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Avoiding family drama
noir_blood
Registered User regular
Registered User regular
Three years ago my aunt and uncle helped me co sign a brand new car. I currently have about two years left on it and roughly 8,000 dollars.
Today, I got a call from my aunt telling me that both her's and my uncle's cars are starting to really break down, so they went to a dealer. They didn't really like the interest rate they were being offered(9-10 percent) and supposedly the dealer told them that having themselves removed off my contract would help. So they called me.
I don't have enough money to pay off the car outright, so the only option to have their names removed would be to refinance the car.
That just strikes me as an incredibly dumb idea though, and something that's going to cost me if I try. I have two years left on the car, with my current payments being 390 a month. My credit has gotten a lot better since then, but no one is going to refinance a car for two years, which means I would need to lenghten the contract. I really really don't want to do that.
I mean, would getting their name off the contract help them that much?
And more to the point, how do I go telling me I don't want to do it? I recognize that they helped me, and in fact have helped me a lot since I moved to their city, but I don't feel like I should have to sacrifice my finances.
Today, I got a call from my aunt telling me that both her's and my uncle's cars are starting to really break down, so they went to a dealer. They didn't really like the interest rate they were being offered(9-10 percent) and supposedly the dealer told them that having themselves removed off my contract would help. So they called me.
I don't have enough money to pay off the car outright, so the only option to have their names removed would be to refinance the car.
That just strikes me as an incredibly dumb idea though, and something that's going to cost me if I try. I have two years left on the car, with my current payments being 390 a month. My credit has gotten a lot better since then, but no one is going to refinance a car for two years, which means I would need to lenghten the contract. I really really don't want to do that.
I mean, would getting their name off the contract help them that much?
And more to the point, how do I go telling me I don't want to do it? I recognize that they helped me, and in fact have helped me a lot since I moved to their city, but I don't feel like I should have to sacrifice my finances.
noir_blood on
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And if the bank says "no, sorry," then you can simply tell your aunt & uncle what the bank says.
fuck up once and you break your thumb / if you're happy at all then you're god damn dumb
that's right we're on a fucked up cruise / God is dead but at least we have booze
bad things happen, no one knows why / the sun burns out and everyone dies
Alternatively, depending on how much more it will cost you to refinance and extra interest, I would look into paying your aunt and uncle a certain amount every month. It might be cheaper overall and take less work.
but they're listening to every word I say
There are other ways around this as well. If you have some money saved up, why not give them a really cheap loan so that they can increase their down payment, and thus pay less interest, on their own purchase. It's not ideal to have the money swap around like that, but unfortunately financial institutions have a great deal of leverage in these situations, and this is one of the ways it manifests itself.
Also, I don't want to get into it in this thread, but you can't say that the OP is being "ungrateful" just for not wanting to increase his/her own payment. Both parties in the financial transaction have responsibilities, including his aunt/uncle not to place the OP in a situation of undue burden. There's a vast spectrum between paying a few hundred extra dollars to potentially losing the car (and all payments made) outright which needs to be weighed.
They are THE DEVIL. Put up with a higher interest rate if you have to, but just plan to get it paid off ASAP.
There is literally no way to do this without coming off as an ungrateful shit. It sounds like they hooked you up big time when you needed a car. They even cosigned for a NEW car, rather than let you languish within the limit of your actual credit rating. You owe them.
Go down to your bank and explain the situation. It should be much easier for you to get a loan using 3/5s of your car as collateral.
Your family helped you out, return the favor and help them out.
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I just re-fied my car to get a better rate. Even though I only had 2 years left on my original loan, I went with a 4-year loan on the re-fi but am still making payments with the goal of paying the car off in 2 years.
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My extended family would just LOL if that were ever brought up. Count your blessings and do right by your family.