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  1. #1

    Any way to get out of a loan?

    Any way to get out of a loan? I bit off more then I can chew.


  2. #2
    Nothin' better than Doo'in it! BigDaddyRXP's Avatar
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    Quote Originally Posted by atom1234 View Post
    Any way to get out of a loan? I bit off more then I can chew.
    Yep... quit making the payments... problem solved

  3. #3
    Having Fun jp1300r's Avatar
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    Quickest way back on your FEET is to miss a few payments. My uncle has a buy here pay here car lot and has this sign hanging on the wall.

  4. #4
    That funny ,but is there any way ,has anyone just surrended the boat or gave it back ,I know its gotta be a slap against your credit.

  5. #5
    54lariatxp's Avatar
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    Stop paying, ouch!

    OR

    Take a huge hit, sell it off, pay a huge chunk on the loan and pay the rest off when u can... but finding someone to buy a ski from you without title is um not easy. Ouch!

  6. #6
    Ziggy's Avatar
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    Quote Originally Posted by atom1234 View Post
    That funny ,but is there any way ,has anyone just surrended the boat or gave it back ,I know its gotta be a slap against your credit.
    7-year black mark on your credit - 7 years of no loans for ANYTHING unless you pay super high-risk rates. In today's credit market it'll be a while before you can borrow again. To make matters worse, some employers are now looking at the credit scores of job prospects. It also affects rental approvals and utility deposits if you move, in addition to things I can't even imagine.

    How badly upside-down are you?

  7. #7
    credit is tight for everyone these days, even high scores....you DONT want to default on the loan. Call the lender, and now, and see what they can work out. They also want money..

    Not worth ignoring it and trashing your credit for 7+ years.

    hope it works out!

  8. #8
    Place an ad in the newspaper to sell the ski and "reassign" the loan to a qualified person interested in your model ski.

    You might take a loss in selling it but it's better than ruining your credit.

    BTW, NOW is the best time to try and sell a ski. Every ski I have ever sold (quite a few) have always sold on or before the 4th of July. After that, the market seems to take a dive...

  9. #9

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    Quote Originally Posted by David_HX_RXP View Post
    Place an ad in the newspaper to sell the ski and "reassign" the loan to a qualified person interested in your model ski.

    You might take a loss in selling it but it's better than ruining your credit.

    BTW, NOW is the best time to try and sell a ski. Every ski I have ever sold (quite a few) have always sold on or before the 4th of July. After that, the market seems to take a dive...
    This is true....I'm waiting on my dealer to get the ski I want in. If it's after July 4th.................I'll wait till next year.

  10. #10
    This is how I run a jetski shop in the desert nmpeter's Avatar
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    it's advisable to call the loan provider and explain that since your <fill in blank> has suffered from a <fill in blank> and you're <fill in blank>> has to <<fill in blank>>, you can't make the payments on schedule, you screw around with credit now and you're really screwed. The WORST thing you can do is stop making payments. Getting marked as a deadbeat means that simply trying to open a new telephone account menas you're going to pony up several hundred bucks for a deposit..and you're CURRENT utilities may suddenly require a deposit AND your credit card interest may suddenly jump to 32 %.

    What do you have to get rid of, what are your payments and what kind of deal are you offering for somebody to take over the payments? There are deals to be madetahat will protecct your credit and get the monekey off your back

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