Nevermind

 

I would assume that letting it get repoed would damage your credit. Doubt it would be worth it in the long run. But we all have, or have had times where we had to make hard decisions. Good luck with what your challenges are now.

Mark

 

Uhhh I might be missing something here but that sounds like a bad idea. Mostly because of the credit hit you'll take. If anything I would put the money back into the car. But if you were short on rent you might have other things to worry about besides a new C4.

Just my two cents.

 

My stepdaughter ducked out on a $500 credit card her car insurance went up. Ended up paying more and still owes the card. If they write it off then she will still owe the tax on it.
Then they might sell the car to their brother for $500 and say you owe the differance.

 

OP - You got and paid the "title loan" last month? If you haven't get it PAID!!

You do NOT want to use the "TITLE LOAN" - "COME 'N GET IT" as a sales tool. Credit reporting changes real frequently and it's very difficult to determine if you "COULD EVER" recover from the default. Virginia I thought was after most of these outfits rather aggressively.

Default will effect everything you purchase NOW and into the future and will effect your insurance rates NOW as well. Don't even think it! Virginia I believe factors CREDIT RATING into the insurance rates.

The CL posting doesn't even have the wheels correctly mounted -

You might be better off just selling outright for whatever and take a loss.

 

... and there is good reason to suspect the headlight motors are inoperative.

To the OP: Don't confuse a title loan company with a pawnshop. They are vastly different, and trying to "sell" your car as you describe can only end badly -- possibly spectacularly badly -- for reasons well described above.

The hidden agenda of loan companies (and credit card issuers, for that matter) is to keep you in financial bondage for life. It's better to learn that earlier than later.

 

Nevermind

 

You probably won't like my opinion but you asked.

If you need to borrow against your car to make your rent and your main concerns are should you run out on the debt and buy another Corvette then you have more serious issues than just being short on your rent money.

Sell your Corvette and go buy a $3k Honda Civic. If you need to resort to a title loan I suspect your credit is already in the dumper. Your first priority in life right now should be to get your finances in order, then worry about another Corvette.

Every loan impacts your credit.

 

QUOTE=WVZR-1;1592386007]OP - You got and paid the "title loan" last month? If you haven't get it PAID!!

You do NOT want to use the "TITLE LOAN" - "COME 'N GET IT" as a sales tool. Credit reporting changes real frequently and it's very difficult to determine if you "COULD EVER" recover from the default. Virginia I thought was after most of these outfits rather aggressively.

Default will effect everything you purchase NOW and into the future and will effect your insurance rates NOW as well. Don't even think it! Virginia I believe factors CREDIT RATING into the insurance rates.

The CL posting doesn't even have the wheels correctly mounted -

You might be better off just selling outright for whatever and take a loss.[/QUOTE]


Title loans are at ATLEAST 180% (depending on the state) Borrow $1500 pay $200/mo. for six months...seventh mo. you owe $200 PLUS the original $1500. Can't come up with the $1500? refinance. Its all on the front page. Let them repo it? You still owe the $1500 PLUS all back due Plus late fees, PLUS "reclaiming" (towing, storage...$100/day.."administrative") PLUS the difference between what the car sells for (to his friend) and all the monies owed. Your credit rating will be the last of your problems. Think the Mafia is dead? Guess what. Good way to buy a used car, you just have to get there before they owe more than its worth (to you). They'll give you the car for payoff once they figure out what they've done....the smart ones.

 

Title loan will be on your credit. Pawnshop isn't reported but title loans are.

 

... but a repossession (what you're proposing) definitely does. Then there's this from U.S. News & World Report:

"... lenders typically won’t check your credit, and the loans aren’t reported to the credit bureaus. But while you’re frantically trying to gather enough money to pay off those loans, you may neglect paying off things that do affect your credit. So while they may not directly affect your score, know that secured loans can still cause trouble for your credit health."

 

Nevermind

 

That is why I said buy a $3,000 Civic.

 

1stVette, you no doubt realize, even though it may be uncomfortable, that the folks here are only looking out for the best interests of a brother in the Corvette fraternity.

A final bit of advice you didn't ask for, because I wish someone had bothered to wise me up 50 years ago: Do whatever you can, make whatever sacrifices you have to, to get out of the paycheck-to-paycheck lifestyle. It's hard, because it means having money enough set aside to buy a Corvette, and not using it to buy a Corvette. That, and not carrying any credit card balances. You'll be so much happier in the long run you wouldn't believe it.

 

Let me ask a silly question,

You have a corvette, spent money on different wheels but can't afford your rent?????

Now, there is a lot I can say here but Iam not your father, assuming you are still "learning" about decision making.

There is no room for that car in your life based on your financial situation .....perhaps sell the car so you have a roof over your head for a while.....just a thought....

 

You didn't just ask for opinions on getting a loan. You also ask if you should SKIP-OUT when the first payment is due.
My opinion is THAT IS JUST WRONG !!!

 

Do what you can to avoid getting a title loan. Hang on to the Corvette if you can but if has to go and I hope it does not, you can always buy another when your position improves. Good luck with everything

 

If I understand what he asked he isn't saying he has to let the car go because he needs money.

What he is asking is should he use a title loan and default on it on the first payment because he wants to force the loan company to buy him a newer model corvette......

If Im understanding this correctly.

 

Also from reading up on the place he is using its actually a title pawn. If it is really a title pawn Id do it if I could move up to a nice vette.

There is no moral obligation to pick up something pawned at all. I used to own a pawnshop

 

And I bet as a pawn shop owner you would not have given him $5500 for a $3800 vehicle.....probably more like $1500.