Need advice, please read ladies.

Ok, I don't know what to do about my situation. So I need some great advice.

So me an my husband got this car in june of 07 the whole loan ended up being 18,761.97. For a 2003 Toyota Matrix. The guy who sold us the car told us we were looken at a 2 1/2 yr loan. With payment being 276. and a balloon payment of 4,000.00 every feb. (with are incomtax money). Every yr we have to renew the contract. So far we haven't renewd yet. The guy who sold us the car says he don't get his money till we pay off the car. As a downpayment for this car we gave him are kia 03. Was in great shape. Just to small for are family.

Well this yr is the first balloon payment. Well I couldn't make the whole 4,000.00. Insted I payed 2,500.00. So they (The bank) weren't to happy.
Now they want us to write a statement promising next yr are whole income tax!! I know I can't do that. We need that money for birthdays,christmas,school, the house so on. An now there saying this look like a 30yr loan 

Oh by the way all the car payments we've made since june, Only 200$ have gone toward the car the rest on intrest.

So my mom an dad think that jeff an I should turn the car in an get a new car. They said they'll put it under there name. So there wont' be so much intrest.
I don't know if this is a bad or good idea. I don't know what to do. They said they'd even put the down payment down.

What do you ladies think?? What would you do if you were in my shoes???

sounds like a rip-off. See if you can get re-financed through someone else. If your credit isn't good enough to get it re-financed, then see if your parents will re-finance a loan for it in their name. It's not as simple as just returning the car. Once you sign all the papers, it's your to pay on unless you don't make the payments and the bank takes the car back which you don't want to do because then you would have a repossession on your credit. Good luck!

I agree w/ your parents, if not you may be paying for that car the rest of your lives.

Quoting hotmama87:“ sounds like a rip-off. See if you can get re-financed through someone else. If your credit isn't good ... [snip!] ... the bank takes the car back which you don't want to do because then you would have a repossession on your credit. Good luck!”

Even if I'm not under contract. On the feb of 22nd, We have to renew an sign an new loan.

Well I don't know then. I would check with your bank and see if you can give the car back without it affecting your credit negatively. If you can give it back then it's probably better to just do that than dealing with them and then get another car somewhere else. If you can't give it back, then take your business to another bank and get it re-financed under your parent's names.

Quoting hotmama87:“ Well I don't know then. I would check with your bank and see if you can give the car back without it ... [snip!] ... else. If you can't give it back, then take your business to another bank and get it re-financed under your parent's names.”

Thanks, I'm just so stressed out. Trying to getit all taken care of. We have a car we're looken at. So well see what happens. But whatever does happen I hope it's soon. My baby girl will be here Feb 22nd.

Quoting enjjones85:“ Even if I'm not under contract. On the feb of 22nd, We have to renew an sign an new loan.”

Yes, that is technically how a balloon loan works, but if you don't renew they will expect FULL payment of the vehicle. And, if you don't pay the full amount then they will repo the car which as hotmama said will be very bad for your credit.

I just wanted tell you ladies thanks for your advice.
Great news. They lowered are intrest rate. yay!
And no more balloon payment!

We told theguy that we were going to have to give up the car, That we couldn't afford to do the balloon payment. An it is taken to long to pay off.
my mom got involved an she talked him into lowering are intrest rate. No balloon payment and that she would pay an extra 100$ a month on are car.

I really hate forherto do that, But she assured me that it was ok an she'd rather us have a nice runing car then something crappy that will breck down.
So with my moms help everything is worken out.
(Thanks mom)