I'm looking for some advise here about helping my fiance get out of a rock and a hard place with a car.
First some background:
Back in college my GF bought a 2002 BMW 325XI E46 for 5k. She had the car for 6 months and was on her mothers insurance. Her mother failed to tell he she couldn't afford the insurance and let her drive around without any which Murphys Law then comes into place and she totals the car. Car totaled, no money to replace and a lawsuit later she graduates to find out her mother has been putting bills and credit in her name and defaulting on them to collection. So her credit is F**ked. We pay all this stuff off and try to get her a car.
A little over a year ago when I moved away to setup for my new job as an SAP Consultant (Previous Job) in Milwaukee my girlfriend needed a car. Before I moved I negotiated and found a 2008 WRX with 80k miles on it for 14.5k (Hatchback Blue). I proceeded to try to pick up the vehicle and instructed my GF to get the loan privately and make a private buy. She refused the car bitching and moaning about how it is a "Manual" and "I don't want to drive no manual". She has been taught by me and 2 other people how to drive manual and simply is afraid that she will stall and roll down a hill so refuses the car.
I moved and she was then was summoned by my father (who I blame to this day) to come look at this "2012 FORD FOCUS TITANIUM" Hatchback he found on a lot that the sales man told him was AWD....
Long story short these to bumbling idiots believed the sales guy who spoon fed them complete BS and faux about this car and ended up having her buy the car. She gets a horrific rate of 15% APR and is happy because she gets approved.... Nobody asks about the final price and end up walking out the door at 18-19k for a used FORD FOCUS with 46k miles on it with warranty.
OK NOW THE PROBLEM:
Fast forward 1 year later when I have gotten as many "I told you so"s in as I possibly can. I did the math after moving down to Florida and finally got through to her about how much $$$ she is throwing away with this car!
The car is currently at 16k left on the loan at 15% APR. This means that after 5 more years the car will cost us a total of 24k+ dollars for a 2012 Ford Focus which is currently only worth 12k maximum. Trade in will only give us 10-11k on the car.
What should we do to get rid of this thing???
My idea was refinance first (This didn't work she was denied)
Now I'm wondering should we trade it in for something cheap and I will co-sign and hopefully get a good APR.
Or should I buy the car from her in my name and have her make the payments?
I'm so stuck and I don't want this thing in my name or on my record! Help me out here guys!
First some background:
Back in college my GF bought a 2002 BMW 325XI E46 for 5k. She had the car for 6 months and was on her mothers insurance. Her mother failed to tell he she couldn't afford the insurance and let her drive around without any which Murphys Law then comes into place and she totals the car. Car totaled, no money to replace and a lawsuit later she graduates to find out her mother has been putting bills and credit in her name and defaulting on them to collection. So her credit is F**ked. We pay all this stuff off and try to get her a car.
A little over a year ago when I moved away to setup for my new job as an SAP Consultant (Previous Job) in Milwaukee my girlfriend needed a car. Before I moved I negotiated and found a 2008 WRX with 80k miles on it for 14.5k (Hatchback Blue). I proceeded to try to pick up the vehicle and instructed my GF to get the loan privately and make a private buy. She refused the car bitching and moaning about how it is a "Manual" and "I don't want to drive no manual". She has been taught by me and 2 other people how to drive manual and simply is afraid that she will stall and roll down a hill so refuses the car.
I moved and she was then was summoned by my father (who I blame to this day) to come look at this "2012 FORD FOCUS TITANIUM" Hatchback he found on a lot that the sales man told him was AWD....
Long story short these to bumbling idiots believed the sales guy who spoon fed them complete BS and faux about this car and ended up having her buy the car. She gets a horrific rate of 15% APR and is happy because she gets approved.... Nobody asks about the final price and end up walking out the door at 18-19k for a used FORD FOCUS with 46k miles on it with warranty.
OK NOW THE PROBLEM:
Fast forward 1 year later when I have gotten as many "I told you so"s in as I possibly can. I did the math after moving down to Florida and finally got through to her about how much $$$ she is throwing away with this car!
The car is currently at 16k left on the loan at 15% APR. This means that after 5 more years the car will cost us a total of 24k+ dollars for a 2012 Ford Focus which is currently only worth 12k maximum. Trade in will only give us 10-11k on the car.
What should we do to get rid of this thing???
My idea was refinance first (This didn't work she was denied)
Now I'm wondering should we trade it in for something cheap and I will co-sign and hopefully get a good APR.
Or should I buy the car from her in my name and have her make the payments?
I'm so stuck and I don't want this thing in my name or on my record! Help me out here guys!
What to do with an Upside Down Car???
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