I'd try to sell it out right first. If that doesn't work, then offer to
have the buyer take over the payments.
Russ
----- Original Message -----
From: "Valentin Garcia" <valentingar@msn.com>
To: <dakota-truck@dakota-truck.net>
Sent: Tuesday, August 03, 2004 10:17 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
>
>
>
This archive was generated by hypermail 2b29 : Wed Sep 01 2004 - 00:53:40 EDT