First I will list my current situation, I am open to all suggestions. I make 30k a year. Chase Platnium: 15k limit / 7k balance Citi Dividend Plat: 10k limit / 0 balance Bank of America: 4k limit / 0 balance Juniper Platnium: 7.5 k limit / 0 balance Amex Blue: 2k limit / 0 balance Bon Marche (retail) 1k limit / 0 balance Credit Union Car loan 8.5% 18.5k balance 70mo remaining on loan payment 335.00 *All above accounts are current* Secondary person of joint car loan est 10-99 balance is 22k with 48 mo remaining at 13.5% payment is 565.00 This loan is now in serious default 60+ past due. Ford credit is saying they will repo it. The first loan is not in default and and I am not in possession of second vechicle. Should I file ch 7 bankruptcy to protect myself against the repo and possible judgement? Or do I wait for it to get repo'd? Should I close all my cards I am not using to keep them out of the bankruptcy so I can get them in the future? What happends to my car the one that is not in default, can I keep it and keep making payments? Does bankruptcy force the other party on the defaulted loan to take sole possesion of loan? What happens if other party files bk before I do? Somebody please help me!!!! Overall goal is to avoid my wages being garnshed because of defaulted car loan. I am IN support of legal action against other party for not paying loan and being in sole possesion of car. --- My2kgt@hotmail.com
First of all, take a deep breath and stop the panic attack. Let me relieve you of your ultimate worry. To get your wages garnished, they'll need a court order. To get a court order, they have to sue for damages and win. They won't know damages until the car is sold and the defiencey is recorded and, they won't sue until they pester hell out of you with collectors. Put another way, it'll be a year or more before that is even likely. So, you got some time. How likely is it that the other party can be found and the car sold? If that can happen and you know the extent of out of pocket cost, the damage can be contained. That's what I'd work on, get it sold, pay off the difference and then sue the cosigner. No need to play games with your credit cards. Hint: Don't close a cc to keep it out of bk and then think there is a prayer of reopening it post bk!
Right!! Get that car yourself and sell it. Then go after the other person. Who on earth would do this kind of crap to someone else?
Here is the situation. She (ex-girlfriend) will not sign relase of liability on the car (already tried) and she has the car for her currenty boyfriend. Two days ago I went to her and said this... ..sign the car to me, I'll sell it and take the negative liablity approx..8k and deal with it myself. she declined... ..of course I was/will going to sue her for the loss in court, but of course she didn't know my intentions so from her perspective it should have been a good deal. Oh and a little more here, she's 60+ late on her car also through Ford Credit, though she is not under water on that loan...she'd break even, so instead of selling one car to be able to afford the other and keep it. She'd rather lose both. My2kgt
The day after Christmas, get a lawyer and file suit against her. Start her new year off on the right foot.
You can reposess the car yourself. Go to a magistrate and take your proof that she is defaulting on the loan. They will let you take the police with you to get the car.
I'm with breeze on this one! You CAN repossess a car that's in your own name (even partly) IF it's being defaulted on. If you feel intimidated about the process, find a lawyer Christmas Eve (yeah, that's Monday, but trust me, someone will be working) and have them have the car repossessed. Ford Motor Credit may even feel better towards you working out something or bringing the payments current until you do, once you've repossessed it. But, get that car!!! She'll drag you down with her for sure!
I have seen your situation more than just a few times. You simply MUST demand return of the car within 6 hours. You have every right to give a short fuse. You don't have a legal responsibility to do anything but call her and ask her. But it would be best to document that you demanded return of the vehicle. Do not wait the long wait for certified mail, it's not necessary. If you do not the property back that you are responsible for within the limits of your deadline, you can report the car stolen to the police, they'll know what to do. If you are able to name a suspect and give them any info such as a home and work address, all the better. If the car is in your name, this is your move. If the car is jointly in both of your names, it will be up to you to communicate with the lender and explain to them your problem. They would then have you sign an affidavit swearing to your version of the truth, then they would go after her. If it is a finance deal, they'll use skip tracers and a repo man. If it's a lease, they may report it stolen.
Don't even consider bankruptcy in your situation. Looks like you have excellent credit other than your exgirlfriend not paying the car loan. If you file bk, you will have no credit available. If they repo the car, you still have all of your other credit and you have only one blemish to clean up, if you file bk, you have a mess to clean up. Best course of action is get a lawyer and contact the creditor for the auto and explain situation. Your dumbass exgirlfiend sounds like she is playing you (thinking you will make the payments if she doesn't give up the car) she has bigger issues to deal with. direct
Yes, I don't want to open up legal action against her such as repo'ing the car myself. I guess the only thing I'm concerned about is having my wages garneshed. If that happens won't I have to file bk? If not I will just let the repo appear on my reports and then I will fight with junum and the cra's to remove it. I'm just scared they will come after my wages.. but I don't make that much, obviously I don't wan to pay it either. Thanks for all the advice.. I'm going to sit on this until something happens like the repo takes place or something then talk to my lawyer about it. My2kgt
I'm sorry I'm a little confused. Why won't you go after your ex? She's damaging your credit report. And if her current boyfriend is driving it...hell with that, I would be over there first thing Monday morning with the sheriff. Dani
My2kGT, I agree with Dani. You are making no sense now. You see the end result-repo and if worse comes to worse you think bk will solve the problem but, there is an entire other subset of solutions that'll avoid either one of those outcomes. Good luck. I really think you're gonna need it now.
Aha! Are you worried that your ex will know that YOU repo'ed the car, rather than Ford Motor Credit? Wrong move buddy! Don't "wait for something to happen". If you don't make it happen yourself, you'll be at the mercy of her whims for years to come while you clean up your credit. And don't forget, Junum, Lexington, et. al. is NO GUARANTEE. Do you still have feelings for this girl or something? What's up????????
Excuse me for saying this. But, don't be such a sissy. Stand up for yourself and go get the f#%$^g car. What the hell are you going to sit around and let this happen for. Sounds like you want to file bk. Go do it.
Don't you dare! If you let her & her good for nothing bf walk all over you, why should the CRAs, Junum, your lawyer or anybody else help you? 5 years ago when my husband was my bf (not even engaged yet), he co-signed for my car bc my credit report was too short & I would have had to pay an exhorbitant APR. Even when we had fights & temporarily broke up, there was never any threat or inclination to make a late payment on purpose just to hurt him. If you don't have the backbone, get somebody who does to go with you and & GET YOUR CAR BACK. Rina -- Conquering through Christ... and Creditnet
Seriously, this doesn't make any sense. Is there more to the story? Not prying, but what you are doing is crazy.
If I repo the car myself, I have to pay for it to be able to keep it right? I don't want to pay for it. I have a car. I cannot afford both. What good does it do me to take it back from her just so it gets repo'd by the bank? The car is worth only 15k wholesale but we owe approx 23k on it. I want to sue her but my lawyer says that she would likely file bk on me so I couldn't collect on it. Why would I waste the legal fees? She obviously has no money so what good does suing her do? Oh, and yes there is more to the story, I was arrested for pulling a knife on her about 2 years ago. So I'm trying to avoid the law getting involved. My2kgt
I've never filed BK & never had repos, so I can't advise you there...but Say you get $15K for the car. Put it in an interest bearing account & keep up the monthly payments instead of giving Ford the entire $15K at once. Hopefully by the time you exhaust the $15K you will have enough between regular savings & the interest on the $15K to continue to remaining payments.
As others have said, If you repo the car from her, it shows the lender that you at least are trying to resolve the situation. Maybe, they will work with you. Maybe after you repo it, you can refinance it at a lower rate and lower the payment. Then try to sell it for whatever you can get. You'll eat the rest, but at least it won't screw up your credit and you won't have bk's or lawsuits or garnishments on your reports. It's going to cost you one way or another. But if you will listen to what people are telling you, there is a better solution to this than to let them repo and filing bk.
