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Possible Repo or Turn-in coming soon...

Date: Wed, 11/30/2011 - 16:31

Submitted by rekirk82
on Wed, 11/30/2011 - 16:31

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Total Replies: 5


My girlfriend co-signed a loan with her soon to be ex-husband for a car because his credit was not good enough at the time to buy it on his own. Anyways they got screwed on the interest rate at 25.99% and the car isn't worth what is owed. He stuck her with the car when the separated and now she realizes she cant afford the car on her own and he isn't doing anything to help. She has thought of having the car taken back to wash her hands of it. Is this a good idea? I told her if it helps the situation out with us financially go ahead but then we would have to figure out how to get her a new car. How long does a repo/turn-in stay on her credit report? Would she owe anything after it is repo'd? Looking for answers to help us out so we can be better off financially.. thanks!


If you let it be repo'd or even turn it in, they will sell it at auction and she and her ex will be held responsible for the deficency balance plus any other fees involved. Auctioned cars generally sell for a very low price....so she could end up owing a big amount. Does the ex realize that he is still responsible for the balance??


lrhall41

Submitted by SOAPLADY on Wed, 11/30/2011 - 17:13

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That is what I figured... Darn... Originally she agreed to keep the car because she knew he wouldnt be able to pay for it and she didnt want him to mess up her credit but she just cant afford the car now... Yes I am sure her EX knows this but he doesn't care at all. He hasn't had a job in MONTHS, he doesn't provide her with any type of child support for her son that lives with us, he is the definition of a deadbeat daddy in my mind...


lrhall41

Submitted by rekirk82 on Wed, 11/30/2011 - 17:26

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If it is from a dealer....there are two options. Sell it at auction, or they will put it on the lot, if they feel they can maximize the value, depending on condition. We are actually surrendering my wifes car today or tomorrow,. Done living in debt and struggling.


lrhall41

Submitted by rvl_73 on Thu, 12/01/2011 - 10:11

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Unfortunately when your girlfriend co-signed on the car she put in writing that the person she was signing for would pay the loan or if he didn't then she would. You might be able to renegotiate for better terms or a smaller (but longer) payment plan. Getting a loan from a bank or credit union to pay off the car loan is another option, but you pay a ton of extra interest and this would only be a temporary solution at best. Letting the car be repossessed is not a good idea under any circumstances.


I hope this helps and please let us know how it works out.
MoneyMogul


lrhall41

Submitted by marylouwalston23 on Thu, 12/01/2011 - 11:23

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