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She must be a number of months behind. I asked her why she didn’t sell it and she said the car isn’t worth as much as she owes and she said she couldn’t legally sell it anyway. I don’t think I’m going to bail her out like she’s asking… but what financially.. what is her best bet? Should she turn the car in… get a bomb and pay off the difference she owes?? or what?

4 Comments »

1. 

   If the car is already up for repo she will first get a phone call telling her what she needs to do. She can chose to let the repo company pick up the car. By doing this she will be able to remove her personal possessions before the car is taken. Someone will come to her door, she will hand over the keys and they will either drive or tow the car away. This is the easiest way to handle repo if you cannot catch up your payments.
   She can catch up the payments she is behind plus a fee.
   She can avoid/ignore the repo calls and keep driving the car. If she does this she will either come out of work, or the grocery store or wake up some morning and find her car and everything she had in it is gone. Does she really want the repo man stalking her and taking her car out of her work parking lot with all of her co-workers watching? If she has moved or changed jobs then her family members, ex co workers, ex neighbors will be contacted in an effort to find current address, employment, phone number info.
   Once the car is repoed it will be sold at auction for less than she owes and she will owe the difference.
   Encourage her to do the right thing, if she cannot make the payments take the repo man’s phone calls, hand over the keys and once the car has been sold she can make minimal monthly payments which will be the best thing for her credit.

   Comment by ebosgramma — February 28, 2010 @ 6:38 am

2. 

   she needs to turn it in, pay ALL the money she owes to the bank (or whoever), then pay an exorbitant amount of money to get the car released. she can’t sell it without the title, which the lending agency has. then she either gives the car back, or keeps up with the payments. her credit is screwed.

   Comment by Devil in a red dress — February 28, 2010 @ 6:38 am

3. 

   She can try to sell , she would just still owe the difference between the sale price and the amount left on the loan .
   ( and the title holder has to be in on the loop )
   Either sell or return to dealer ASAP and
   Make arrangements for the balance .

   Much better than having a repo on her report .

   AND do not bail her out .
   Kids who want the pricy items but are too immature to keep up with the adult responsibiliy ,
   Only learn if They have to bite the bullet .
   If some sucker keeps baililng them out ,
   The lesson is , " the sucker will cover " ,
   No need to grow up .

   >

   Comment by kate — February 28, 2010 @ 6:38 am

4. 

   If the car gets repossessed, they will sell it at auction and then sue her for the difference.

   Turning it in is a voluntary repo. Same thing will happen – They will sell at auction and sue her for the difference.

   Her best option is attempt to sell it for as much as she can get and then get a loan for the difference and pay it off.
   It would be better to pay on a small loan for the difference than allow it to get repoed where they will sue her for a larger difference.

   Comment by mister_galager — February 28, 2010 @ 6:38 am

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