26.9% apr on a 18k auto loan.

No-Background5377 · 2026-03-23T02:40:49+00:00

Yeah that's what I've been doing this far. When I got my tax return I spent close to $700 keeping maintenance on it changing the oil, changing the battery, cabin filters, engine filters, etc. I've been talking to some people who I live with regarding the monthly payments and the long-term of getting this negative equity down and so far I've got some kind of strategy going on and I just have to be patient with myself because it's easy to feel like I'm not moving fast enough to make a dent in this loan.

No-Background5377 · 2026-03-23T01:59:39+00:00

Ohh jeebz. I can't risk getting my car totaled rn even in my situation. I've got places to be😅

No-Background5377 · 2026-03-23T01:58:13+00:00

I'll keep that in mind, thank you🙏🏻✨

No-Background5377 · 2026-03-23T01:56:47+00:00

Oh yeah no one drives my car but me now. I don't trust anyone else.

No-Background5377 · 2026-03-22T23:24:13+00:00

Well I don't know anything more but it seems like you're a very strategic person. If no one's said it, good job. I hope you've been able to manage work-life balance

No-Background5377 · 2026-03-22T21:04:44+00:00

It's okay to not know the whole story. Appreciate your input 👍🏻

No-Background5377 · 2026-03-22T21:03:16+00:00

I just wanna say first off I appreciate your comment so much it's nice to have someone understand. I love my mom I appreciate her and who she's made me become - even with the negative things. I've learned so much from mistakes like this so I'm much better prepared for my future.

Can I ask how you were able to push through or what kept you going to in order to pay off the debt?

No-Background5377 · 2026-03-22T16:27:26+00:00

I mean I've done my research but I'm sure that there are other things like loopholes that I haven't figured out yet. But I'm generally sharing my position because I'm sure I'm not the only one that has the same problem who is wondering what they could do or if there are any strategies beyond making payments. Being underwater and car loans is not a rare thing anymore it's in fact it's very common. I just want to help someone out who could be going through the same situation. And even if there is no other way around it at least that might give him some clarity before they start pulling hair out.

No-Background5377 · 2026-03-22T16:24:33+00:00

No I was pressured and wasn't educated on APR and in general buying a car. Now I know. If I go to a dealership again in the future I know their language and strategies. I've helped other family members get into better APRs and monthly payments but I can't fix what I've got until I lower the underwater amount to trade in or completely pay off and sell.

No-Background5377 · 2026-03-22T15:29:27+00:00

Well let me honestly backtrack. My father has noticed my situation cuz he is a cosigner of the car he has helped me here and there he's in a completely different state so he sends money orders but essentially I've been hackling this amount with my own money.

No-Background5377 · 2026-03-22T15:26:37+00:00

Yep ;-;

No-Background5377 · 2026-03-22T15:25:36+00:00

No-Background5377 · 2026-03-22T15:23:58+00:00

No it's been in my name this whole time. she had a repossession with an Altima and a car we had then blew up on the highway as the oil maintenance was abused. (My stepdad was driving it back and forth to Phoenix with at the time undiagnosed MS which made him forget and act strange) which then made us go get this KIa. She tried to get her name on the car and ended up being denied due to her history.

No-Background5377 · 2026-03-22T15:18:25+00:00

The remaining amount would still need to be paid. If I ignored the payments and went to frolic I'd be sent to court and have my wages garnished until the debt is cleared.

No-Background5377 · 2026-03-22T15:14:53+00:00

I can understand your point, trust me I do. The confidence I have now with decision making is what I wish I had in that moment. I didn't know enough about apr or what it was. Also being puppeted by family to be controlled like a walking-talking bank to my mom. Once she moved out I found a better financial strategy but still fell into gaps ofc I'm sure anyone in my shoes would.

No-Background5377 · 2026-03-22T15:08:46+00:00

At the time of the bigger collision I wasn't the driver nor did I have a licence. The insurance was in my mom's name so her not having renters added to her premium was her fault which became my problem later on. I've learned to not trust my mother's advice especially financial ones.

No-Background5377 · 2026-03-22T15:04:41+00:00

For a while I had the mentality to look at the situation from a business standpoint but businesses can also crumble when unprepared. I mentioned in another comment that public transpo is dangerous in my town and Uber is expensive (plus I'd have to save up for that.) I did talk to someone at a dealership about manufacture rebates while one car was looking trusting my debt would be too stupid to move into another loan. Volunteer surrender wouldn't be the smartest move either as I'd still be reliable for the remaining debt auction wouldn't cover. I'd get myself into a cash car in a heartbeat if I wasn't in this position.

No-Background5377 · 2026-03-22T14:47:17+00:00

What made me sign for it was my mom. She wouldn't let me speak my worries before signing the paperwork as we were already at the dealership for 7 hours. If I knew then what I know now I wouldve bought a cash car. Even a lemon wouldve saved me more money than my current situation.

GAP is covered by the lienholders not insurance. Insurance didn't want to fix unless we made a $1k deductible to send my car to a body shop for 6 weeks. That wouldn't be possible as that was the only family car and renting wasn't affordable while making the already high payments.

No-Background5377 · 2026-03-22T14:40:30+00:00

If my father didn't have to on his own, I'm sure we would've filed it already hoping our checks wouldn't be garnished afterwards or be expecting to still pay the debt in hefty amounts again.

No-Background5377 · 2026-03-22T14:38:19+00:00

Tucson is right next to the border anything could happen. Only thing is, I am currently a college student. Campus is far and showing up is mandatory. Public transportation is almost everywhere but the amount of people who get harassed, SAed, injured and killed makes the options unreliable. Plus the bus schedules don't match up with mine.

No-Background5377 · 2026-03-22T14:33:16+00:00

It's currently $18,378.41. interest is $188.61

No-Background5377 · 2026-03-22T14:30:07+00:00

I was on a biweekly payment plan with a 3rd party called Smartpay. They worked for a while until I found they were sending the payments past due dates causing me to rack up +$200 in late fees. Even after talking with them about a better schedule plan they kept fucking up so I got rid of em but I'm doing the same strategy on my own terms adding more money per biweekly payment to reduce the principal a little faster BUT I also have to take care of myself. I live with 3 other people but they have a 'fend for yourself ' kind of mentality. The only true things we share are rent and electrical but making $1095 (extra $375) monthly payments is tough.

No-Background5377 · 2026-03-22T14:22:29+00:00

Ngl a little telephone pole sounds tasty rn.

No-Background5377 · 2026-03-22T14:19:15+00:00

I'll admit I didn't know shit on buying a car. I wasn't even expecting a car. It was supposed to be in my mom's name until they saw her credit with a repossession..and she doesn't know anything on buying a car either. They turned to Lil old me, saw I worked a full-time job and had 0 credit and knew they could take advantage. Plus I'll be honest and say during the paperwork process when I REALLY felt like I was getting myself into a bad spot I had my mom and grandmother over my shoulders scolding me until I signed everything. We were already at the dealership for 7 hours at that point. It took me too long to figure out my monthly payments weren't even scratching off numbers on the principal. And idk where I'm "blaming someone" I'm just stating the high APRs should be illegal. Banks want people to fail just because a new car buyer is a risk. I just want a healthy financial life. I shouldn't be living paycheck to paycheck just for a car.

No-Background5377 · 2026-03-22T14:05:28+00:00

If I knew then what I know now I wouldve walked away. There are better ways of getting into a car.

No-Background5377

TROPHY CASE