First thing I would do is hop on kelly blue book and see what's the truck
worth. If it's worth less than what you owe, you're pretty much screwed.
If you can sell it to pay the loan off, I would do that. Even if you have
to fork over $2-300 to pay it off, it's worth it when you won't have that
nightmare on your shoulders.
I would NOT trade it in, that would be a "robbing peter to pay paul"
scenereo. And, you would end up paying more in the long run.
Situations like these need you to grab the bull by the balls and deal with
the issue. Get some solid numbers, and act upon them. The more you delay,
the worse it's gonna get.
-- Gary Hedlin www.garyhedlin.com (under construction)On 8/3/04 9:19 PM, in article BAY4-F4q3vjkovmk3zG00104825@hotmail.com, ""Valentin Garcia"" <valentingar@msn.com> wrote:
> > Sorry for the OT post, but I think between all of us in the DML family, > we've done it all or know someone who has. > > Situation: > I co-signed a loan for my brother (Ford Credit) back in Oct of 02. Well > things have been finacially difficult for him for the past 6 months. I have > been helping him make his payments and covering his insurance, but now he > has a baby on the way and as it stands he is giving me about 90% of his pay. > I told him to let the truck (03 EDGE) go and let me take the burden. Well > after about a month of deliberation (and nagging from his girlfriend/fiance) > he is gonna give it up. They have her truck and her parents are gonna buy > them a cheap car. > > 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!!!!! > > > Any and all advice is appreciated. TIA! > > > Val Garcia > Houston TX > 2K2 SXT RegCab 3.9L V6 > Graphite Metallic > > Flowmaster Deltaflow 40 series > Intense Performance Stage II Intake > Extreme Velocity Airhat > >
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