----- Original Message -----
From: "Gary Hedlin" <garyhedlin@sbcglobal.net>
To: <dakota-truck-moderator@bent.twistedbits.net>
Sent: Wednesday, August 04, 2004 9:58 PM
Subject: Re: DML: OT: Trade it or eat it?
>
> On 8/4/04 6:40 PM, in article 00e101c47a7b$7c962fc0$c594c944@sw.rr.com,
> ""Aaron Wyse"" <awyse@sw.rr.com> wrote:
>
> > Good point to him on the insurance; Paying whatever is left after
selling
> > the truck off is still going to save in the long run. Between the
insurance
> > and the damages to his credit.
> > I'm going through the same thing; trying to get a better job to pay
things
> > off.. but with more and more employers checking credit; I think that's
part
> > of the hold up.
> > Aaron W
> >
>
> It may not be that easy. If you sell a vehicle that has a loan on it, the
> party holding the title will want to be paid in full before they release
the
> title. You cant expect someone to buy a vehicle and then not give him the
> title.
>
> Remember my whole thing about gettiing solid numbers and then acting upon
> them?? He needs to do that first. If he owes more than it's worth, hes
> going to have to come up with the remainder BEFORE the sale so the title
can
> be released.
>
> But if he's lucky, he can sell the truck for what he owes and walk away.
> The bill of sale would serve as a temporary title untill Ford Credit
> releases the title (I think)
>
> You may want to make an ambiguous call to Ford Credit or a bank to see how
> its done, it might help you sleep at night! :)
>
When he calls Ford Credit.. He can get a payoff amount.. and depending on
how much is owed.. and how much he can get for it.. Take out a small
personal loan to cover the difference and free the title.. A small payment
that doesn't require insurance is still worthwhile in the long term for the
overall savings.
Aaron
> --
> Gary Hedlin
> www.garyhedlin.com
> (under construction)
>
>
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