Car dealer rip off

[KOPBET]

There is no right of rescission on auto purchase contracts in Oklahoma.

She can voluntary repo (let the lender take it back), but she will still be on the hook for what she's underwater for. Good chance the lender is out of state too.

She probably had no or bad credit to begin with, that's why she got 20%. Good luck with a refi.

 

[nemesis]

She is 18 and trying to live her own life and is kind of a free spirit and wants to do her own thing. So this means she usually gets to learn lessons the hard way

And this is another lesson she's going to have to learn.

I raised three children and all I can suggest is that maybe, just maybe, you should reconsider trying to clean up her mess. Just my opinion.

Best of luck whichever way you go.

 

[bulbboy]

My daughter is 17 with one wreck and her insurance is only $100 a month.

Take the hit and get a $1500 beater and introduce her to Dave Ramsey.

Good for you for helping her out!

 

[BadgeBunny]

My goodness, she sounds like me a hundred years ago!

There are plenty here who are gonna say don't do this BUT you might discuss her filing for bankruptcy. It's not like it used to be and the trustee will either make her surrender the car, or if she wants to keep the car, make the dealer cram down the note and take a more reasonable arrangement if she can prove she's unable to pay for the car under her current circumstances. In order to file Chap 7 she will have to prove she doesn't have the funds to pay her debts. In Chap 13 she will wind up making payments to the Trustee to pay off a certain percentage on the dollar of what she owes. She will have to go to mandatory credit counseling with either. None of this is a lot of fun, and this could help her and teach her some valuable life lessons at the same time.

I'm in camp with bulbboy. I'd be sure to tell her that this is her one "get out of jail free card" though. Make sure she knows how much you love her and that you will always be there for her but that you don't have a money tree and you simply can't bail her out again.

Double down on the Dave Ramsey advice.

Good luck to you! (and to her)!!

 

[LightningCrash]

Any thoughts, suggestions or sympathy?

Read the sales contract, she might be able to send it back.

 

[Lurker66]

Like what has already been said, take the car back to dealer, drop it off and find another insurance plan.

Help her but do not become an enabler.

 

[The German]

So they let her over extend herself

How did they LET HER over extend herself?

Too many people not willing to take responsability over their OWN actions.

I have never had a car company ask me how much my insurance will be, much less do a financial analysis for me and hold my hand as I use the big peoples potty!

 

[nemesis]

There are plenty here who are gonna say don't do this BUT you might discuss her filing for bankruptcy.

See, here's the deal. The kid is young and dumb and doubtless will blame anybody and everybody for her woes, all through her life.

Whatever the OP does, short of handing her the cash to pay off the note, it's going to come back on him. If he tells her to dump the car at the dealer and take the credit hit, later, when she's denied credit or renting an apartment, or whatever, she's going to blame him for it.

If the OP advises her to take bankruptcy, then when she finds out that will follow her for the rest of her life and will be on her credit report for the next 12 years, she'll blame the OP.

The best thing for him to do is to do nothing. It's a no win situation.

 

[inactive]

See, here's the deal. The kid is young and dumb and doubtless will blame anybody and everybody for her woes, all through her life.

Whatever the OP does... it's going to come back on him. ...
The best thing for him to do is to do nothing. It's a no win situation.

That's just part of being a parent, no? Helping them do something, telling them their options, or not telling anything at all. You're on the hook no matter what.


I lean towards telling them what the options are, explaining the consequences the best you can, and placing the onus on the girl to decide. YMMV.

 

[ripnbst]

Take the car back.