RayB wrote:
> Val, it seems to me you could call Ford Credit, explain the situation to
> them and see what they suggest.
>
> If you don't like what they say, why not sell it? Even if you had to make
> up some difference out of your pocket, it would be cheaper than several
> years of car payments, insurance and maintenance bills.
Not to mention the relative damage that it will do to your (and your
brother's) credit. Get the truck all cleaned up and then sell it for as
much as you can. Even if you have to take a loss of a few thousand on
it, you will still be better off in the long run. I would never risk my
credit rating for something like that.
In short, my suggestion is to sell it, recoup as much of your loss as
possible, and either get the loan paid off or have the buyer take over
the payments.
Since you and your brother are both named on the loan, it will also
damage his credit. Even if you are financially secure, it sounds like
your brother definitely is not and probably doesn't need a big red mark
on his credit rating with a baby on the way.
-Bill
This archive was generated by hypermail 2b29 : Wed Sep 01 2004 - 00:53:40 EDT