payments on. I want to have it voluntary repossessed. I own a house and am in the middle of trying to get out of that too. I have only had it 3 months. What will they come after me for? attach my wages? lien my house? how does this work?
2007-03-26 14:01:38 · 9 answers · asked by tishabee 1 in Cars & Transportation ➔ Buying & Selling
Ok a little more info. I owe 23,500 on a 2006 Chrysler sebring 2 door it kbb for about 16k or so. How can I get someone to buy something upside down....thx
2007-03-26 15:47:26 · update #1
It is difficult. Find someone who has the ability to pay for the car but doesn't have the credit to get it financed. Let them pay you and then you pay your auto payment. This way, you will always know it is paid. If they don't pay go get the car and do it again. If you give it back you will lose money and the dealer will sale it to another dealer for a big loss and then that dealer will sale it for the highest amount they can. The dealer that repossesses the car will then obtain a diffencency judgement for the difference in what you owed them and their selling price which could be a large amount. Eventually, they can attach your wages via a garnishment and lien your house as well. Go ahead and deed your house over to your husband and if you get a judgement against you it won't go against the house as it is not in your name. If you get a divorce give the house to your husband and if he doesn't want it put it up for sale. But, be sure to get the house out of your name by giving a quick claim deed to your husband and make sure you record it at the court house. I know someone who gave a car back oweing $33,000. and it was only 15 months old. The judgement against her came to $15,000. and they did go after her wages, and they attached her house also. Good luck.
2007-04-02 06:22:21 · answer #1 · answered by H. A 4 · 0⤊ 0⤋
I have to agree with some of the others, OK on the car, advertise it as a assume car payments(of course they have to go to there own bank to get financing) all your doing is selling the car for the balance due. Of course if it was me I would tag on an extra 500.00 just to get some pocket money. Pay so much for the car each month to keep them from repossesion it until you can sell it. If they take the car back, they still charge you the full amount owed and it stays on your record forever. Sell this car, do not have them repossess it, even if you have to hide the car from the creditors, change your phone number if you have to. Do not have the potential buyers call the same number that the creditors have, they will pose as a buyer and repo it. Try not to talk the car down, tell them that its a great car, but due to the divorce you will no longer be able to afford it. DO NOT LET THEM TALK YOU DOWN ON YOUR ASKING PRICE, just tell them that is whats owed at the bank so you can't lower the price, I hope that you slid a extra 500.00 in there for your pocket. Don't appear so desperiate, people can sense it and will eat you alive. Post a for sale sign on the car also. Give it a few days or even a few weeks, someone will buy it.Try selling it on
http://www.craigslist.org Its free advertiseing, you have to place the add every day though, but its free
On the home, you could either take on a room mate, lease it out, or sell it. If I were you, I would find a property manager, that way they screen the renter and look after the property,they always take a security deposit, and of course they never give it back, use that money for repairs and fresh paint after the renters move out, in the end the home will be paid for by the renters, and you will have a positive cash flow after the home is paid off. Many times the property manager will charge more than the mortgage is, that pays them and the mortgage. If it becomes to much, then sell the home.What ever you do, try to look at the big picture, do not trash your credit. Good luck I'm hoping that this turned out right, my husband is constantly talking and I'm trying to answer your question. I'm fixing to stick my foot in his mouth just to shut him up. Why won't he shut up???
To sell the home you could do the same, advertise it on craigslist, the only thing is that you have to reup the advertisement every day, but its free
http://www.craigslist.org
Try to keep from telling every little detail of the house that bothers you, just tell them you want to sell it due to a divorce that you love the home but just can't live with the memorys.Once again, try to remember why you bought the home, work on the appeal of it, do not sound desperate. Good Luck. When your done with all that garbage, join all the fun people in the Florida Keys, it will change your life for ever, no more rat race. Clear tropical waters and swaying palms:) Yes, life can be good!!!
2007-03-26 15:26:34 · answer #2 · answered by Cheryl 6 · 0⤊ 0⤋
On a voluntary repossession the bank or loan company will sell
the vehicle and bill you for the difference between what they get and what you owe. If the car is in great shape you might be better off to get someone to assume your loan, or sell it yourself.
The loan company has no incentive to try to get the highest price possible, because they can come after you for the difference. They will probably attach your wages before putting a lien on your house. Good luck.
2007-03-31 07:13:53 · answer #3 · answered by rog@home 2 · 0⤊ 0⤋
Lady, sorry things didn't work out for you.
Instead of letting them repo your car and hurt your credit, could you sell the thing yourself and just take the loss.
As for the house, hopefully you put enough down on it that you aren't upside down on it. Same thing there, try and sell it yourself.
If you are considering getting divorced, the house would be in both of your names so it will have to be a joint decision. Maybe your husband wants the house and he would assume the loan and buy you out. Or maybe he would like your car and he would take over the payments.
I hope it all works out well for you. Good luck.
2007-03-26 14:10:35 · answer #4 · answered by Fordman 7 · 0⤊ 0⤋
If you give back the car, you will STILL have to pay it off... go into collections etc, and then they will settle for a lesser amount.
It will trash your credit rating.
Try this...
Put the house on the market for sale at an amount that will give you enough to pay off the mortgage AND the car. You could even throw the car in as part of the deal. ...or use the proceeds to pay off the car then turn around and sell it.
Now you will have excellent credit and the house and car are off your back.
2007-03-26 14:08:01 · answer #5 · answered by Chris C 5 · 0⤊ 0⤋
I extend my condolences as well. I just wanted to add that a voluntary repo is no different than involuntary as far as your credit is concerned. Your best advice here is to try to sell both yourself to keep from ruining your credit.
Best of luck.
2007-03-26 14:51:41 · answer #6 · answered by justanoldguyfromky 2 · 0⤊ 0⤋
I think you need to talk to a divorce lawyer.
2007-03-26 14:06:34 · answer #7 · answered by Dereck 3 · 0⤊ 0⤋
Talk to a lawyer.
2007-03-26 14:05:36 · answer #8 · answered by Anonymous · 1⤊ 0⤋
bribe them by the costumer good things about the car
2007-04-02 06:58:26 · answer #9 · answered by Samantha 2 · 0⤊ 0⤋