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Fuly agree with you!

Problem is that many youngsters want the dream car as their first car. My first car was a second hand skedonk of a Mazda 323 hatch, but it got us from A to B and we managed to save up for a decent deposit for a new car. My second car was a hand-me-down Ford Sierra from my father-in-law...

After 5 years of working full time, I could afford a brand new car!
 
MickeyD said:
Fuly agree with you!

Problem is that many youngsters want the dream car as their first car. My first car was a second hand skedonk of a Mazda 323 hatch, but it got us from A to B and we managed to save up for a decent deposit for a new car. My second car was a hand-me-down Ford Sierra from my father-in-law...

After 5 years of working full time, I could afford a brand new car!
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Yup, sadly in SA, it is the Beemer first and everything else can go to hell.

Same mentality as having to buy name brand clothing. there's a guy who works with me who will go without food as long as he is wearing a silk shirt and R4000 shoes....makes me sick.
 
satanboy said:
Huh? Just because someone's priorities differs from yours, it is screwed up?
Or are you saying something else here?
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No, spending more than half of your income after deductions on something that depreciates like a rock while you're still renting, and then complaining about lack of funds is screwed up. There are different priorities (Hey, I'd be the first person to drive a 458 Italia if I could actually afford it) and then there are stupid priorities. This is a stupid priority no matter which way you look at it.
 
Your best chance is to sell it privately and hopefully the difference would be less than 63000. Then finance that using a overdraft or revolving credit while you still have a job. Oth er wise, keep the job and hope it gets better or lok for a new one. If you are getting paid 350K for the job it means you have decent skills and should be easier to find a job.

My 2 cents
 
Trade in car for R200k (if that's all you can get for it) and finance a R100k car for R160k? The dealers are good at this and will probably help you out.
 
davemc said:
Option C: Find a different job where you will not be dying slowly. You're stuck with the car for now.
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That would be my suggestion. But with a twist. Get another job. Trade in the car, for something much cheaper, pay off your outstanding debt (63k), once you sorted, you can go back and study.
 
Thank you for all the replies.

I went with what some of you guys suggested. I wanted to sell my car, use the money to buy a cheaper car and apply for a student loan to pay off the amount owed to the finance. I went to my bank today and I dont qualify for a student loan. I do (however) qualify for a R15 000 personal loan, which doesnt really help me at all :(

I'm considering voluntary repossession. How does that work? Does anybody know?

I read online that they will auction the car, and then I will be liable for the outstanding amount which I will have to pay immediately. If i pay that amount, will i still get a bad credit record?

Thank you so much for all your adice
 
how dodgy are you?

I suppose you could get the car stolen or written off, get insurance payout. and voila, you are fine. (i am against this, because it could create alot more problems than you have now, but hey, its an option)

PS. A personal loan will murder you on interest. I would avoid at all costs.
PPS. Remember, insurance fraud is illegal
 
Dude - try African Bank for a loan - Got a friend who earns much less than you and managed to get a R100K loan over 72 months at like 3k a month or something - I think you can even do it online.
Then sell the frikken car and settle the MFC vultures.
Voluntary repossesion will appear negatively on your credit profile - score rating and all that - Not to mention how you will get screwed when your vehicle is auctioned - it will be about 20-40k less than trade value
 
Beginner said:
Dude - try African Bank for a loan - Got a friend who earns much less than you and managed to get a R100K loan over 72 months at like 3k a month or something - I think you can even do it online.
Then sell the frikken car and settle the MFC vultures.
Voluntary repossesion will appear negatively on your credit profile - score rating and all that - Not to mention how you will get screwed when your vehicle is auctioned - it will be about 20-40k less than trade value
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They could also auction it and sell it for R20k and expect you to settle the rest...
 
tau1z said:
...
I suppose you could get the car stolen or written off, get insurance payout. and voila, you are fine. (i am against this, because it could create alot more problems than you have now, but hey, its an option)

PPS. Remember, insurance fraud is illegal
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Suicide is also an option but the above option could have you spending a merry time in JAIL.
 
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