[DJKapeesh]

I'm looking for some advise here about helping my fiance get out of a rock and a hard place with a car.

First some background:
Back in college my GF bought a 2002 BMW 325XI E46 for 5k. She had the car for 6 months and was on her mothers insurance. Her mother failed to tell he she couldn't afford the insurance and let her drive around without any which Murphys Law then comes into place and she totals the car. Car totaled, no money to replace and a lawsuit later she graduates to find out her mother has been putting bills and credit in her name and defaulting on them to collection. So her credit is F**ked. We pay all this stuff off and try to get her a car.

A little over a year ago when I moved away to setup for my new job as an SAP Consultant (Previous Job) in Milwaukee my girlfriend needed a car. Before I moved I negotiated and found a 2008 WRX with 80k miles on it for 14.5k (Hatchback Blue). I proceeded to try to pick up the vehicle and instructed my GF to get the loan privately and make a private buy. She refused the car bitching and moaning about how it is a "Manual" and "I don't want to drive no manual". She has been taught by me and 2 other people how to drive manual and simply is afraid that she will stall and roll down a hill so refuses the car.

I moved and she was then was summoned by my father (who I blame to this day) to come look at this "2012 FORD FOCUS TITANIUM" Hatchback he found on a lot that the sales man told him was AWD....

Long story short these to bumbling idiots believed the sales guy who spoon fed them complete BS and faux about this car and ended up having her buy the car. She gets a horrific rate of 15% APR and is happy because she gets approved.... Nobody asks about the final price and end up walking out the door at 18-19k for a used FORD FOCUS with 46k miles on it with warranty.


OK NOW THE PROBLEM:
Fast forward 1 year later when I have gotten as many "I told you so"s in as I possibly can. I did the math after moving down to Florida and finally got through to her about how much $$$ she is throwing away with this car!

The car is currently at 16k left on the loan at 15% APR. This means that after 5 more years the car will cost us a total of 24k+ dollars for a 2012 Ford Focus which is currently only worth 12k maximum. Trade in will only give us 10-11k on the car.

What should we do to get rid of this thing???

My idea was refinance first (This didn't work she was denied)
Now I'm wondering should we trade it in for something cheap and I will co-sign and hopefully get a good APR.
Or should I buy the car from her in my name and have her make the payments?

I'm so stuck and I don't want this thing in my name or on my record! Help me out here guys!

Update
Her father has offered to loan 6k to allow us to sell the car for 10k or 11k and get rid of it,

Problem with this is she has not saved enough money (I tell her to put $ away weekly) to buy a cash car or anything to drive which means any car that gets bough will be "my" car and from "my money".

SMDH don't know what to do

[Mr Tonka]

[Delta0311]

I agree with Mr. Tonka.. Mind as well put her mother in the car too, kill two birds with one stone.

[gtron]

tl;dr

Originally Posted by Delta0311

I agree with Mr. Tonka.. Mind as well put her mother in the car too, kill two birds with one stone.

[Delta0311]

Dj, I don't know what your parents financial situation is but one possible option would be for you or your parents to pay the car off for her. Meaning just cut a check for the $16k and then come up with a monthly payment plan to pay your parents back.. At least this way you wont have to deal with that ridiculous APR.

[UncleWede]

My SIL bought some beater at 25% or more, and it was flat out falling apart. She lived with us and we took pity and bought he a Kia Rio. I saw the guys dancing and high-5ing after we left and I read the papers she signed. They had agreed to pay off her own loan and get her the new car, but only at 18% with our co-sign.

Next day I went to the credit union, refinanced the Kia at 5%, and showed up at the dealer with the check to pay off both loans. SIL made the payments each month (I checked to make sure)

To add to the misery, Kia dealer did NOT pay off the first vehicle, although they took the title. DA ended up filing against them (we weren't the only ones) and when somebody else bought the dealership, they paid off all those titles.

[DJKapeesh]

Originally Posted by Delta0311

Dj, I don't know what your parents financial situation is but one possible option would be for you or your parents to pay the car off for her. Meaning just cut a check for the $16k and then come up with a monthly payment plan to pay your parents back.. At least this way you wont have to deal with that ridiculous APR.

Thought of this option,

only person with this amount of cash is her own father who is to cheap and to stupid to help her pay off these debts. In fact he was supposed to help her find and buy a car the first time bud drug his feet so long she ended up with this thing...

[twin fed]

Mr. Tonka hit the nail on the head. Change it to a stated value policy, so insurance pays off the full value of the car loan. Wait a few months and burn that mother to the ground!!

[Delta0311]

Originally Posted by DJKapeesh

Thought of this option,

only person with this amount of cash is her own father who is to cheap and to stupid to help her pay off these debts. In fact he was supposed to help her find and buy a car the first time bud drug his feet so long she ended up with this thing...

Are the parents married? If so then the mother fucked her by ILLEGALLY taking loans out in her name.. They should at least do this for her given how the mother fucked her and her credit. Dude what the fuck is wrong with her parents? People don't always turn out like their parents but I had experiences with women were the apple did not fall far from the tree. So if anything be careful.

[pgviper]

If she is your fiance and not going anywhere then refinance with you co-signing and get a real interest rate. At this point, selling the car will only cause you to lose more money. Your best way to "increase" the value of this car is to hold onto it for as long as possible.

Another option, as some others mentioned, is find a family member willing to foot the principle of this car right now, one check and pay the thing off. Then have her pay back the family member.

But all in all, your only way of increasing the "value" of this vehicle is by holding onto it until it dies... (5, 10, 15, 20 years...)

[DJKapeesh]

Originally Posted by Delta0311

Are the parents married? If so then the mother fucked her by ILLEGALLY taking loans out in her name.. They should at least do this for her given how the mother fucked her and her credit. Dude what the fuck is wrong with her parents? People don't always turn out like their parents but I had experiences with women were the apple did not fall far from the tree. So if anything be careful.

The good news is I have been in her life over 10 years and still not prepared to jump into a marriage until she is debt free and shows some promise financially. Meaning she has a ring and nothing more if at all I ever get married.

Her parents are separated and complete opposite to the extreme ends of the spectrum. But that being said my parents are pretty financially stupid as well.

Looking to change my family tree starting with me

[dreamingat30fps]

I don't know why when I read the title I thought of an upside down car... literally. I figured you needed advice on how to flip the sob over.

Then I start reading the post and I'm thinking to myself where the fuck does the upside down come into play here... then it hit me.

[RickFLM4]

Can she go without a car for a while? If so try to sell it and pay off the negative equity and be done with it (if you can't find any matches).

15% sounds insane and signs of other money problems. Has she considered bankruptcy?

[roastbeef]

Get rid of your girlfriend. Sounds like an idiot.

[okusa]

I'm a little confused by your first sentence since if she's your fiance, and not just a girlfriend, then it is equally your problem.

That aside, stop throwing good money after bad. Sell that thing immediately, accept your loss and move on. We all make poor financial decisions, but the real mistake would be to continue down the same path expecting a different result (definition of insanity...).

[DJKapeesh]

Originally Posted by roastbeef

Get rid of your girlfriend. Sounds like an idiot.

Believe me, I know.....

But we were together before money was a concern so... I managed to start her career in IT and she is currently a Data Analyst so I'm on the right foot with the guidance thing and this would be the second phase getting her financially responsible.

Although I'm not a religious man, "let he who is without sin cast the first stone"

That's to say I did some pretty stupid sh*t to and I have debt and a car I am upside down on also so can't really judge her to harshly. (Although my APR is 3.5%).....

[roastbeef]

Originally Posted by DJKapeesh

Believe me, I know.....

But we were together before money was a concern so... I managed to start her career in IT and she is currently a Data Analyst so I'm on the right foot with the guidance thing and this would be the second phase getting her financially responsible.

Although I'm not a religious man, "let he who is without sin cast the first stone"

That's to say I did some pretty stupid sh*t to and I have debt and a car I am upside down on also so can't really judge her to harshly. (Although my APR is 3.5%).....

If she's older than 20, get out. She should know this shit by now.

[CANGRKE70]

Your gf is never going to pay you back...don't even go with that option.

How fucked is her credit? Consumer proposal fucked? Might as well include that. Start fresh like Donald Trump!

[fravel]

Originally Posted by roastbeef

If she's older than 20, get out. She should know this shit by now.

I'm with roastbeef.

EJECT!

[csu87]

time for a new gf that isnt a financial moron.

Theres plenty of fish in the sea

[Mr Tonka]

Originally Posted by roastbeef

If she's older than 20, get out. She should know this shit by now.

This solution is far better than mine. Mitigates future problems and won't land you in jail.

[MightyMouseTech]

Don't refinance. Re-fiance.

Sorry, but with all your posts, there is no way this is all real. I call troll.