I bought a family car (2004 Buick Rainer) in my name payoff $21,000. KBB Private Sale is $15,000. My wife backed out of her half left me with a payment of $720 a month causing serious delinquencies on my credit now I can’t trade it in, I can’t refinance due to my affected credit score, I can’t sell coz the bank won’t release the title without full payoff.. I have thought of many options voluntary Repo being the last. How can I get out of this loan without hurting my credit? What are my options ? Please advice.
2007-06-17 12:54:13 · 8 answers · asked by sprinkler747 2 in Cars & Transportation ➔ Buying & Selling
The only real solution to your problem is to increase your income. This means you are either going to have to get a second job, or find a way to get some overtime at your current job. If you find a part time job at $10 per hour and work 20 hours per week, that gives you an additional $800 per month before taxes. Even if taxes take half, it will cover the money your wife should be paying!
Good luck
2007-06-17 13:26:21 · answer #1 · answered by fire4511 7 · 1⤊ 0⤋
1
2016-09-28 13:48:30 · answer #2 · answered by ? 3 · 0⤊ 0⤋
It sounds like you already know the options. Typically, in situations like this, the best option is to simply keep the car and find a way to make payments. Any other option requires cash -- in your case, about $6000. Even if you could refinance, a loan company won't finance it for more than it's worth.
Voluntary repossession doesn't solve anything. You give the car back, they trash your credit rating, and sue you for the $6000. Actually, the amount they sue your for will be more than $6000 because they will sell your car at wholesale auction and bill you for the difference between that amount and your loan balance. And.....you won't have a car to drive.
Like I said, the best option is to find a way to keep the car and make the payments. There is no magic answer that will make this go away.
2007-06-17 13:18:11 · answer #3 · answered by Anonymous · 0⤊ 0⤋
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RE:Auto Loan Stinky Situation?
2014-07-25 06:24:09 · answer #4 · answered by Anonymous · 1⤊ 0⤋
You should visit HTTP://CREDIT.QUOTESDEAL.NET I am sure here you can find the best option for you
RE Auto Loan Stinky Situation?
I bought a family car (2004 Buick Rainer) in my name payoff $21,000. KBB Private Sale is $15,000. My wife backed out of her half left me with a payment of $720 a month causing serious delinquencies on my credit now I can’t trade it in, I can’t refinance due to my affected credit score, I can’t sell coz the bank won’t release the title without full payoff.. I have thought of many options voluntary Repo being the last. How can I get out of this loan without hurting my credit? What are my options ? Please advice.
2014-09-13 22:21:43 · answer #5 · answered by Radcliffe 1 · 0⤊ 4⤋
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2015-01-28 11:28:55 · answer #6 · answered by Lila 1 · 0⤊ 0⤋
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2014-05-08 03:10:35 · answer #7 · answered by Anonymous · 0⤊ 4⤋
Try http://goo.gl/ibyKLz
2016-07-19 14:41:29 · answer #8 · answered by Anonymous · 0⤊ 0⤋