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Discussion Starter #1
due to a major lack of cash flow, i am turning the bird into my creditors. Between my leadfoot and the highly inflated price of this car i will save about six hundred a month. I love this car but a man's gotta do what a man's gotta do. besides the wife is giving up her 98 sebring jxi so its only fair i suppose.
 

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Chapter Director Coordinator
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i would try to sell privately.. maybe for what you owe

if you turn it in, they will haunt you for a few years and try to get their money 'back' from you...
 

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Full Metal
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so how much you owe on that bird?
 

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even if they repo it, youll still end up paying. theyll sell it at an auction, and what they get goes to your loan, and you will still have to pay the difference.

like my buddies integra Ls, he owed 9 on it, and he let them repo it. they sold it on the market for 6500, and he still has to pay the 2500. hes so stupid for doing that too, he complained about a car payment, but the money hes putting into his "Beater" 300zx N/T to make it reliable couldve been his car payment. and he still owes me 500.
 

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Good luck. I've never heard of that working out well for anyone. Like described, they typically auction the vehicles for what they can get, and then they can come back to you for the difference in amount owed. It could take years to settle, and even longer to come off your credit records.

Find a way to sell on the street, or work a second job. The easiest path is not always the best one.
 

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Ok, I'll take it from the previous posts that my assumption was correct. I don't know very much about credit and how it works. BUT I do know that in this capitalist economy that credit is the most important thing you have. I live in an area that has relatively large houses, most with rooms that have no furniture in them. (house poor)
They are wealthy people but they also live on credit like Joe Schmoe down the street.
 

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Discussion Starter #8
we are in chapt. 13 bankruptcy due to me losing an 18 dollar an hour job. we are going to switch to chapt. 7. No more debt. Now all I got to do is save my pennies until I find another bird!!!
 
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