Ask Experts Questions for FREE Help !
Ask
    cestmoilori's Avatar
    cestmoilori Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jun 22, 2008, 07:51 AM
    Auto Repossession
    Hi. I have a question regarding auto reposession. My husband died 7 months ago and left me with a new truck with a payment I can't afford. I am unemployed (stay at home mom for 15 years). I am looking at having the truck reposessed out of necessity.I know this will damage my credit but there seems to be no other way out . ANY SUGGESTIONS?
    Clough's Avatar
    Clough Posts: 26,677, Reputation: 1649
    Uber Member
    		  
    #2

    Jun 23, 2008, 12:13 AM
    Hi, cestmoilori!

    Greetings and WELCOME to the site! I just moved your question that you had posted in Introductions to this topic area so that it would get the most exposure to those who are best able to answer it. Additionally, your question is more likely to get noticed and answered to your satisfaction in this topic area. Introductions is for people to introduce themselves and we try to not ask questions there.

    We would appreciate it if you would return to Introductions sometime to tell us a little about yourself though, if you would be willing to do that.

    Thanks!
    TheCleaner's Avatar
    TheCleaner Posts: 152, Reputation: 3
    Junior Member
    		  
    #3

    Jun 23, 2008, 03:23 PM
    You can try to refinance if you want to keep it, if your credit still good probably you'l be able to get a new car loan for 72 months at maybe 5 to 9% that might get your payments down a few hundred dollars a month.

    Also you could get a small personal loan and sell the truck to a dealer, they pay the big chunk to the bank and you pay the gap between the dealer price and the amount you own so the dealer can get the title from the bank.

    Carl.-
    progunr's Avatar
    progunr Posts: 1,971, Reputation: 288
    Ultra Member
    		  
    #4

    Jun 23, 2008, 03:30 PM
    Repo has to be your LAST resort.

    Even if you surrender the vehicle, it will still show up as a repossession on your credit reports.

    Then, the lender can spend money getting the vehicle ready for auction, as it has to be sold at an auction, and it has to be flagged as a repossessed vehicle.

    This means it will only bring a fraction of what it is worth, leaving you with a large balance still due on the vehicle you no longer have.

    You MUST exhaust EVERY OTHER POSSIBLE OPTION before you surrender the vehicle.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #5

    Jun 23, 2008, 03:47 PM
    Was it in both your names or just his? And I will assume there was no life insurance on the truck to pay for it if something happened.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Do I owe on a voluntary reposession? [ 6 Answers ]

I am sorry if I am asking this question in the wrong category. I voluntarily turned in a lease vehicle in August of 2002. (Where I lived at the time, 911 had changed my address and I believe this is why I was not served properly.) They served the summons to an address I never lived at but a...

Auto reposession/Default on Auto Loan [ 3 Answers ]

To whom could lend some immediate advice, I purchased a 2005 brand new vehicle in 2005. This automobile has been repossessed as of 5/07. In addition, I filed bankruptcy (Chapter 13) in 2006 to avoid this very problem, however that has been dismissed for lack of payments. My current...

Reposession of mobile [ 2 Answers ]

I am having my mobile home repo'd and I trying to find out if there is a way I can speed up the process of having the trailer removed from where it is now?

Reposession Of A Property [ 2 Answers ]

My faher sold a property in Washington States as is and the buyer gave him a down payment with the agreement that the buyer would pay off the property with in 3 months. At this point the buyer has possession of the property and has not paid anything else on the property. What are the steps to...

View more questions Search