my husband has an 03 mustang cobra convertable and we need it gone bad. only thing is that we owe 32,000 on it..we got screwed on it badly so i dont really think its possible to sell alothough in very good condition. can we let the bank take it back? what should we do? we thought about getting someone to take up payment but dont think we should even try?
2006-08-16 11:45:21 · 7 answers · asked by sewlovesnic 1 in Cars & Transportation ➔ Other - Cars & Transportation
If the bank repos it and is able to sell it, you are still liable for the difference if the car sells for less than what you owe. You would be better off selling it for what you can get and make up the difference. That way it wouldn't hurt your credit.
2006-08-16 11:53:02 · answer #1 · answered by Anonymous · 1⤊ 0⤋
The only thing that you are going to be able to do is sell it. I wouldn't let the bank take the car because it will be a repossession on your credit and the next time you try to go get a car, you will either not get one on payments or you will pay somewhere between 18-32%. Try going to these websites: www.kbb.com or www.nada.com. Those are both good sites for getting the value of your car and that is what the banks will use. You can place an ad in your local paper, Auto Trader, or even Ebay is good. Now if you sell if for less than you owe, you will have to eat the cost of the remainder of the loan. Other than that, you could try refinancing the loan for another 5 years or so. I'm not sure how long you can do it for an '03, but it might get the payments down for you and then you can just keep the car until its paid off. Hope it works out for you...
2006-08-16 18:56:09 · answer #2 · answered by brittme 5 · 0⤊ 0⤋
I say to give it a try (I am not sure it will work) but then you will know that you did everything that you could. Maybe there is a financial adviser in you area that you can talk to about what is going on. Because if you let the bank take it that will really mess up your credit and than later it will only hurt more because it will keep showing up and you will have problems getting another car or house or if you do get them you will be paying a lot more that it is worth just towards interest alone and all that will do is put you back where you are right now.
All I can tell you is to get professional advise so that you don't cause more damage.
2006-08-16 18:55:38 · answer #3 · answered by spyder 3 · 0⤊ 0⤋
Even in excellent condition, Kelly Blue Book only lists it at $26k if you sell it yourself. You might be able to pull in a little more for it depending on where you live, and the current demand, but it's iffy.
If the bank repossesses it, your credit will be shot. Having someone take over the payments would be great if that's possible.
In any case, make sure to keep communication lines open with creditors instead of trying to hide from them. They're willing to work with you much more if they know that you're willing to try. Perhaps they can refinance the vehicle and spread the payments out over a longer period, thereby lowering the monthly payment. Might be worth a shot.
Best of luck!
2006-08-16 19:08:30 · answer #4 · answered by Beek 3 · 0⤊ 0⤋
Try getting a dealer to pay it off as a trade in and use it to buy a cheaper car with lower monthly payments.
2006-08-16 18:51:41 · answer #5 · answered by still 3 · 0⤊ 0⤋
I took my 04 stang GT to carmax and they bought it, but I didnt owe as much as you do.They will give you what its worth with no tricks.
If the bank takes it back, they will auction it off and if they only get 25g for the car you will still be resonsible for 7g
2006-08-16 18:51:25 · answer #6 · answered by Anonymous · 0⤊ 0⤋
try to have some one in the family you trust take over the paments and get a cheaper car
2006-08-16 18:51:32 · answer #7 · answered by U can't B like me 5 · 0⤊ 0⤋