My dad won't pay for the car that is under my name anymore and wants to get it repossessed. wat r my options?

Question

I go to school full-time and i'm in the army reserve, my dad needed to get a car and asked if I could get it under my name and he would pay for it. That was working out fine, but now he got a new car under his name and doesn't want to pay the car that is under my name. He wants to voluntarily give the car back to the people who gave us the loan and that is going to definitely going to ruin my 720 credit score. And is going to stay on there for years to come. That would really affect me and my eligibility to purchase anything with credit (buying a house and car). What are my options really? I can't pay for the car I'm a full-time student and I'm in the Army Reserve. And I don't make enough money to pay for the car itself. What do i do?

Answer 1

That was nice of your dad...ruin your credit for helping him.  Tough lesson.

Anyway, all you can do is sell the car and pick up the amount you are upside down on your own.  Or make some other agreement with the bank with a potential buyer.  You get the idea.

I doubt you can refinance, since that is treated as a separate/new loan and you don't have the income for that.

Answer 2

Suck it up and get real.  Welcome to being an adult.  

Answer 3

You can sell it and pay off the difference. Good lesson learned, but a hard one. It seems that lying and cheating is the new norm. Sorry that your dad stabbed you in the back. Man I really hate weasels and welschers. Your dad isn't running for president by any chance?

Answer 4

Usually it is the kid who takes advantage of the Parent.  This time you learned that you have an irrisponsible Dad.  How did he get the new car without you co-signing ? Why did he not trade in your car, ?  Does he not care about your credit ? I think there is more going on here.  Anyway, your options are to 1.talk to the Credit company about deferring  payments until after graduation 2. Quit school, get a job and pay for the car.  3. lose your credit rating.  One way or another, you are going to hurt.  Speaking of hurting, don't buy Dad anything for Christmas

Answer 5

it's cold of your dad to due that to you when you helped him out. make the payments on the car and put a for sale sign on it. then pay off the note.