Mini Cooper Emptying This Person's Pockets!

Hi Tony,

Thank you for reading this email. I came across your very informative website and I hope you can answer some questions. I drive a 2005 Mini Cooper with about 26,000 miles on it. It's emptying my pockets! Amount Financed :$26,330.51, Annual Percentage Yield : 11.55%, Monthly Payments: 582.53Net Payoff: $16,440.63.

I purchased this vehicle brand new in late 2004 with a cosigner while I was in college. I was making enough money to pay for it, but I was laid off. I have a job, but it's only $8/hr and now I'm struggling each month to make payments. I live in Dallas and a car is a necessity here.

How do I go about selling my car to someone else? Does my cosigner have to be involved with the process? My father can afford the payments and said he would buy it, but his credit is very poor, and I wouldn't want him to pay more through a bank if he could just pay me directly. My dad will be giving me his 2002 Tracker which is paid off and take on my Mini Cooper.

I'm afraid to refinance because my credit is now horrible (my mother used my good name to purchase property, and now I have 2 foreclosures, and a dismissed bankruptcy!) What options do I have? Any advice would help me!

Thanks and God Bless,

Kristine

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Hi Kristine,

Well, in order to sell the car you need to sell it for at least the payoff amount. Whoever is listed on the title will have to sign off once the loan is paid off so you can transfer the title to the new owner.

In the case of your father you can list him on your car insurance as an additional driver and just leave things the way they are as long as he gives you the payments on time . . . which of course, you will have to turn around and pay to your lender on time. As long as the payments are on time every month no one will bother you.

Of course, you can also try to increase your income by getting a better paying job or taking on a second job. Sometimes we just have to buckle down and find ways to make things happen. If you stop making the payments the bank will repossess the car, sell it at auction and come after you and your cosigner for whatever balance is left, plus all kinds of fees.

Also your cosigner's credit will be in the toilet right along with yours! You have a responsibility to your cosigner to prevent that from happening.

All my very best to you, and may God bless you also . . .

Tony Iorio
http://www.InsiderCarSecrets.com
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