What kind of truck?

Dang it man, how much did you pay for it?

Yeah I really didn't want to go that route... I have a truck I can drive just really looking to get away from the tacoma.. I'm not trying to keep it, I don't know if it's worth her to g lawyers involved or not

And when

I would detail the shucks out of it, get it looking showroom-new inside and out, take some really good pictures (good lighting/angles/etc), put together a well thought out "ad" for it and post it on craigslist for $29k OBO*......depending on how quickly you do or don't need to get rid of it, you never know what might happen. There are a few on there right now that aren't too far off that price, so who knows.

*here's my thinking on that particular price....anyone who'd be interested at $28k will still be interested at $29k, but it gives a little "wiggle room" to negotiate.

That is a good idea but I missed a payment back in October and my 570.00 payment doubled.. I paid 570.00 last month and they called and offered to defer my payment to the back end of the loan.. I get a letter yesterday stating that I owe then roughly 1300, plus the additional 5u0 by the 26th of this month.. Not gonna happen. I don't mean to ait out my person so business on here but that isn't feasible.. I don't have a bank roll saved up for these situations

If you can't sell it at the price you need to pay it off, before you let it go back, talk to your bank about you selling it for $22k or $25k. Whatever you can get, then sign a note for the difference. It'll suck paying $3k-$6k and having nothing in return for it but if you let it go back, the bank will sell it for whatever and then sue you for the balance and your credit will still be ruined. Either way you're going to have to pay something. They don't just magically disappear. The bank is going to say "no" but tell them you can't make the payments and they can either work with you on selling it or not get anything out of you for 6 months.

Do you own your house or rent?

Own it

How long have you owned it and do you have any equity?

Go to carmax immediately and get a trade-in offer. They'll buy the trade in without actually making you buy a car from them.

Go to carmax immediately and get a trade-in offer. They'll buy the trade in without actually making you buy a car from them.

Has the home increased in value since the date you purchased it?

Hmmmm so how will that affect me and the lender?

Well I say own it.. I'm not renting, we have been paying the mortgage company 7years

....if they give you $28K or close to it, you take it and give it to the lender. Easy peasy.

Depending on your homes value, you could take an equity loan out and catch your truck up on payments and then sell it. This would be much better than destroying your credit AND still owing on that truck. If they file a judgement on you, you'll be on the hook forever on that truck and you'll never get it paid off.

31k about 11 months ago. And yes I was stupid and took the shaft

what was your interest rate 15%

I will have to look to tell you for sure but I want to say 11%

Something to keep in mind if you give it back to them and they sell or auction it for 20000.00 they will come after you for the difference

Yeah that's something I worry about... I was a dumb arse and dont think there is a good way to walk away from this situation

Something to keep in mind if you give it back to them and they sell or auction it for 20000.00 they will come after you for the difference

Step 4. Get rid of that truck and note asap.

Dang man.. Look, I'm not trying to be a smartarse, but there's some smart folks here. Maybe next time you're thinking about a big decision run it by the forum....
Sounds like you made a couple bad decisions and are about to make another one. Do you know an accountant you could go talk to? It would be worth a couple hundred bucks to get some good advice. Good luck to you

Thanks I will probably do some running around tomorrow and see what I can come up with

With Christmas coming up look into part time at Home Depot, Sams, Costco or walmarks until you get back on track.

How would he not qualify for a heloc if his equity has doubled, assuming his equity is more than the car loan? Banks are a heck of a lot quicker to loan on a house because they KNOW it's not going anywhere. You can't hide it.

This happened to me years ago. Some people think you just give it back and thats it.
I owed something like 12k on a truck and let it go back. They sold the thing for 4k
Sent me a bill for the balance and they dont offer payments for that. I didnt pay it so they garnished my wages 33 percent until it was payed off. So what i ended up paying for the truck and had no truck. It took me years to get my credit right and i will keep it that way.
If it were me i would find a part time job and make the payment. Doesnt take much to make 600 a month. You will regret letting it go back.

After reading all the above comments on here, here is how I would handle it if it were me.
1-List the truck for sale NOW

2-Go talk to the loan provider and tell them your predicament and that the truck is for sale. Ask if you can sell it below the loan value and sign a note for the difference. If not, check into a home equity loan (heloc). Especially if the same provider holds your mortgage. Tell them you want to sell the truck below loan value and take out a heloc for the rest. Don't go crazy and take a ridiculously low number and owe too much on the heloc.

3-IF you have enough equity in your home to cover the entire loan value on the truck, get a heloc and pay off the truck THEN sell the truck immediately. You HAVE to do this part. Don't get caught up in having a paid off truck. Take the money you get from selling the truck and pay off the heloc. You HAVE to be disciplined on this part.

4-Don't get caught up in this again. Read some money management books/magazines. Get on a budget.

God luck.

In my mind you owe the money.

Sell it take a hit, pay off the hit and go from there. Get your credit together and make better choices. If you don’t it will not get better.

Good luck, finances can easily get out of hand if you allow it. Debt is just that. You owe it to the lender and yourself to make it right.

Man, I hate what you are going through, but you are obviously a liability to any lender if you are paying 11% on a vehicle. You are only going to mess your self up worse by not making the note that you agreed upon. Borrow some money any way that you can to get even on your payments first and foremost. You are talking about a small amount of dollars in the grand scheme of things. If you get back to even, do you think that you can make the notes monthly?

Do not borrow money to pay on debt already owed,that makes zero sense to me,then you still owe the truck payment next month plus what you borrowed to get caught up,you can't make two payments if you can't make one.

here is how I would approach it if I owed someone money and couldn't make the payment.

I'd immidiateky make a list of everything I could sell quickly. Guns, fishing rods, tools, your brothers recliner. Then list every bit of it on Craigslist asap, and I'd put fire sale prices on it.

Next, I'd go through a detailed budget and find any extra dollars that y'all are blowing now, and find a way to save them. My family would be eating on beans and rice, while sitting around the fireplace talking, because we were saving the money on electric heat, and couldn't watch anything on tv because I sold it on Craigslist. Not that we would miss the tv much, because the static was pretty boring after cutting off the cable subscription. You get the picture.

Next, I'd look at the best way to increase my income. Pick up another 1-2jobs, work overtime at your normal one, pass out fliers to clean people's gutters for $100 a pop, etc. There's absolutely no excuse for anyone in a situation like yours to be earning income for less than &0-100 hours a week.

After you do these three things, you will have the freedom to address how you deal with the truck going forward.

There is absolutely nothing fun about what I suggest, but it's time for you to nut up and take responsibility for a bad decision. In my mind, I'd move heaven and earth to pay back every cent that someone lends me. Whether it be a bank or individual, it's simply the right thing to do.

Got my attention.. So say they offer 23k.. What happens to the 5k difference? I have to come out of pocket??

So what is the payment for the wife's car? If she doesn't work then you really only have to have 1 car. Also is the 28k the payoff amount from the lender or the amount of payments remaining?

here is how I would approach it if I owed someone money and couldn't make the payment.

I'd immidiateky make a list of everything I could sell quickly. Guns, fishing rods, tools, your brothers recliner. Then list every bit of it on Craigslist asap, and I'd put fire sale prices on it.

Next, I'd go through a detailed budget and find any extra dollars that y'all are blowing now, and find a way to save them. My family would be eating on beans and rice, while sitting around the fireplace talking, because we were saving the money on electric heat, and couldn't watch anything on tv because I sold it on Craigslist. Not that we would miss the tv much, because the static was pretty boring after cutting off the cable subscription. You get the picture.

Next, I'd look at the best way to increase my income. Pick up another 1-2jobs, work overtime at your normal one, pass out fliers to clean people's gutters for $100 a pop, etc. There's absolutely no excuse for anyone in a situation like yours to be earning income for less than &0-100 hours a week.

After you do these three things, you will have the freedom to address how you deal with the truck going forward.

There is absolutely nothing fun about what I suggest, but it's time for you to nut up and take responsibility for a bad decision. In my mind, I'd move heaven and earth to pay back every cent that someone lends me. Whether it be a bank or individual, it's simply the right thing to do.

I am by no means trying to screw the man.. I owe my debt and I understand that, I'm not trying to get out of it or skate the law.. I just can't see myself paying 570 a month for 4 more year ..



L

I used to be like a lot of you. I used to think that only people that were financially irresponsible ran into financial problems. I used to think that it would never happen to me. Then I went through a divorce. I then realized that financial problems can happen to anyone. I also learned that it wasn’t worth loosing sleep and my health over.

here is how I would approach it if I owed someone money and couldn't make the payment.

I'd immidiateky make a list of everything I could sell quickly. Guns, fishing rods, tools, your brothers recliner. Then list every bit of it on Craigslist asap, and I'd put fire sale prices on it.

Next, I'd go through a detailed budget and find any extra dollars that y'all are blowing now, and find a way to save them. My family would be eating on beans and rice, while sitting around the fireplace talking, because we were saving the money on electric heat, and couldn't watch anything on tv because I sold it on Craigslist. Not that we would miss the tv much, because the static was pretty boring after cutting off the cable subscription. You get the picture.

Next, I'd look at the best way to increase my income. Pick up another 1-2jobs, work overtime at your normal one, pass out fliers to clean people's gutters for $100 a pop, etc. There's absolutely no excuse for anyone in a situation like yours to be earning income for less than &0-100 hours a week.

After you do these three things, you will have the freedom to address how you deal with the truck going forward.

There is absolutely nothing fun about what I suggest, but it's time for you to nut up and take responsibility for a bad decision. In my mind, I'd move heaven and earth to pay back every cent that someone lends me. Whether it be a bank or individual, it's simply the right thing to do.

Have you got enough to pay down the truck to it's actual value? Then selling it would be easy

I know what I did see a few years ago. A guy I worked with at the time had a F250 powerstoke repossed. Something was going on with the engine. He was told it was going to cost like 6 grand to get it fixed. He stopped making payments and the lender repoed it. When it sold they sent him a check for 6500. It sold for that much more than what he owed. And I called BS to it and he showed me the check stub. Screwed his credit up still. But he is one of those type of people that can step on a turd pick it up and it turn to gold.

I'm sure I will catch flack for this, but I am really considering just giving my truck back to the bank and putting that money back into food on the table.. My concern is how bad is this fixing to screw me.. I have heard 7 years on my credit record.. I know its my fault for taking on an additional note but some unforseen circumstances came and now I need to let that payment go.