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Need some intelligent people to answer my question (car related)


best3444

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I honestly have know idea where to post this so I decided here. I owe $12,500 on my vehicle. I cannot afford the $500 a month payment and it's killing me financially.

 

Is it possible, don't laugh, to have my vehicle voluntarily repossessed my the place I bought it from?

 

If that's possible, what happens to the $12,500 I owe on the vehicle?

 

Thanks a lot.

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1 minute ago, Chris- said:

I don't think it matters if it's voluntary or not, you'll owe whatever difference exists between your balance and what they sell it for.

 

This is exactly correct.

 

You can absolutely voluntarily "surrender" the vehicle to the lienholder, but you will still be responsible for the difference between the loan balance and the sales proceeds.

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10 minutes ago, stepee said:

I don’t know anything about vehicles but this sounds like something a nice bankruptcy would clear up right fast 

 

I did file for chapter 7 bankruptcy and was turned down. I only got chapter 13 so I have my debt consolidated but I still have to make this fuckin car payment.

 

Ok, thanks a lot for the fast responses. Looks like I need to really budget out my life to the dollar. 

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18 minutes ago, best3444 said:

I honestly have know idea where to post this so I decided here. I owe $12,500 on my vehicle. I cannot afford the $500 a month payment and it's killing me financially.

 

Is it possible, don't laugh, to have my vehicle voluntarily repossessed my the place I bought it from?

 

If that's possible, what happens to the $12,500 I owe on the vehicle?

 

Thanks a lot.

Depending on how long you've had the vehicle, you may have equity in it.  Talk to the dealer you bought it from and find out if they would buy it from you (alternately, you can try a private sale, and use the proceeds to pay off your loan).

I've never used this tool, but it may give you an idea of it's value:

WWW.KBB.COM

Find out what your car is worth at KBB.com, the Trusted Resource for used car values. Get the Kelley Blue Book Value for your used car or trade-in vehicle, find tools to help you with buying or selling, and even get a cash offer from a dealer in your area.

 

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8 minutes ago, Biggie said:

@best3444 listen to this advice

 

53 minutes ago, best3444 said:

 

I did file for chapter 7 bankruptcy and was turned down. I only got chapter 13 so I have my debt consolidated but I still have to make this fuckin car payment.

 

Ok, thanks a lot for the fast responses. Looks like I need to really budget out my life to the dollar. 

 

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I would see if you can trade it in and possibly for a profit. My lease was coming up on my past 2000 Escape and traded it towards my ‘22 Bronco Sport. My trade-in was worth almost $2k more then what I owed. Might do well if demand is up and these strikes continue stateside.

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13 minutes ago, best3444 said:

 

You're very intelligent. You have great common sense as well. 

Thanks. What I would do is tell your Dad you want to thank him for always being there for you and being a great father by giving him your car. Put it in his name and let it get repossessed. That way it goes against his credit and not yours.

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29 minutes ago, DarkStar189 said:

Do you owe more than it's worth?  The smartest move would be too sell the car for whatever you can get. If it means taking a loss than so be it. 

 

It's worth $2K according to Kelly blue book. I bought it for $14K I believe lol. I have no credit so my options were severely limited.  😕 

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if you dont have credit, chapter 13 would work. I wouldnt chap 13 on just a car note tho. Can you borrow against your 401k and make payments out of your paycheck back to it?

 

If you do have good credit, i wouldnt go bankruptcy route as it lingers for a long-long time. 

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15 minutes ago, SmugPrick said:

Why did you buy something fancy is you had a tight budget?>

 

It LITTERALY was the only vehicle available at this place where you can get vehicles with no credit. It's really awful but yea, the car is very nice...fancy? Na.

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21 minutes ago, best3444 said:

 

It LITTERALY was the only vehicle available at this place where you can get vehicles with no credit. It's really awful but yea, the car is very nice...fancy? Na.

 At the time of its release, the interiors were compared to that of the Audi A4. It has a spunky reliable engine that was worth of JD Power awards. I remember hearing a lot of praise for the Regal back in 2013. The vehicle dynamics are top notch and it can handle very well. Yes its fancy! 

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Just now, SmugPrick said:

 At the time of its release, the interiors were compared to that of the Audi A4. It has a spunky reliable engine that was worth of JD Power awards. I remember hearing a lot of praise for the Regal back in 2013. The vehicle dynamics are top notch and it can handle very well. Yes its fancy! 

 

It's got an incredible engine and I average 90mph on my way home from work everyday and it feels like I'm going 40. It's so smooth and has leather interior with an amazing sound system. But $500 a month I could have a much nicer car if I had credit. So it's terrible really. 

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