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I’ve already paid ,612 on a Mitsubishi Montero Limited(i still owe ,000-cause blah blah blah i didnt pay it off early)So my engine cracked in the middle of the highway- My mechanic said i’ll need an engine, and maybe a transmission too..(UGGHHHH) it will cost 00 to fix it! But maybe i will just need an engine(so maybe just 00)??!!

I live out of city limits so i drive a total of 80 miles a day just to send my kid to school and back(private school). Plus i need a vehicle so i can pay for life… A bus is not an option for me being that it would take about 8 hours total to get to school and back. Thank God i only work weekends, but bus issue same thing 8 hours total-I work 16 hrs a day Friday &Saturday only so the bus thing physically impossible…

Im totally dumb founded.. i have no clue, in the meantime, my kid has to miss school today cause no transportation….

I worry about the future.. Cause if i get a repo on my record, i feel like i wont be able to get a house or even an apartment if i ever need to(shaky marriage).. On top of that what if my child ever needs help on a school loan, i want to be able to help. Should i risk my credit which i’ve worked so hard to get fixed.

P.s. while i was in college i got my car repo’d but i was able to get it back and pay it off the next day (it was only 00 to pay it off).

I would really apppreciate any help from any people maybe who have gone thru this before.. What happened to your credit? What should i do.

My family& friends say get it repo’d, cause its dead. And just to buy a brand new cheap car (like ,000).. I say get the new car, and pay off the ,000 and i’ll end of paying about 0 a month for the new car plus the dead truck-which doesnt exist any more? I’ll have to make these payments for about 3 yrs.. Then its over between me and the truck.

Im confused, if anybody out there can help me, i would really appreciate it.
While im getting my truck fixed (if i decide it will cost about 0 a week for a cheap rental.. On top of the other expenses(if i decide to get it fixed).

4 Comments »

1. 

   Just to clarify some things…

   Letting the car go back and get repo’d will KILL your credit. It will be on your credit record for 7-10 years. You would not be able to get new loans, co-sign, etc. without VERY high interest rates being attached if the lender approves.

   However, that’s not really your main problem. You will still be responsible for paying off the car after it’s taken. You are given a small window to pay back the past-due amount, and if you cannot it is sent to auction. It will bring pennies on the dollar there, and you’ll then be presented a bill for the difference between what it brought at auction and what you owed (plus repo fees, admin fees, etc). If you cannot pay that or settle it, you’ll be taken to court. Depending on what state you live in, you may have your wages garnished.

   As mentioned, you do end up paying for it… plus you have a repo and a judgment on your credit to deal with. And, no car to show for it.

   Please do not take the repo route lightly. It’s not worth it.

   Comment by ElGrande — December 15, 2010 @ 6:38 am

2. 

   Sounds like a good time for the ol’ backup clunker to get bought, at least until
   you can sort out your shaky situations… Good luck to ya..

   Comment by Pat — December 15, 2010 @ 6:38 am

3. 

   I came close to having a car that I had co-signed for repo’d, when I talked with the credit union that held the loan he told me that having a car repo’d would be on my record for 10 years and that it was one of the worst thing you could do to your credit rating. Just passing along what I was told.

   Comment by Hambone — December 15, 2010 @ 6:38 am

4. 

   Credit score will drop between 100 and 125 points. You can build it up slowly.

   Comment by Ed Atun — December 15, 2010 @ 6:38 am

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