What do you do when your credit is really bad, like 520 and you need to buy a car?
May 28, 2009 in
Financial and Loan Tips
Andover
And I have no cash to give as down payment? I lease a car and I wanted to buy it out, but with a bad credit, they won’t refinance for me… And if I give it back, there are thousand of dollars to pay for “return fees” . Is there any one out there that has experienced bad credit or returning a leased car? Please HELP!!!
And I have no cash to give as down payment? I lease a car and I wanted to buy it out, but with a bad credit, they won’t refinance for me… And if I give it back, there are thousand of dollars to pay for “return fees” . Is there any one out there that has experienced bad credit or returning a leased car? Please HELP!!!
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7 comments
desjr1967 on May 31, 2009 at 1:57 pm
Being honest… . I don’t think anyone will give a car loan on that score with no money down.
Sorry but I believe you stuck unless you can find a friend to assume the lease
Alex H on June 2, 2009 at 2:30 pm
Well… What you should do is apply for a credit card for someplace else. Like a clothing store. Sears…. American Eagle… and other stuff like that. I would keep up with 3 credit cards. PAY THEM ON TIME! Even what you buy is really low in price, it looks good on your credit. You will steadly build up your credit like that. But still keep the car so you wont have to have those returning fees. Believe me this works.
grumpyyoungman on June 4, 2009 at 6:07 am
Well returned tha car any way, the are going to hit you with the fees, so you are going to have to make arrengments. use that public transportation while you save 2 or 3 thousand dollars, then go to craigslist.com and find a good rliable old car, while you save for a better car. listen to Dave Ramsey if he is on the radio in your town, go to Daveramsey.com and stop borrowing money.
jake06706 on June 5, 2009 at 4:16 pm
If you keep your lease for another year, and your payments are kept current, that should help your credit score…
"C" on June 9, 2009 at 3:36 am
Swap for a new lease, it should help your credit if you make your payments on time!
CarMan on June 10, 2009 at 10:47 am
How long do you have on your lease? If you still have a couple of years, stick with it. Maybe you can improve your credit by then.
When you return your car, you won’t have “thousands” of dollars in “return fees” if you haven’t exceeded your mileage or have excessive damage to your car. The most you would pay is a disposition fee, which is usually about $350. And if you made a security deposit, that would take care of the disposition fee.
Your bad credit is going to cause you serious problems with buying your leased car, or any other car, or getting another lease. You may need to get a co-signer next time.
Me M on June 10, 2009 at 4:06 pm
How can you not have any money? WIth a credit score of 520 you obviously do not pay your bills. Stop buying crack and pay someone for once in your life and you wouldn’t be in this situation.