On Tue, 03 Aug 2004 21:17:35 -0500, 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!!!!!
>
>
I would sell the car to some through the paper or whatever to get maximum
amount of dollars for it and then pay off the rest of the loan if that
doesn't cover it. It isn't worth killing your credit. 7 years is a long
time.
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