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On 8/3/2004 10:19 PM, Valentin Garcia wrote:
| Problem:
| Should I call Ford and tell them to come pick it up (voluntery
| repossesion) and have my credit jacked for the next 7 years, or try and
| trade it in and have 3 car payments? Financially my wife and I will be
| okay, providing we don't lose our jobs, have a kid, get divorced, etc.
| My Dak has 2 years and 2 months left on her, Her Neon is being used as
| collateral for the next 3 years, less if we up our payments. The Edge
| has 3 years and 4 months left on it. I don't want to keep the Ford, but
| I am unsure on whether to trade it in or Kill my credit for 7 years.
| Help me!!!!!
I don't see how there's a choice. Do anything and everything to avoid
hitting your credit rating. If it's a loan for buying the truck (not a
lease), and the truck is in decent shape, then you should take a minimal
loss on selling the truck. Heck, if you find the loss acceptable, price
it to sell (well under "market" value) to make sure you get rid of it.
They key points are (as I see it) to A) not hurt your own credit
situation and B) unload the responsibility that comes with the truck
(payments). Selling the truck outright should accomplish that.
IMHO, if anything comes to a choice of "do X or kill my credit rating"
I'll take "X". Your credit rating will affect your credit card interest
rates, chances at a home loan, new car loan, cost you a new job (many
employers seem to be checking credit ratings now) and who knows what else.
- --
- -andy
http://home.rochester.rr.com/alevy/dakota - andy-dml@levyclan.us
- --------------------------------------------
"Whatever Adam does, do the opposite and you'll be fine"
-Bob Tom
- --------------------------------------------
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