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Discussion in 'Credit Talk' started by navajo67, Nov 19, 2001.
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Really, Really bad
Really, Really, Really bad.
And you will have a terrible time getting it off too.
Don't do that, don't go there, don't wear that dirty T-shirt.
It will stink badly and you won't be able to take it off easily.
Keep the truck and pay for it no matter what.
That's about the best advice I can give you
What Bill said... sell some stuff, do what you can!
Only difference if you "deliver" your truck is they don't have to pay for a repo to come and get it.
Would it be possible to Re-fi the car or even sit down w/ a dealer and negotiate for a smaller car?
In that it's a '01, you may lose some money initially, but the payments will be lower if you "trade down" so to speak.
Or, sell the truck on your own, get a reasonable price, and if you come up short, you're still ahead in the long run.
I would definately not recommend a voluntary repo.
Just my thoughts..
Just a thought.
'01 = '02
GET A SECOND JOB...get a third job.
Borrow money from relatives.
Eat once per day.
YOU PROBABLY CAN'T AFFORD THE CONSEQUENCES OF THE REPO.
That's quite true, of course, but it's still gonna "suck" any way it goes.
DaveyBoy has a good idea too...YOU WILL HAVE A MAJOR LOSS...but if you sell it back to the dealer...you MIGHT break even with MAJOR "TRADE DOWN"...
SELL IT TO A PRIVATE PARTY???
They could pay off your loan for you and "give" you their $200 car!?!?!?!?
I agree with this idea. This is what I would do. I have worked too hard to let my credit go down the tubes!
Plan B is to just take it back to the dealer and trade it in for a USED Nissan Sentra???????
Now that's really stupid! What you need to do is to become a lawyer, get with another lawyer and argue with him over the 2 pennies and you come out with a bale of scrap copper wire. LOL
Have a nice thanksgiving, my friend.
May the Lord bless you and keep you and yours during this thanksgiving holiday.
navajo67, you may not realize that simply returning your car to whoever financed it (the bank, GMAC, whoever) does NOT end your financial commitment -- whether the repossession is voluntary or not. After the car is repo'd, it will be sold and FOR FAR LESS THAN IT IS WORTH in most cases. Basically, the repo'd car must be sold, and the bank/GMAC/etc. won't take the time to get top dollar. The sale amount -- less administrative fees -- is applied to your car loan. Then, guess who's responsible for the difference between what you owe and what's applied from the sale of the car? YOU ARE.
Even worse, since you bought the car NEW, it depreciated on paper 30% or so the minute it was driven off the lot. Basically, even though you gave the car back to the creditor, your payments won't stop! You'll still have a car payment to make but you won't have possession of the car anymore. Ask anybody who's ever had to do that -- it feels terrible.
So, for example, if your car loan was for $25,000, it might be worth 70% of that now, say $17,500, but the repo sale may net a few thousand less than that (it's essentially a wholesale sale). After administrative fees, they may apply $12,000 or so to your loan. Whoa! You're still making payments on $13,000 for a car you gave away. Not fair? Well, they don't think it's fair that you reneged on a deal, and they probably won't be very nice to you either. (I agree that it's not fair, but I'm trying to give you a dose of their thinking.)
You would be far better off placing an ad in the newspaper TOMORROW. To stick with my example, sell that $25,000 car for $17,500 yourself -- and you can probably get it. Then apply the entire sale price to your auto loan, which will still leave you $7,500 in the hole which you'll still have to pay. Keep in mind that this is still better than how you'll end up if you go for a voluntary repo. Plus, my way won't look bad on your credit report at all -- no negative notation. Next, take George's advice for knocking down that $7,500 debt -- get a second job, sell something, drop cable TV, LOL, whatever it takes to get out from under that.
Hey, I'm on a roll. I'll continue.
Next, you need a car. Buy a $500 beater. Drive it around for a year. Sock away $200/month in a savings account during that year. Then next year, buy a $2,400 car. Work your way back up with used cars until you're back on your feet.
To review... Please, whatever you do, do NOT let them repo your car. You will destroy your credit files. You'll still owe lots of money. You'll accomplish nothing. Sell your car, and pay down your auto loan.
WHATEVER YOU DO...DO NOT GET A REPO (VOLUNTARY OR NOT)!!!
I HAVE ONE...MY WORST NIGHTMARE...
JUDGMENT- FOR THE BALANCE OF THE CONTRACT...AFTER THEY SOLD THE CAR AT AUCTION
THOUGHT I WAS DOING THE RIGHT THING RETURNING SOMETHING I COULD NOT AFFORD. HA!!!!!!!!!!!!!
DO WHATEVER YOU MUST BUT
DO NOT REPO!!!!!!!!!!!!!!!!!!!!!
Great post, Doc!
Didn't someone bring up in an earlier discussion that if you are still paying for a car (and thus a bank holds the lien and is listed on the title), it's not really yours to sell?
Thanks, Beaker, actually you can sell a car that's not completely paid for -- people do it every day. However, and this is a big however, most people wait until they aren't "upside-down" anymore on the loan. In other words, they sell the car and pay off their loan. My advice for navajo would be to GO TO YOUR LOCAL BANKER and ask for advice on how to proceed. If navajo has good credit -- or even better, a house with some equity -- then there won't be a problem getting out from under the car when you find your buyer. If you have terrible credit, and you bought a 2002 year car which you can't afford, well, ok, you don't want me to lecture you about your big error (we've all made 'em, so you're among friends). But, again, if you have terrible credit, you'll still need to get out from under that car. Go get some financial advice from a neighborhood bank. Collecting advice, knowledge, experience, etc., is a great way to proceed. (And of course, posting to this board was a great way to start too.) Anyway, I hope navajo learned something about repo's in this thread.
Love, thanks for posting, by the way. Sounds like you've been through the nightmare of voluntary repossession. Most people who do that really think that they're just returning something "to the store" but are usually surprised when they find out that the car payments DON'T STOP!
<light goes on>
Why not let me see if I can help you get rid of that judgment?
For free and no obligation of any kind on your part.
Glad to help if I can
Ditto all of the above. But try this: do you have an "Auto Nation" or something similar anywhere near you?
They guarantee to buy your car. I had a friend walk in with her 1-year old $21,000 car and get a check for $17,500 same day. She still had to come up with another $2,000 to pay off the original creditor, but she was able to get a small (sensibly priced) used economy car with $500 down and cut her payments *hundreds" of dollars.
All happened same day. Yeah, she's bummed her shiny new car is history. BUT, her credit is *intact*, her budget is no longer bursting at the seams...plus her gas bill took a dive.
She'll get back to where she was someday soon and so will you!
Doc is right - there is pretty much no difference between a voluntary repo and one where they had to hunt you down. Do whatever you can to avoid this, even if, like Hope's friend, you have to eat the difference between the loan and what your car is worth. You will make that money up in cheaper loan and credit card costs over the long haul.
A small suggestion, if there is an Auto Trader put the car in there I guarantee you that it will sale.