Ok I have a car that I signed for my ex and he left me with the payments. I am 3 months late and I can't afford to catch up or make payments on the car. I have been trying to sell it but people want lower than what I am asking and I can't pay the difference The buy out amount is for 7100 on a 98 z28 camaro, should I voluntarily repo it?
2006-08-08 07:01:20 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
Hi, try to take photos and list it on ebay, or take it to carmax to see if you can get a decent amount.
Try this website to see how much your vehicle is worth http://www.autosite.com/content/research/kbb/index.cfm/action/selectyear/valuetype/
Hopefully this will help.
Call the auto loan receiver and ask them if they will allow you a forbearance if you pay a certain amount. Normally it will cost them more to take it then to leave it. They can put the owed amount at the end of your balance. If you simply cant afford it go ahead a surrender it voluntarily. Once you find out that the vehicle has sold you can get this removed from your credit report. Good luck
2006-08-15 14:15:34 · answer #1 · answered by cee 1 · 0⤊ 0⤋
If they repo it, you will still end up owing thousands. The bank will auction it off and it'll probably fetch $3000. Which means that they will go after you for the rest ($4100+repo fees).
Best way to go may be to get someone to take over the payments. This has to be approved by the lender. You could even offer some incentive, like $1000 cash.
Do you have a teenage relative? A friend with a teenager? Ask them if they'd like to make monthly payments/insurance while keeping it in your name.
Or just sell it for $5000 if you can. Then take out a cash advance on your credit card to pay it completely off.
The reason I'm giving you all these other choices is because repossession is the WORST thing you can do.
2006-08-08 14:15:36 · answer #2 · answered by BRUUUUSKI 2 · 1⤊ 0⤋
First things first, depends on the institution. Not all lenders practice the same policies/procedures. Personally, if you know you can't pay for it, why not turn it in? I doubt you are going to get what you are asking for the car and it would give you a little more peace of mind. There is not a huge difference in the reporting of a voluntary/involuntary repossession to the credit bureau. Future lenders may take this detail into consideration, or may not. If you do turn the car in, and can't pay off the difference, it will be reported. However, they may be willing to work out a settlement. All in all, contact the lending institution (or answer their calls) they would be best at informing you of your options.
2006-08-08 14:27:44 · answer #3 · answered by Mega 3 · 0⤊ 0⤋
I agree with BRUUUUSKI
As for the third poster - ALL lenders are required, by law, to follow the legal procedures for a repo.
Try to sell the vehicle yourself, even if you have to take a small loss. Or find someone who will take over the payments.
With a repo, the vehicle will be sold for somewhere around half of the book value. (if you are lucky)
You will be liable for the remainder PLUS all repo fees. Repo fees could run up quite high, usually somewhere around $1000.00 or $2000.00.
The amount that they will go after you for, after the repo, may get almost as high as what you currently owe.
2006-08-08 19:12:41 · answer #4 · answered by echo 7 · 0⤊ 0⤋
My husband had a jeep he decided he didn't have to pay for because he already had the jeep in his possession. So after a few months he stopped making payments. After they repossed it, we never heard from them again. It was off the show room floor and he was the only owner. Of coarse
this was 20 yrs. ago and they have probably changed the way they do things now-but he learned his lesson! Talk to the finance dept. manager. Tell them all you've tried,tell them you can't pay for it and ask them what they suggest. Then turn the car over to them. It will be on you're credit-but now you have learned a lesson. Don't sign!
2006-08-14 20:41:59 · answer #5 · answered by Mamaw 2 · 0⤊ 0⤋
2 points
2006-08-16 08:33:20 · answer #6 · answered by Anonymous · 0⤊ 0⤋
No, becasue they won;t necessarily not come after you for the difference,
If they decide it is worth 4000, than you will owe them 3000 still.
Billy
2006-08-08 14:06:00 · answer #7 · answered by billyandgaby 7 · 0⤊ 0⤋
Talk with the lender. Avoiding the lender does not help anything. There is several ways, that may work to help you
2006-08-13 15:28:25 · answer #8 · answered by G. M. 6 · 0⤊ 0⤋
You MAY have no choice BUT try and save your credit if you can though....before the fact
2006-08-16 05:41:39 · answer #9 · answered by B'klyn Barracuda 3 · 0⤊ 0⤋