Car loan

[bambam]

It's been awhile since I've been here and things have actually been pretty good. Things paid off, new job (career actually), new town.

So I jumped into a financed car last summer. The payments I can make, it's the damn insurance that is over the top (NY State). The insurance is more per month than the car payment itself. So much that I'm thinking of getting rid of it to get out from it.

Can I get out of this?
How do I go about doing this without getting a reposession?

[MB34]

Tell us more about the vehicle and the insurance, and you.

Have you tried to negotiate a new insurance policy with another company?

What is your car worth (go to www dot kbb dot com to find out), what do you owe?
What type of financing do you have on this car?

How old are you , how's your driving record?

Something has to be driving up the cost of your insurance and you aren't telling us.

[bambam]

The one thing with the insurance was a 2-3 month gap in coverage due to my move. Got rid of old car when I moved (so no insurance) and then financed this new car (04 Dodge Neon - red) ~3 months later.

Not sure how other states are and I've never really had a "new" car, but financing here in NYS requires full coverage with a certain minimum coverage.

39 years old.
No tickets.
No accidents.
Used for trans to/from work and recreational.

Did some shopping around and the insurance I have is still the lowest.

Not sure what other factors the agencies are using to determine a rate quote.

[MB34]

Originally Posted by bambam

The one thing with the insurance was a 2-3 month gap in coverage due to my move. Got rid of old car when I moved (so no insurance) and then financed this new car (04 Dodge Neon - red) ~3 months later.

Shouldn't matter...

Originally Posted by bambam

Not sure how other states are and I've never really had a "new" car, but financing here in NYS requires full coverage with a certain minimum coverage.

Most now do if it is financed.

Originally Posted by bambam

39 years old.
No tickets.
No accidents.
Used for trans to/from work and recreational.

Did some shopping around and the insurance I have is still the lowest.

How many online companies did you try? AIG, Progressive, Nationwide, esurance, etc, or did you just check locals?

Originally Posted by bambam

Not sure what other factors the agencies are using to determine a rate quote.

Not sure either as I'm in TX.

[NightStar]

How does your credit look? Have you viewed your credit score?

Is there anything negative on your credit reports?

[bambam]

Quite a bit.
Though we digress from the original question.

Can the car be returned without serious repercussion?

[NightStar]

If you return the car, they will sell it and what ever they don't get to cover the balance they will charge back to you.

I was going to say that you might try cleaning up your credit get higher scores so you can get better insurance. But that would take a little time.

[AMJ]

Most insurance companies pull a Hard to determine the premium of your policy. Low score = high premium.