Before you do a voluntary repossession ....... I believe they take the=20
repossessed vehicles to the auction and sell them and then what ever is left=
of the=20
balance on the loan is still owed (in this case by your brother and then you=
)=20
Your best bet is to sell it for as much as you can get. They will get the=20
total owed them from you one-way or another.=20
Bill
"We don't stop playing because we grow old; we grow old because we stop=20
playing."
-George Bernard Shaw
00 cc R/T Hemi Orange w/shacker hood
In a message dated 8/4/2004 8:23:08 AM Eastern Daylight Time,=20
Walt@Walt-n-Ingrid.Com writes:=20
> I did repossessions for Ford Motor Credit (and some other lenders) for=20
> several
> years and a repossession (even voluntary) is still a repossession. When y=
ou
> signed the contract, you agreed to make the payments on your brother=E2=
=80=99s loan=20
> (if
> he couldn=E2=80=99t or defaulted), for the life of the loan. If you do no=
t see the
> loan through to completion, you too are in default of your contractual
> agreement with Ford Motor Credit. Remember, in the end, Ford doesn=E2=80=
=99t want=20
> the
> truck; they want their money. A voluntary repossession, while always an
> option, should be your LAST option. Odds are, with more that 3 years left=
=20
> on a
> 60-month loan, you owe more than the book value of the truck. The first y=
ear
> =E2=80=99s
> deprecation is a real kick in the nuts. First and foremost, stay in contac=
t
> with the creditor. Call them and talk to them. As long as you=E2=80=99re=
in good
> standing on the loan, they should work with you to ensure that in the end,=
=20
> they
> get their money. Explain the situation and tell them you wish to sell the
> vehicle, asking what your options are. If I recall correctly, it=E2=80=
=99s been a=20
> few
> years since I was in the business, they may have some options that will=20
> allow
> you to sell the vehicle to a third party.
>=20
> BTW. Good move on convincing your brother to give up the truck. Stepping=
=20
> in
> like you did is what you agreed to by co-signing the loan. Many co-signer=
s
> don=E2=80=99t and are often surprised by how much it affects their credit=20=
when the
> principle buyer defaults. By helping your brother keep the loan current, y=
ou
> saved yourself and your brother, future credit hassles. =20
>=20
> Walt
> http://www.Walt-n-Ingrid.Com
>=20
>=20
> In article <cephoo$5p8$1@bent.twistedbits.net>, andy-dml@levyclan.us (andy
> levy) writes:
> >
> >
> >-----BEGIN PGP SIGNED MESSAGE-----
> >Hash: SHA1
> >
> >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=
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