best3444 Posted October 6, 2023 Share Posted October 6, 2023 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. Quote Link to comment Share on other sites More sharing options...
Chris- Posted October 6, 2023 Share Posted October 6, 2023 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. 1 Quote Link to comment Share on other sites More sharing options...
stepee Posted October 6, 2023 Share Posted October 6, 2023 I don’t know anything about vehicles but this sounds like something a nice bankruptcy would clear up right fast 2 Quote Link to comment Share on other sites More sharing options...
gamer.tv Posted October 6, 2023 Share Posted October 6, 2023 Are they not willing to wiggle on the payment? It might be a UK thing but a fair few places are OK adding on time and dropping the monthly cost for a higher overall cost due to interest. Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted October 6, 2023 Share Posted October 6, 2023 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. 1 Quote Link to comment Share on other sites More sharing options...
best3444 Posted October 6, 2023 Author Share Posted October 6, 2023 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. 1 Quote Link to comment Share on other sites More sharing options...
AbsolutSurgen Posted October 6, 2023 Share Posted October 6, 2023 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: Instant Used Car Value & Trade-In Value | Kelley Blue Book 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. 1 Quote Link to comment Share on other sites More sharing options...
Biggie Posted October 6, 2023 Share Posted October 6, 2023 51 minutes ago, stepee said: I don’t know anything about vehicles but this sounds like something a nice bankruptcy would clear up right fast @best3444 listen to this advice Quote Link to comment Share on other sites More sharing options...
TheLeon Posted October 6, 2023 Share Posted October 6, 2023 Just light it on fire and walk away Quote Link to comment Share on other sites More sharing options...
best3444 Posted October 6, 2023 Author Share Posted October 6, 2023 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. 1 Quote Link to comment Share on other sites More sharing options...
Biggie Posted October 6, 2023 Share Posted October 6, 2023 17 minutes ago, best3444 said: Well you did ask for intelligent people and I am not one of those Quote Link to comment Share on other sites More sharing options...
DarkStar189 Posted October 6, 2023 Share Posted October 6, 2023 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. Quote Link to comment Share on other sites More sharing options...
best3444 Posted October 6, 2023 Author Share Posted October 6, 2023 11 minutes ago, Biggie said: Well you did ask for intelligent people and I am not one of those You're very intelligent. You have great common sense as well. Quote Link to comment Share on other sites More sharing options...
silentbob Posted October 6, 2023 Share Posted October 6, 2023 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. Quote Link to comment Share on other sites More sharing options...
Biggie Posted October 6, 2023 Share Posted October 6, 2023 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. 1 1 Quote Link to comment Share on other sites More sharing options...
AbsolutSurgen Posted October 6, 2023 Share Posted October 6, 2023 4 minutes ago, Biggie said: 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. Quote Link to comment Share on other sites More sharing options...
best3444 Posted October 6, 2023 Author Share Posted October 6, 2023 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. 😕 Quote Link to comment Share on other sites More sharing options...
Biggie Posted October 6, 2023 Share Posted October 6, 2023 33 minutes ago, best3444 said: 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. 😕 Set it on fire. It’s your only option. 1 Quote Link to comment Share on other sites More sharing options...
best3444 Posted October 6, 2023 Author Share Posted October 6, 2023 Just now, Biggie said: Set it on fire. It’s your only option. 1 hour ago, TheLeon said: Just light it on fire and walk away Quote Link to comment Share on other sites More sharing options...
Biggie Posted October 6, 2023 Share Posted October 6, 2023 Just now, best3444 said: Tell them your Dad did it. He’s an old man, he got confused. lol Quote Link to comment Share on other sites More sharing options...
best3444 Posted October 6, 2023 Author Share Posted October 6, 2023 2 minutes ago, Biggie said: Tell them your Dad did it. He’s an old man, he got confused. lol Lol. You are really attacking my dad today. Quote Link to comment Share on other sites More sharing options...
Biggie Posted October 6, 2023 Share Posted October 6, 2023 12 minutes ago, best3444 said: Lol. You are really attacking my dad today. It’s his turn in the rotation. Tomorrow it’ll be your Mom. 1 Quote Link to comment Share on other sites More sharing options...
best3444 Posted October 6, 2023 Author Share Posted October 6, 2023 40 minutes ago, Biggie said: It’s his turn in the rotation. Tomorrow it’ll be your Mom. My parent's have basically saved my life at this point so I am forever grateful. I will get my life in order soon enough. 1 Quote Link to comment Share on other sites More sharing options...
Kal-El814 Posted October 7, 2023 Share Posted October 7, 2023 3 Quote Link to comment Share on other sites More sharing options...
Ominous Posted October 7, 2023 Share Posted October 7, 2023 I can't believe it's only worth 2k. What is it? Used car prices are sky high. Quote Link to comment Share on other sites More sharing options...
best3444 Posted October 7, 2023 Author Share Posted October 7, 2023 14 hours ago, Kal-El814 said: I needed this today. So fuckin funny. 🤣 Quote Link to comment Share on other sites More sharing options...
SmugPrick Posted October 8, 2023 Share Posted October 8, 2023 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. Quote Link to comment Share on other sites More sharing options...
Dodger Posted October 9, 2023 Share Posted October 9, 2023 Yeah car prices are still fucking nuts so I don’t see how your car is only worth 2k unless it’s barely running. What kind of car do you have? Quote Link to comment Share on other sites More sharing options...
Kal-El814 Posted October 9, 2023 Share Posted October 9, 2023 56 minutes ago, Dodger said: Yeah car prices are still fucking nuts so I don’t see how your car is only worth 2k unless it’s barely running. What kind of car do you have? 2 Quote Link to comment Share on other sites More sharing options...
best3444 Posted October 9, 2023 Author Share Posted October 9, 2023 11 hours ago, Dodger said: Yeah car prices are still fucking nuts so I don’t see how your car is only worth 2k unless it’s barely running. What kind of car do you have? I have a 2013 Buick Regal. Quote Link to comment Share on other sites More sharing options...
Keyser_Soze Posted October 9, 2023 Share Posted October 9, 2023 30 minutes ago, best3444 said: I have a 2013 Buick Regal. Damn! you fancy Quote Link to comment Share on other sites More sharing options...
SmugPrick Posted October 9, 2023 Share Posted October 9, 2023 2 hours ago, best3444 said: I have a 2013 Buick Regal. Why did you buy something fancy is you had a tight budget?> Quote Link to comment Share on other sites More sharing options...
best3444 Posted October 9, 2023 Author Share Posted October 9, 2023 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. Quote Link to comment Share on other sites More sharing options...
SmugPrick Posted October 9, 2023 Share Posted October 9, 2023 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! Quote Link to comment Share on other sites More sharing options...
best3444 Posted October 9, 2023 Author Share Posted October 9, 2023 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. Quote Link to comment Share on other sites More sharing options...
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