Re: OT: Trade it or eat it?

From: Tony Cellana (acellan1@tampabay.rr.com)
Date: Wed Aug 04 2004 - 07:53:11 EDT


How upside down is it? That would be the deciding factor.

You could sell it and make up the difference. That would set you back but
not affect you or your brother's credit in a bad manner.

TonyC

-----Original Message-----
From: Valentin Garcia <valentingar@msn.com>
To: dakota-truck@dakota-truck.net <dakota-truck@dakota-truck.net>
Date: Tuesday, August 03, 2004 10:34 PM
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
>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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