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Saturday, January 28, 2006

Need some advice............

I have a 1999 Dodge Ram 2500 Diesel that I used in the job I had when I was diagnosed with CHF. Since I am now not working I have no need for this vehicle anymore. I also can't afford the payments. The problem is that I owe more than the truck is worth by about two thousand dollars.

I could try to sell the truck I know but since I owe more than the value I was wondering:

Does anybody out there have experience in this area and or what would happen if I called the loan company and told them to come get the truck?

13 comments:

Badoozie said...

well, you'd take a big hit on your credit rating. and if you guys want to get granny's house, you can forget that. it's best to list it for sale, say a big prayer to God, and hope for the best. and why in the heck are you upside down in that thing. how did that happen? did you buy it new? my ex and i bought a brand new 98/ just like that one. good lord those things are expensive. you definitely don't need that much truck. you could drive it off a cliff? just jump out first.

you could leave it somewhere in a high crime area. and maybe someone will steal it ? if you do either one of those things, delete my comments.

Aunt Jo said...

Uh no. these comments are saved to a disc Missy and if Joe gets arrested, gets sent to the pen and becomes a girlfriend to a guy named "Tiny" I am calling you.

firebarbie said...

i'm with susie on the credit thing...badgugubees.....have you thought about ebaying the thing? too bad you're so far east...the boys around here would probably scoop it right out of your hands. ours was used,, but we sold it before we even put a sign in it. you shouldn't have too much problem i'd think.

and since i missed your special day yesterday, you really are the best batman i know. :)

Badoozie said...

ohhhhh firebarley is being sweet to uncle bat thumb. i'm going to puke.

okay, i'm all over that ebay thing she said. i didn't think about that..

when i sold my suburban last summer, i put a price on it that was way above book value. a man came by and belittled me, and i said, well, i'm hoping for a miracle from god, and he scoffed and drove off. the next week i sold the thing for $1.600 more than the mean man offered me. so much for his little "attitude". hang in there uncle bat thumb. God's on your side. you won't know if you don't put a sign in, or think about ebay motors. check into it at least or the truck trader. it's a northwest thing.

McSwain said...

Yeah, your credit would be shot. I once traded a car I was upside-down on, and they financed the amount I owed into the loan on the new car, all with no downpayment. I owed more on the new car than it was worth, but I refinanced for a much cheaper car and still had lower payments, etc. So if you still need a car, you might look into that?

Rachel said...

Someone I knew let their car go back like that. The bank sold it at auction and he had to pay what they didn't get! He ended up doing bankruptcy, because he and his wife just couldn't afford it then (new baby, out of work, etc.) He thought if he let it go back that would be the end of it but it doesn't work that way!!

Jamie Dawn said...

I have no idea. That's a real bummer. Back in 1986, we had a home go into foreclosure. That plagued us for seven years. What a nightmare!
I'm sorry you guys are having to deal with this truck problem. I wish money grew on trees, and I had a money tree orchard. I'd mail you a big check!

Badoozie said...

i have some advice, put a new post on here, and good things will come your way.

keesh said...

I say sell it for as much as you can get out of it and cut your losses....that is the only tip I can give...

Saur♥Kraut said...

The Other Half has been there/done that. No real advice for you, he just told them to come and get it. He was willing to take the hit.

In my own case, I had something similar happen but I remortgaged the house and paid it off.

Jessica said...

Giving it back to the bank is considered a voluntary repossession. In any language repossession is bad. If you could sell it to someone who would be willing to take over the payments. You would not make any money out of the deal but you would lose less and not having to make payments or buy the fuel for the thing can be a big deal. Even if you had to take a minor loss on it at least you would be out from underneath it.

Anonymous said...

Which is more expensive: selling it for whatever you can get and finishing off the rest of the debt or keeping it and keeping it running, filling up the gas tank until it is paid for?

-that little voice in your head (no, the other one!)

uncle joe said...

Jiminy Cricket is that you?

I am a real boy!!!!