Security Auto Loans Reginald Thomas Loan balance rip-off New Hope Minnesota

First of all, I don't work for this dealership or any other car dealership; but I know the process.

Financing your vehicle is totally different than the vehicle purchase.

If you don't have cash to buy the vehicle outright, then if you still want to purchase it you can finance it. Financing through the dealer is a bad idea. It gives the dealership the upper hand.  You can protect yourself more by obtaining an approval through a credit union before you ever start shopping at any dealership. That way you know exactly what you can spend and the actual cost before you ever sign any purchase agreement.

There will be restrictions on the age and milage of the vehicle when you finance with a bank or credit union. That is to keep you from purchasing a beater and trying to finance it.

Once you buy a vehicle - it is up to you to maintain it and pay for repairs. If you can't do that, then you really shouldn't be looking at any vehicle to buy or lease. It is your responsibilty to maintain at your expense from the moment you purchase it until you sell it. The exception would be if you have a warranty. And you have to be very careful with warranty's. They are only good for the items specifically covered in the contract and only as good as the company that stands behind the warranty. In my experience, most warranty's are worthless unless they are the original manufacturer warranty. Save your money.

Reading your post, it sounds like you had the vehicle repossessed (voluntary repossession). That is a severe hit to your credit. Read up on voluntary repos' and you will see they are just as bad as involuntary repos. Selling the vehicle in a repo for little to no money is common. You are responsible to repay the balance of the debt that remains after the sale proceeds are applied. If you read the original note you will see what your remedies are for your debt repayment. It doesn't go away just because you gave the car back. Financing is totally separate from the purchase. Once you borrow the money to buy the vehicle you have to repay it -even if you give the car back to the dealership. Right now you will have to figure out the best way to fix this mess you created before you attempt to buy another one.

Take some time to research all about vehicle financing, credit, and how to purchase a vehicle before you venture out to look for something to buy.

Remember, car dealerships sell cars and will do whatever they have to do to get you to sign your name on a contract even if it is not in your best interest. In fact, no dealership looks out for you or me as consumers. They only look out for themselves. That is why you need to know what to do before you shop. Good luck in getting this straightened out.