I bought a full size SUV in March to best fit my needs, coronavirus made my job obsolete and I had to get a new job. My new job is over 60 miles away from my house and I was paying $300-400 a month in gas getting 18 mpg. So I decided about a month ago to purchase a hybrid worth about the same but due to trading in so early I was a bit upside down in the new loan. Even though I lost a lot of value trading in so early I still save money every month with the significantly better gas mileage.
A few days after the dealership calls me back to sign a different loan at triple the interest rate and says they already sold my trade in. I felt trapped and signed figuring maybe I could refinance in a few months. (It’s worth noting that I had fantastic credit before the coronavirus but had to run up my emergency credit cards and used all my savings to stay afloat when I lost my job)
Now I’ve gotten letters in the mail from the dealership and the new bank, saying I was completely denied for any auto loan.
What happens now? Will they take the car back? Will I be on the hook for how much I was upside down in the other car? Please help, no car=no job as I live in a rural area.
Submitted October 24, 2020 at 05:03PM by bdjsowksnfbdnsnsk https://ift.tt/3mopvtz
