Man, I'm sick and tired of being way back behind in bills,.. nothing but bills up in here.
I have always maintained my credit decent and always paid everything %26quot;on-time%26quot;.
Well, to get straight into my problem, I have a Ford Expedition that uses about $380 in gas per month. My loan is $330/month on it and I owe around $16,000. If I sell it or trade it in, the negative equity will be around $7,000. OUCH!!! on top of that, the A/C is not working, The Spark Plugs need to be changed, The breaks need to be changed, The transmission fluid needs to be changed,.. oh God my head hurts already. And on top of that I have a few credit card bills floating over my head that were due LAST MONTH.
I was just thinking, maybe just let the repoman take my car out of my hands? .... I bet that it will hurt my credit like crazy. But damn, I need to get back on my feet FINANCIALLY and be able to have a piece of mind every month... I rather buy me a $1000 Civic or something until everything gets better. God damn economy.
My questions are....
Is this a smart move?
Anybody with repo and credit experience,.. how long till your credit went back up?
Is there any faster way in repairing your credit?
How much was your credit points lowered?
Will the car loan bill simply go away?
What will happen after the repoman takes it?
Maybe I still owe the difference after they Auction it??
I just hope not to get any %26quot;You have to go to court%26quot; letters and pay more in fees and lawyers and such lol.
Please pleaseeee any info will be greatly appreciated... specially from people with experience :-)
Thanks.
Need Help!! Any 'credit' and 'repoman' experts out there?
The last thing you'd want to do is have a repossesion on your credit report. It will remain on there for ten years. A $330 car payment is nothing. This isn't worth it. They will take your car. Sell it at an auction for a couple thousand dollars and stiff you with the balance . So you will end up owing them around 10,000. They will than garnish your wages and take up to 25%.
Why would you want to go thru all that?
TRUST me if you are in over your head with bills than you need to get another job.
I'm sorry banks have been doing this forever! They need to do away with their predatory lending practices.
Need Help!! Any 'credit' and 'repoman' experts out there?
After they repo it, they will sell it at an auction and you will owe the difference. It could be far more than the $7000 you quote.
You are taking on a lot of grief that will follow you for many, many years.
Hi
I understand your situation seems grim, but understand the consequences of repossession before you make your decision.
If your car is repossessed you may not be able to get a car loan for at least another year, and it will most likely be through a sub-prime lender.
The car being gone does not mean your problems go with it. The car will be sold at auction. If your car goes for less than what you owe on your contract (don't forget expenses and fee's) you will be responsible for the difference. The bank has the right to go to court and seek a judgment against you for the balance of the loan.
I do not have an answer to your problem; I just do not think repossession is way to go.
Best of luck to you.
