Try to sell it for a small profit (to recoup some losses) and have the buyer
take over payments.
- Bernd
-----Original Message-----
From: owner-dakota-truck@bent.twistedbits.net
[mailto:owner-dakota-truck@bent.twistedbits.net] On Behalf Of Valentin
Garcia
Sent: Tuesday, August 03, 2004 9:18 PM
To: dakota-truck@dakota-truck.net
Subject: DML: OT: Trade it or eat it?
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
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