Oh my, I'm gonna get repo'ed

[twolow]

Im splitting with the other half (not married) and now I am stuck with a house payment and two car payments as everything was pretty much in my name.

I decided to keep the Marauder of the two cars so it looks like I'm gonna let the Z get repo'ed. I can't afford both and I owe about $24.5K on it with a private party value of around $20-$22K. Its not late till middle of January but I was gonna go ahead and call them now and tell them to come get it as a voluntary repo.

I guess my credit is gonna be screwed for years and they will come at me for the difference in value huh?

[King Fubar]

Im splitting with the other half (not married) and now I am stuck with a house payment and two car payments as everything was pretty much in my name.

I decided to keep the Marauder of the two cars so it looks like I'm gonna let the Z get repo'ed. I can't afford both and I owe about $24.5K on it with a private party value of around $20-$22K. Its not late till middle of January but I was gonna go ahead and call them now and tell them to come get it as a voluntary repo.

I guess my credit is gonna be screwed for years and they will come at me for the difference in value huh?


Check the laws in GA. In Florida if you get your car or whatever repo'd it goes to auction and what ever they sell it for you're still responsible for the rest of the money you owe.

[jimlam56]

I would try to work with the lender to save your credit.
Bad credit will haunt you...
IMHO.
Jim

[Eric91Z]

If I were you, I would step back for a minute, put the Z up for sale ASAP (autotrader.com, ebay with reserve, etc) and see what you can get out of it now. Then, start figuring out what, if anything, you can do to make up the difference if you sell for less than payoff.

Then, sell the car, pay the difference, and don't worry about 7 years of bad credit, if not more. I know times can be tough and stressful, but consider all options, take a little time, and see if you can lessen the blow. You have enough other things to make life hard enough right now.

Best of luck to you!!!

[Blackened300a]

I guess my credit is gonna be screwed for years and they will come at me for the difference in value huh?

Wow Sorry to hear about that! The old Phrase, "Cheaper to Keep her" definitly falls into play here!

Your Credit will take a definate blow. You may be better off throwing it up on ebay, and pay off as much of the loan as you can then try to take a personal loan to make up for the rest of the original car loan. A new monthly payment will suck but it wont be for much money at all. You could borrow $3k and pay it off in 10 years for less then $100 a month.
Thats MUCH better then a ruined Credit rating. That will ruin your future plans if you move on and want to take another chance with the women.

Just some freindly advice
I wish you the best of luck!

[Joe Walsh]

Do you have any equity in your home??

You could take out a Home Equity loan to cover the difference between the Z's payoff amount and what you sell it for.
It would also give you a little more time to get top $$$ for your Z.
The interest rate and monthly payments would be pretty low, plus you would avoid ruining your credit rating, as others have previously posted a warning about.

[Vortech347]

Credit will take a dent, and yes they can come after you for the difference. I'd stick a for-sale sign on that thing and see what you can get for it.

One of my best friends was a repoman for 6 years. I learned alot about the processes involved. Give the car back to the bank before the repo man comes, even if its a voluntary repo you'll be charged 200-350$! You're best bet is to leave the car with the bank. But even then they can still hit you with a repo fee.

[Eric91Z]

Don't let a bad, stressful, emotional situation change your ability to reason and worry about your best ingterests - for both now and the future. TRUST ME. I wish I would have had this kind of advice available to me 9 years ago. It is a B**CH to get out of all the way. I am finally getting to that point.

[twolow]

I don't have the means to get a loan for the difference right now as I just did take a out a loan for home improvements. My debt to credit ratio is horrible at the moment.

I do have it up for sell but either 04's of the same package or 03's of better packages go for less. Hard to sell a 03 350Z Enthusiast for $24K when there's a 03 350Z Track for $21K.

I got it through Nissan's lenders, Household Auto I think it is. The Marauder is through my local bank and they told me not to worry to much as all my past auto loans with them have been perfect and they will more at that instead of whats on my report come time to get a new car. I just got the MM this year so I have another 4 years to go so I'm definately not going to be shopping for a while.

Its gonna be tight being able to afford the house, MM, insurance, credit card debt, etc but I can do it based on what I see on paper.

When they come after me for the residual money off the Z you think they will try to work with me on payments or are they just gonna be jerks and want it all asap?

[jimlam56]

Bottom Line: Save your credit if at all possible!

[twolow]

Do you have any equity in your home??

We just bought a house last year and then run up credit card debt fixing it up and updating it. I already checked, there isn't enough equity to hassle with refinancing.

[Eric91Z]

I don't have the means to get a loan for the difference right now as I just did take a out a loan for home improvements. My debt to credit ratio is horrible at the moment.

I do have it up for sell but either 04's of the same package or 03's of better packages go for less. Hard to sell a 03 350Z Enthusiast for $24K when there's a 03 350Z Track for $21K.

I got it through Nissan's lenders, Household Auto I think it is. The Marauder is through my local bank and they told me not to worry to much as all my past auto loans with them have been perfect and they will more at that instead of whats on my report come time to get a new car. I just got the MM this year so I have another 4 years to go so I'm definately not going to be shopping for a while.

Its gonna be tight being able to afford the house, MM, insurance, credit card debt, etc but I can do it based on what I see on paper.

When they come after me for the residual money off the Z you think they will try to work with me on payments or are they just gonna be jerks and want it all asap?

Having a bank that you have a good reputation with can go a long way past what a debt-to-income ratio shows. I would talk to them and see what they can do for you. Again, see how much they might be willing to loan you as a personal loan or re-writing the Marauder loan for the extra cash, sell and payoff the 350Z loan and take it a day at a time from there. I am sure you have, but exhaust every option you can before messing up your credit.

[SergntMac]

Don't give up on things so fast. Go to your lender ASAP, and explain what's happening and that you want it all to work out in your, and their best interests. Banks/loan companies are not in the car business, they can refi you with a lower payment, and buy you some time. They may agree to an "interest only" payment for the next six months until you get things together. There are too many solutions open to you, repo is a long drive down the road. Meanwhile, get a post up in our classified section, you may be surprised at what can happen, and best wishes.

[Blackened300a]

When they come after me for the residual money off the Z you think they will try to work with me on payments or are they just gonna be jerks and want it all asap?

They may allow you to pay it off. Its a good thing you didnt lease!
Explain your situation and they may work something out with you, like re-financing the remainder for whatever amount of years at a higher APR, But Like was said before
SAVE YOUR CREDIT!!!!! Beg, Borrow or steal, Dont let them Re-po the car
You still have time

[twolow]

Is there any difference in repo and voluntary repo? I have a friend who is 'trying' to help saying that calling them before its even late and turning it in is better on my credit than the standard hiding from the repo man and dodging the bank's phone calls kind of repo.

[Blackened300a]

Is there any difference in repo and voluntary repo? I have a friend who is 'trying' to help saying that calling them before its even late and turning it in is better on my credit than the standard hiding from the repo man and dodging the bank's phone calls kind of repo.

Any Kind of Repo is a Neg on the contract you signed when you purchased the car. Either way its going to hurt you cause you didnt fulfill the contract. Im sure Nissan will work with you on making the payments and getting this cleared.

[twolow]

Don't give up on things so fast. Go to your lender ASAP, and explain what's happening and that you want it all to work out in your, and their best interests. Banks/loan companies are not in the car business, they can refi you with a lower payment, and buy you some time. They may agree to an "interest only" payment for the next six months until you get things together. There are too many solutions open to you, repo is a long drive down the road. Meanwhile, get a post up in our classified section, you may be surprised at what can happen, and best wishes.

I guess the first step is calling them. I am getting the car at the end of the month...I gave her that long. Once its in my possession I was gonna call and see what they say. Household Auto's phone operators have always been from Pakastan or wherever so this should be a real hoot trying to understand them.

[Joe Walsh]

I guess the first step is calling them. I am getting the car at the end of the month...I gave her that long. Once its in my possession I was gonna call and see what they say. Household Auto's phone operators have always been from Pakastan or wherever so this should be a real hoot trying to understand them.


OH JEEZ! I hope that it was a friendly break up, if not she could rag the hell out of the Z just to spite you....:(

[Blackened300a]

I am getting the car at the end of the month...I gave her that long.

Couldn't transfer the payments over to your ex?? Let her take total possession of the car??
Maybe you'll get lucky and she'll total it

[Blackened300a]

OH JEEZ! I hope that it was a friendly break up, if not she could rag the hell out of the Z just to spite you....:(

Yeah good possibility, However since hes nice enough to give her a month with the car, Then Im assuming it was a freindly break-up, Unless he screwed up, then its out of guilt lol

[SergntMac]

Here in Illinois, involuntary repos can occur any time after 120 days without payment or contact. Before then is unheard of, but your state may be different.

Get repo (voluntary or not) off your mind, it's much too soon, and there are too many options for you.

[Vortech347]

Its 30 days here. :)

[Rider90]

Here in Illinois, involuntary repos can occur any time after 120 days without payment or contact. Before then is unheard of, but your state may be different.

Get repo (voluntary or not) off your mind, it's much too soon, and there are too many options for you.
Speaking of which. We had better get some chicken in the next 120 days. No reason...:lol:

[twolow]

It was a mutual breakup on decent terms with its ups and downs. She can't afford the car and insurance...already looked. She is looking into a cheap used civic or accord.

I will already be strapped assuming all this other debt without the hassle of this damn car. :mad2:

I looked up the values:

Private party $20,220
MSRP $24,250
Trade In $16,350

I owe $24,800

[BruteForce]

Is there any difference in repo and voluntary repo? I have a friend who is 'trying' to help saying that calling them before its even late and turning it in is better on my credit than the standard hiding from the repo man and dodging the bank's phone calls kind of repo.

There is no gray area here. No matter how the repo occurs, you signed for a loan and then did not complete the payments. That's all the Credit Bureaus are going to look at.

As everyone else has said, take the path (which ever that is) that preserves your credit and shows you are a responsible consumer.

What about her responsibility? She just decide she didn't want it anymore? If she still wants it, look for a way to sign the loan over to her (co-sign a parent if she has bad credit). Don't "take it like a man" and silently assume ALL the leftovers. Make her take responsibility for her part too.

[jimlam56]

Don't give up on things so fast. Go to your lender ASAP, and explain what's happening and that you want it all to work out in your, and their best interests. Banks/loan companies are not in the car business, they can refi you with a lower payment, and buy you some time. They may agree to an "interest only" payment for the next six months until you get things together. There are too many solutions open to you, repo is a long drive down the road. Meanwhile, get a post up in our classified section, you may be surprised at what can happen, and best wishes.
Best advice I've seen on this thread...

[SergntMac]

It was a mutual breakup on decent terms with its ups and downs. She can't afford the car and insurance...already looked. She is looking into a cheap used civic or accord.

I will already be strapped assuming all this other debt without the hassle of this damn car. :mad2:

I looked up the values:

Private party $20,220
MSRP $24,250
Trade In $16,350

I owe $24,800


Well okay then...

Plan B...Park the Marauder in a safe place until spring, and get a part-time job delivering pizza for the next 24 weeks, dedicating all that income to the payoff. Fresh hot pizza always earns great tips Uncle Sam can't get to, and every Z I've ever seen looked better with a Domino's sign on the roof.

Plan C...Park your Marauder in a safe place and drive the Z full time. Hide 100 bucks cash in your wallet so you can get home without any car at all, from anywhere you may be. Everywhere you go, for anything at all, leave it parked with the engine running, keys in the ignition, doors unlocked. The jungle will prevail.

You may look stupid to the cops, but stupid isn't noted on your credit history. Just tell everyone "the remote start has been acting up", or. "I got confused about which car I was using today".

[Rob1559]

As someone who does some repo work on the side I suggest that you contact your lenders immediately and tell them of your situation. Be proactive, DO NOT wait for them to come to you. Your actions will show your good will and they will be more likely to work with you.
BE PROACTIVE.

[RoyLPita]

Have you tried to see what Carmax wil give you for it?

[Donny Carlson]

Don't give up on things so fast. Go to your lender ASAP, and explain what's happening and that you want it all to work out in your, and their best interests. Banks/loan companies are not in the car business, they can refi you with a lower payment, and buy you some time. They may agree to an "interest only" payment for the next six months until you get things together. There are too many solutions open to you, repo is a long drive down the road. Meanwhile, get a post up in our classified section, you may be surprised at what can happen, and best wishes.

Mac is right on the money here. Go to the Nissan lienholder and talk to them, see about getting a payment deferrment or two, or going to interest only for a period of time. Give yourself a chance to sell the Z.

Would the bank that you have the MM with be interested in refinancing both cars?

[martyo]

If I were you, I would step back for a minute, put the Z up for sale ASAP (autotrader.com, ebay with reserve, etc) and see what you can get out of it now. Then, start figuring out what, if anything, you can do to make up the difference if you sell for less than payoff.


This is without a doubt the way to go.

[Rider90]

You have a lawyer and a police officer chiming in this thread, advice can't get much better.

[ALF]

I say go after the ex-girl. She has been enjoying the car? Time to pay!(for her)

[David Morton]

Im splitting with the other half (not married) and now I am stuck with a house payment and two car payments as everything was pretty much in my name.

I decided to keep the Marauder of the two cars so it looks like I'm gonna let the Z get repo'ed. I can't afford both and I owe about $24.5K on it with a private party value of around $20-$22K. Its not late till middle of January but I was gonna go ahead and call them now and tell them to come get it as a voluntary repo.

I guess my credit is gonna be screwed for years and they will come at me for the difference in value huh?What's all this talk about credit and can't afford the Z? :rolleyes:

You've got a Z sitting there with no squeeze to drive it! Get your azz down to the supermarket and start schmoozing with the ladies. Find another breadwinner! Don't go reducing your assets. That Z will get you a damn fine lass that's been waiting for a knight in shining armor to come riding up and save her. You've got it made!

Damn smart not marrying the woman, now that you mentioned it. Why didn't I think of that before? :lol:

[DEFYANT]

What about her responsibility? She just decide she didn't want it anymore? If she still wants it, look for a way to sign the loan over to her (co-sign a parent if she has bad credit). Don't "take it like a man" and silently assume ALL the leftovers. Make her take responsibility for her part too.

I totally agree with Marty and Mac above. I quoted this because there wasn't many responses to the g'friend responsibility in all this. Was this "her" car in your name? Was she the primary driver? You may be able to get her to help the difference in the loan after you sell.

You owe 24k, retail is 20K, maybe you can get the 4K or 2k out of her, if it was "her" car in the relationship.

Good luck.

[MENINBLK]

My sister was in this predicament.
Her and BF bought a car in HER name. 1st mistake.
BF dumps my sister and takes off with car... 2nd mistake.
My sister has to pay off car so BF can sell it. 3rd mistake.

My sister gets stuck with $17k loan to pay, and no assistance from BF.

My sister spoke to bank owning note on car.
She explained who had possesion of car, and she had note in her name.
Bank can do mysterious things... :lol:

BF can no longer get credit IN HIS NAME...

[twolow]

I totally agree with Marty and Mac above. I quoted this because there wasn't many responses to the g'friend responsibility in all this. Was this "her" car in your name? Was she the primary driver? You may be able to get her to help the difference in the loan after you sell.

You owe 24k, retail is 20K, maybe you can get the 4K or 2k out of her, if it was "her" car in the relationship.

Good luck.

She is not going to help whatsoever....she is enjoying my downfall. I made her car payment (350z) and she made my car payment (Marauder) for the month of December and she did pay half of the insurance this month so thats why I let her keep it for the duration of the month.

I was hoping she would then pay for January to keep the Z another month but doesn't look like that is going to happen as she said she already found a cheap Accord.

As far as the Z getting stolen, I thought insurance companies hassled or dropped you if your car got stolen with the keys in it :P

[texascorvette]

Couldn't transfer the payments over to your ex?? Let her take total possession of the car??
Maybe you'll get lucky and she'll total itThey will usually agree to add someone to a note, but it would be practically unheard of for them to release someone from a note.

[twolow]

Update!

My co-worker, a trustworthy girl, has always expressed interest in the car but doesn't think she can afford it...anyway, she will pay my january payment and in return will drive the car for the month to see if she likes it. This buys me a little more time so I'm willing to take the risk. I have full coverage so that should cover me if she wrecks it or something right?

This allows me the time needed to put it up on auto trader and stuff before it goes late, which now will be February at the soonest...unless she buys it of course.

Another co-worker also tried to apply for a loan but was turned down...he is 25 with zero credit...not bad credit, just no credit. he applied with the place the loan is through...i was hoping to just transfer it over to him that way.

[Eric91Z]

Update!

My co-worker, a trustworthy girl, has always expressed interest in the car but doesn't think she can afford it...anyway, she will pay my january payment and in return will drive the car for the month to see if she likes it. This buys me a little more time so I'm willing to take the risk. I have full coverage so that should cover me if she wrecks it or something right?

This allows me the time needed to put it up on auto trader and stuff before it goes late, which now will be February at the soonest...unless she buys it of course.

Another co-worker also tried to apply for a loan but was turned down...he is 25 with zero credit...not bad credit, just no credit. he applied with the place the loan is through...i was hoping to just transfer it over to him that way.

There is hope. Keep checking your options and do whatever you can not to hurt your credit which sounds like it is pretty good right now!!!

[DEFYANT]

A "take over payment" deal my be an option....

[merc6]

How does that work? I was thinking of doing that with the 6. I wouldn't do option B unless you really felt you would get away with something like that ;) If you were lucky is your state/city one of those no unatended running vehicles state/city? If so, you got rid of the car but still get a ticket...which could come back later as insurance fraud.

[cyclone03]

[QUOTE=twolow]Update!

My co-worker, a trustworthy girl, has always expressed interest in the car but doesn't think she can afford it...anyway, she will pay my january payment and in return will drive the car for the month to see if she likes it. This buys me a little more time so I'm willing to take the risk. I have full coverage so that should cover me if she wrecks it or something right?

This allows me the time needed to put it up on auto trader and stuff before it goes late, which now will be February at the soonest...unless she buys it of course.[Quote}

There you go,even if she cant swing it see if she wants to drive it for a few months for the payment plus a little for insurance.

Will Georgia allow somebody to insur somebody elses car?
Maybe a good option if she's trustworthy.

[Joe Walsh]

Check with your insurance company about your co-worker driving the Z for an extended period of time...
IF she wrecks it and they find out she was driving it for a month, they might refuse to pay for repairs.

[jgc61sr2002]

Well okay then...

Plan B...Park the Marauder in a safe place until spring, and get a part-time job delivering pizza for the next 24 weeks, dedicating all that income to the payoff. Fresh hot pizza always earns great tips Uncle Sam can't get to, and every Z I've ever seen looked better with a Domino's sign on the roof.

Plan C...Park your Marauder in a safe place and drive the Z full time. Hide 100 bucks cash in your wallet so you can get home without any car at all, from anywhere you may be. Everywhere you go, for anything at all, leave it parked with the engine running, keys in the ignition, doors unlocked. The jungle will prevail.

You may look stupid to the cops, but stupid isn't noted on your credit history. Just tell everyone "the remote start has been acting up", or. "I got confused about which car I was using today".

Mac - Your previous advice was much better IMO.:D

[jgc61sr2002]

[QUOTE=twolow]Update!

My co-worker, a trustworthy girl, has always expressed interest in the car but doesn't think she can afford it...anyway, she will pay my january payment and in return will drive the car for the month to see if she likes it. This buys me a little more time so I'm willing to take the risk. I have full coverage so that should cover me if she wrecks it or something right?

This allows me the time needed to put it up on auto trader and stuff before it goes late, which now will be February at the soonest...unless she buys it of course.[Quote}

There you go,even if she cant swing it see if she wants to drive it for a few months for the payment plus a little for insurance.

Will Georgia allow somebody to insur somebody elses car?
Maybe a good option if she's trustworthy.


I don't think that is a good idea.

[SergntMac]

Mac - Your previous advice was much better IMO.:DYeah, I know...Just trying to help out.

[MarauderMark]

In my younger days this car wouldv'e never been seen again..
Things aint like they used to be..Good luck in your venture:up:

[martyo]

In my younger days this car wouldv'e never been seen again..
Things aint like they used to be..Good luck in your venture:up:

I like your Avatar. Shhhhh.....don't tell Zack.....

[Petrograde]

Glad to hear that you have an out Ryan! :up:

[Marauder2005]

Fuse box....never mind....lighter... cough, cough, oops I did it again

never mind :D

[FordNut]

Get really serious about this... Are you as upside-down with the Marauder as with the Z? Do what makes sense, if you have to sell one or the other make it the one that'll bring in enough to payoff the note. After you get your finances straightened out you can get a replacement. If you go with a repo you'll have a really hard time getting the finances straightened out.

Yes, I really said that.

[twolow]

Get really serious about this... Are you as upside-down with the Marauder as with the Z? Do what makes sense, if you have to sell one or the other make it the one that'll bring in enough to payoff the note. After you get your finances straightened out you can get a replacement. If you go with a repo you'll have a really hard time getting the finances straightened out.

Yes, I really said that.

I owe $17 on the MM so yes, the best solution would be to sell the MM and keep the Z but I just cry thinking of that solution.

[Breadfan]

You also have a third vehicle in your profile, I know it may be a backup vehicle or such, but selling that for a grand or two could buy more time while you get things in order.

[rayjay]

I owe $17 on the MM so yes, the best solution would be to sell the MM and keep the Z but I just cry thinking of that solution.

Sometimes we have to make choices that are not what we want, but what we need. Needs are important, wants can wait... and yea life sucks sometimes, but it will get better.

[Eric91Z]

I owe $17 on the MM so yes, the best solution would be to sell the MM and keep the Z but I just cry thinking of that solution.


While it would completely suck to get rid of the MM, there are worse things than having to drive the Z. And when things get straighted out it would be easier to then sell the Z and pick up another MM - especially if you don't mess up your credit.

[RF Overlord]

twolow:

I sympathise with you, man :alone: ...you're in a no-win situation, but I have to agree with FordNut here...do what's best for your financial health, even if that means having to sell BOTH cars and buying a hoopty to ride around in for a couple of years. With the new tighter bankruptcy laws, having good credit is even more important now. I don't think the courts are any more lenient on a "voluntary" repo than they are on the kind Vincent Pastore hangs with.

[Blackened300a]

I owe $17 on the MM so yes, the best solution would be to sell the MM and keep the Z but I just cry thinking of that solution.

Sell the MM for a profit, Sell the Z, Use the MM money to cover the loss on the Z, Then find another Marauder and re-finance for a little longer with whatever cash you have left as a down payment.

You have a few mods done to your MM but nothing that can't be un-bolted and replaced on another one.
Plus your credit will be intact cause you just technically paid off 2 cars.

[twolow]

Sell the MM for a profit, Sell the Z, Use the MM money to cover the loss on the Z, Then find another Marauder and re-finance for a little longer with whatever cash you have left as a down payment.

You have a few mods done to your MM but nothing that can't be un-bolted and replaced on another one.
Plus your credit will be intact cause you just technically paid off 2 cars.

That does make perfect sense huh? Seems like the bank had my value at like 19K

[Blackened300a]

That does make perfect sense huh? Seems like the bank had my value at like 19K

That sucks!

I guess be thankful you weren't married and had Kids.
Thank God you have some options yet.

[DOHCMERC]

They may allow you to pay it off. Its a good thing you didnt lease!

Right!! It would totally suck to only have 0-1 year of payment left as opposed to 3-4.............The retail buy really did him good, only 4-8K upside down!!!:rolleyes: :rolleyes:


Let the TRUSTED co-worker make payments.............better than a repo.

I'm not too confident you'll get much more than 17K for the Marauder...IMHO.

[gpfarrell]

For what it's worth, I think you're getting lots of great ideas here.

I'd pursue anything that preserves your credit rating... even if that means you drive the Ranger for 6 months... that would be better than driving it for the 7 years it will take to fix your credit.

Kudos to you for reaching out for help & looking at tough decisions.

I like the co-worker idea... it should help to buy you time (which is critical right now) and should also reduce the amount you are "upside down" in the Z-car with every month that goes by.

Sounds like you've built a life based on two incomes that will now only have one... would it be a good time to sell the house? I'm sure that's not easy to think of, but with all the debt stacked against it your cashflow could be a drag for a long time to come... maybe less $$$ to the mortgage every month could help stabilize the whole thing and put you back in control again.

Protect your credit rating at all costs. Be proactive. Keep running the numbers to figure out what will work for the next 30 days, 6 months, year, etc.

Best of luck... this is tricky, but fixable! At least you have a $20k asset to put next to the $25k loan... it could all be credit cards then you'd really be ski-rewed!