To whom it may concern,

I have a truck that I am still making payments on but it is just sitting because the head gasket blew and I need a new engine. In the mean time I bought a new car and am making payments on the new car. Due to the fact that I am upside in my loan for the truck I can't sell it. What would happen if I tell the bank where I bought the truck that I can't make the payments. If they repo the truck how would that affect my new car loan and my credit. I am willing to make payments on the truck but just not what the monthly payments are now.

Please advise.

Thank you

Fr_Chuck

I guess not a snow ball chance in ..... comes to mind unless you really know the bank people are they are willing to do some temp interest only loan or something.

What happens if they repo your broken truck, lets say the loan is 10,000 on the truck, they repo it and sell it for 2000 at auction since it is not running.
So you would still owe 8000 plus repo fees , plus court fees, plus auction fees, you could end up oweing 11000 ( more than you owe now) and they take the truck. Then of course they could take you to court, garnish your pay and things like that.

I would wonder why not fix the truck instead of buying another vechile ?

If it goes back and you don't continue payments your credit will be ruined for a long time and you willstill owe them alot of money

talaniman

Chuck is absolutely right you could end up being garnished for a lot more than you owe when they repo your truck.Since you already bought a new car transportation isn't your problem but what to do about the truck ?If they're was no warranty see how much a new engine costs and fix and sell it(Thats what i'd have done in the first place) to get out from under those notes.As it is your in a rough place because if you don't make those truck payments it won't be long before they will come after you. good luck.