Azid Rush Donating doesnt allow you to be an idiot! Member 692 Member For: 18y 3m Gender: Male Location: Newcastle Posted 14/04/09 06:24 AM Share Posted 14/04/09 06:24 AM Hey guysa mate came to me today for help, since I didnt know how, thought id ask on here lolDue to the "economic downfall" my mate has lost his job. He also has a car loan at the moment for around 28-30k I believe. Now he is unemployed and only on centrelink until he gets a new job, is there a way he can get refinanced for his loan so he can sell his car and pay off a big sum of the loan??Cheers for any help guys Link to comment https://www.fordxr6turbo.com/forum/topic/56693-loan-bankers-wanted/ Share on other sites More sharing options...
Dyno Junkie Member 254 Member For: 18y 2m Gender: Male Location: Ascot, Western Australia Posted 14/04/09 09:29 AM Share Posted 14/04/09 09:29 AM Hopefully your friend has CCI (consumer credit insurance) that has a provision for unemployment.If he didn't take this option when he took out finance his only other choice is to approach the finance company, explain what has happened, and hopefully come to an agreement with them to restructure his payments in the short term until he is back on his feet.good luck Link to comment https://www.fordxr6turbo.com/forum/topic/56693-loan-bankers-wanted/#findComment-860358 Share on other sites More sharing options...
ZAP No boost, no bottle, just my foot on the throttle! Lifetime Members 7,935 Member For: 21y 3m 3d Gender: Male Location: Sydney Posted 14/04/09 09:41 AM Share Posted 14/04/09 09:41 AM The trick is to notify the credit companies ASAP. Do not wait for the default as they can suspend payments for a period of time.Selling the car is an option, but he may take a loss on it, so it might not be the best choice.Tell him to look for anythign even pizza runs until he can get his choice of jobs again. It is better to get some income and not the dole to keep the motivation and money up. Link to comment https://www.fordxr6turbo.com/forum/topic/56693-loan-bankers-wanted/#findComment-860368 Share on other sites More sharing options...
jetute Donating Members 4,553 Member For: 21y 3m 16d Gender: Male Location: brisbane Posted 14/04/09 10:27 AM Share Posted 14/04/09 10:27 AM I use to work for a car finance company..... you can normally run 1-2 months behind in payments... when you fall over the 90 days or 3 months they can and will repo the car.try to make a plan of some sort. but at the end of the day please advise your friend not to fall too far behind in payments... as a plan is only good if you stick to it Link to comment https://www.fordxr6turbo.com/forum/topic/56693-loan-bankers-wanted/#findComment-860431 Share on other sites More sharing options...
smicky Go Pies!!! Donating Members 2,852 Member For: 17y 3m Gender: Male Location: Vic Somewhere - Sometimes NSW Posted 14/04/09 10:38 AM Share Posted 14/04/09 10:38 AM Azid,Mate, as the guys above have said - tell you mate to be open and honest with the finance company.They should be able to find a middle ground with him for the interim, and try to find whatever he can in the meantime between drinks...Zap mentioned a pizza run - there is also another upside to a pizza run (while it will add k's to his car), the advantage is not just some income, but the usage is a tax deduction (for running costs that are over the allowance amount). let Swann pay his car off! Link to comment https://www.fordxr6turbo.com/forum/topic/56693-loan-bankers-wanted/#findComment-860452 Share on other sites More sharing options...
Brandonn Donating Members 2,304 Member For: 16y 8m 2d Gender: Male Location: port hedland Posted 14/04/09 10:40 AM Share Posted 14/04/09 10:40 AM as long as he doesnt come out of the agreed minimum period of contract cause that would incuur a fee Link to comment https://www.fordxr6turbo.com/forum/topic/56693-loan-bankers-wanted/#findComment-860457 Share on other sites More sharing options...
ms700 Moderating Team 10,170 Member For: 22y 3m 16d Gender: Male Location: Sydney Posted 14/04/09 10:44 AM Share Posted 14/04/09 10:44 AM tell him to go pack shelves or anything really, any money coming in is better than losing his car. Link to comment https://www.fordxr6turbo.com/forum/topic/56693-loan-bankers-wanted/#findComment-860465 Share on other sites More sharing options...
Dyno Junkie Member 254 Member For: 18y 2m Gender: Male Location: Ascot, Western Australia Posted 14/04/09 11:15 AM Share Posted 14/04/09 11:15 AM Azid, let Swann pay his car off!????????????? Link to comment https://www.fordxr6turbo.com/forum/topic/56693-loan-bankers-wanted/#findComment-860522 Share on other sites More sharing options...
smicky Go Pies!!! Donating Members 2,852 Member For: 17y 3m Gender: Male Location: Vic Somewhere - Sometimes NSW Posted 14/04/09 11:44 AM Share Posted 14/04/09 11:44 AM Dyno - WS!Wanker Swan - (one 2 many 'n')...When you claim something back on tax - we say 'Peter Costello paid for it' or 'C/- Costello'...Now that its a Labour Gov its Swan! Link to comment https://www.fordxr6turbo.com/forum/topic/56693-loan-bankers-wanted/#findComment-860614 Share on other sites More sharing options...
Azid Rush Donating doesnt allow you to be an idiot! Member 692 Member For: 18y 3m Gender: Male Location: Newcastle Posted 14/04/09 11:53 AM Author Share Posted 14/04/09 11:53 AM yeh cheers guys I spoke to him and let him know.The reason he cant sell his car is because it is a secured loan. His loan insurance covered him from when he lost his job just before christman until last month so now he has to make the payments himself. He has casual work and a bit of centrelink coming in, he still wants to sell his car but cant refinance cause of money and stuff so I told him to just stick in there.Is there any companies/banks that refinance for people that were/are unemployed or nowhere near as much money coming in as when he first got loan? Link to comment https://www.fordxr6turbo.com/forum/topic/56693-loan-bankers-wanted/#findComment-860636 Share on other sites More sharing options...
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