anonymous one Posted February 25, 2009 Report Share Posted February 25, 2009 OK here is a serious Question????? My GF has a dodge truck that she owes $20,000 for Has to be worth $8,000-$10,000 yea, we called citi fi they wont redo any thing because she now has too little income.... I could keep paying for it but WHY, let the FKRS come get it.... I'm HERE because I know that if you are smart enough to own a Shelby, You are smart enough to give Good Advise, any help would be Appreciated, Thanks..... Link to comment Share on other sites More sharing options...
RStangsOC Posted February 25, 2009 Report Share Posted February 25, 2009 Difficult position to be in for sure. Question is - hows your credit? If its good - wanna keep it that way? On the other side of the coin - I dont think you are a rarity these days. Cars, houses, (401K's), etc - everyone seems to be VERY upside down in things they own. Hard decision for sure. If she likes the truck - keep it and enjoy it. Gotta be driving something. Link to comment Share on other sites More sharing options...
07SGT4578 Posted February 25, 2009 Report Share Posted February 25, 2009 I would keep paying for it. If you let them take it back, you still owe them 20000.00 , so they will take it to auction and what ever it brings they will put against the note. More than likely this price wont even get to the 8k -10k you think its worth, they WILL come after you for the remainder. All they have to do is get a judgement against you and they can garnish your wages if need be, plus your credit will be crap. Chris edit for spelling Link to comment Share on other sites More sharing options...
pottydr Posted February 25, 2009 Report Share Posted February 25, 2009 Is it insured???/....nevermind Link to comment Share on other sites More sharing options...
DDT Posted February 25, 2009 Report Share Posted February 25, 2009 OK here is a serious Question????? My GF has a dodge truck that she owes $20,000 for Has to be worth $8,000-$10,000 yea, we called citi fi they wont redo any thing because she now has too little income.... I could keep paying for it but WHY, let the FKRS come get it.... I'm HERE because I know that if you are smart enough to own a Shelby, You are smart enough to give Good Advise, any help would be Appreciated, Thanks..... Sell it south of the border and report it stolen??????????? But seriously thats a tough one............. Link to comment Share on other sites More sharing options...
anonymous one Posted February 25, 2009 Author Report Share Posted February 25, 2009 I would keep paying for it. If you let them take it back, you still owe them 20000.00 , so they will take it to auction and what ever it brings they will put against the note. More than likely this price wont even get to the 8k -10k you think its worth, they WILL come after you for the remainder. All they have to do is get a judgement agaist you and they can garnish your wages if need be, plus your credit will be crap. Chris To both replys, thanks.... She has lost 90% of her normal income and does not have great credit, we have been working on fixing it but WOW I sure hate any kind of loss... maybe I can just part it out on Ebay....Ha Link to comment Share on other sites More sharing options...
19Maddog64 Posted February 25, 2009 Report Share Posted February 25, 2009 She has to have something to drive. Don't get excited - cars and trucks loose their value. People get worried about the value lost on the truck and want to to do something - anything. It is all attitude. Enjoy it and pay for it. If you found a good trade you could wind up in the same boat quickly. UPSIDE DOWN is a sales term used to intimidate you into doing something NOW that you will probably be sorry for later. Settle down and take care of it and it will be paid for soon and if taken care of you will have a good truck (and credit) for years to come. The only other option I know of would be to ask the credit company for better terms. Good luck. Link to comment Share on other sites More sharing options...
stump_breaker Posted February 25, 2009 Report Share Posted February 25, 2009 YOu could always call the company it's financed with and say lets renegotiate or you can come and get it. They do not want the truck. Link to comment Share on other sites More sharing options...
anonymous one Posted February 25, 2009 Author Report Share Posted February 25, 2009 She has to have something to drive. Don't get excited - cars and trucks loose their value. People get worried about the value lost on the truck and want to to do something - anything. It is all attitude. Enjoy it and pay for it. If you found a good trade you could wind up in the same boat quickly. UPSIDE DOWN is a sales term used to intimidate you into doing something NOW that you will probably be sorry for later. Settle down and take care of it and it will be paid for soon and if taken care of you will have a good truck (and credit) for years to come. The only other option I know of would be to ask the credit company for better terms. Good luck. All ready asked IE she dose'nt make enough after loosing %90 of her income to qualify for a lowerd rate or lower payment, They actually have a formula tell you that you cant afford the payments even if they lower either or both.... and the problem is Not .........having something to drive....ther are pleny to choose from. but they're all paid for. Link to comment Share on other sites More sharing options...
19Maddog64 Posted February 25, 2009 Report Share Posted February 25, 2009 I hate to hear it. Don't have any more useful advice. Lots of folks having it tough these days. Hope you guys the best - maybe things will turn around. Link to comment Share on other sites More sharing options...
regalt87 Posted February 25, 2009 Report Share Posted February 25, 2009 Before something bad happens to this truck make sure it has GAP insurance. Link to comment Share on other sites More sharing options...
Grabber Posted February 25, 2009 Report Share Posted February 25, 2009 I have been upside down in vehicles before. Even done a trade in and became more upside down. Took along time to pay for it and then I owned it. Painful lesson! I made my own bed and had to lay in it. :huh: Link to comment Share on other sites More sharing options...
MY500SS Posted February 25, 2009 Report Share Posted February 25, 2009 Is it insured???/....nevermind Seems you need to be in default before the lender will try to help. Try stopping payments until the lenders contacts you. That department may work with you. VERY IMPORTANT, respond to them as soon as they contact you. You don't want the loan going into complete default. Best of luck. Link to comment Share on other sites More sharing options...
NICK82 Posted February 25, 2009 Report Share Posted February 25, 2009 Yah I would try to work with the Lender to come up with a new deal. They may be flexible and re-negotiate. IF that doesn't work then stop a couple payments and try again immediately after they contact you. The worst that can happen is they say no. Link to comment Share on other sites More sharing options...
mrfarmdog Posted February 25, 2009 Report Share Posted February 25, 2009 I don't normally offer advice to people I don't know and you are someone I truely do not know since you have only made three posts, but am a believer in making an honest effort and I feel that walking away from debt should only be done in extreme circumstances. So here is my story, lessons learned and my advice to you... I was in a bad spot early in life where I bought a new car and then decided to sell it because I was going into the military and could not afford it on their pay. I let the insurance laps on the car since I had a buyer (MISTAKE). A few hours before the buyer came to pick up the car my brother in law took it out for a joy ride and totaled it. If I had told the bank that the car was totaled they would have demanded immediate payment which I could not make. I was in a low paying job at the time and could not afford it but I payed what I could and caught up when I had the chance. This went on for a couple of years until I finally talked to a collector from the bank and told him the story. He was floored that someone would try to honor the note even though the car was totaled. I had about 12 months left to pay on the car and he restructed my note to reduce my payment by about 70%. This allowed me to pay off the loan. He also told me that if I ever had a credit issue that he would write me a reference because of my effort to pay the loan. Fast forward to a few years later when I went to purchase my first house. The event showed up on my credit report. I called him and he wrote a note to my lending company and I got a waiver on my credit report allowing me to buy my home. My advice is to continue to pay, but pay what you can and do it every month. Also call your creditor and explain the situation and that you intend to honor the loan but that you can no longer afford the full payments and you need some relief until you get back on your feet. Chances are they will work with you if pressed. If not then do the best you can and make an honest effort. You will feel better about yourself in the long run (at least I would). Link to comment Share on other sites More sharing options...
Canadian Bacon Posted February 25, 2009 Report Share Posted February 25, 2009 Regardless of what what it is worth your girlfriend purchased the vehicle and likely realized it would depreciate. She should do the right thing and pay for it period. The economy is in bad enough shape, partially due to people not taking care of there own business such as this. Link to comment Share on other sites More sharing options...
Michael Morris Posted February 25, 2009 Report Share Posted February 25, 2009 Pay Fast and drive SLOW!! All cars are done in value right now. Trucks are starting to climbe back up. MM Link to comment Share on other sites More sharing options...
NordicShelby Posted February 25, 2009 Report Share Posted February 25, 2009 I don't normally offer advice to people I don't know and you are someone I truely do not know since you have only made three posts, but am a believer in making an honest effort and I feel that walking away from debt should only be done in extreme circumstances. So here is my story, lessons learned and my advice to you... I was in a bad spot early in life where I bought a new car and then decided to sell it because I was going into the military and could not afford it on their pay. I let the insurance laps on the car since I had a buyer (MISTAKE). A few hours before the buyer came to pick up the car my brother in law took it out for a joy ride and totaled it. If I had told the bank that the car was totaled they would have demanded immediate payment which I could not make. I was in a low paying job at the time and could not afford it but I payed what I could and caught up when I had the chance. This went on for a couple of years until I finally talked to a collector from the bank and told him the story. He was floored that someone would try to honor the note even though the car was totaled. I had about 12 months left to pay on the car and he restructed my note to reduce my payment by about 70%. This allowed me to pay off the loan. He also told me that if I ever had a credit issue that he would write me a reference because of my effort to pay the loan. Fast forward to a few years later when I went to purchase my first house. The event showed up on my credit report. I called him and he wrote a note to my lending company and I got a waiver on my credit report allowing me to buy my home. My advice is to continue to pay, but pay what you can and do it every month. Also call your creditor and explain the situation and that you intend to honor the loan but that you can no longer afford the full payments and you need some relief until you get back on your feet. Chances are they will work with you if pressed. If not then do the best you can and make an honest effort. You will feel better about yourself in the long run (at least I would). WOW. I can not understand why your BROTHER IN-LAW didn't take responsiblity for the rest of the payments. Do you still talk to him? I think that is something I couldn't have forgiven him for, I know for sure I would have at the very least kick his A$$$$$$ Link to comment Share on other sites More sharing options...
blkGT500nCA Posted February 25, 2009 Report Share Posted February 25, 2009 Is it insured???/....nevermind That's really funny! All ready asked IE she dose'nt make enough after loosing %90 of her income to qualify for a lowerd rate or lower payment, They actually have a formula tell you that you cant afford the payments even if they lower either or both.... and the problem is Not .........having something to drive....ther are pleny to choose from. but they're all paid for. I don't understand. If you have PLENTY of paid off cars to choose form....WTF. Sell one of those and pay off your stupid truck. Come on dude! Edited to try to be nicer. Link to comment Share on other sites More sharing options...
Imatk Posted February 25, 2009 Report Share Posted February 25, 2009 That's really funny! I don't understand. If you have PLENTY of paid off cars to choose form....WTF. Sell one of those and pay off your stupid truck. Come on dude! Edited to try to be nicer. Agreed. You bought it, you agreed to pay for it, you should pay for it. If you can't pay for it because she lost her job contact the creditor and negotiate, they will usually work with you. If they don't, which I would be very surprised if they didn't, Then find other means of paying off the truck... sell your other cars or come up with another way. And next time, don't buy something unless you have the cash to pay it off... that's my opinion... although I know not many share it. If I couldn't afford to pay it off cash I would buy a cheaper car-- PERIOD. But these are lessons learned from many years of having to pay down debt. Now that I'm basically debt-free I'll NEVER go back. Link to comment Share on other sites More sharing options...
mrfarmdog Posted February 25, 2009 Report Share Posted February 25, 2009 WOW. I can not understand why your BROTHER IN-LAW didn't take responsiblity for the rest of the payments. Do you still talk to him? I think that is something I couldn't have forgiven him for, I know for sure I would have at the very least kick his A$$$$$$ He was young and tried to do the right thing and help out but it is all water under the bridge at this point so no worries. Besides I am not married to that wife anymore :happy feet: Link to comment Share on other sites More sharing options...
blkGT500nCA Posted February 25, 2009 Report Share Posted February 25, 2009 Is this BlackMachOne from SVTP????? Link to comment Share on other sites More sharing options...
ingram4868 Posted February 25, 2009 Report Share Posted February 25, 2009 Is it insured???/....nevermind Link to comment Share on other sites More sharing options...
SPRSNK Posted February 26, 2009 Report Share Posted February 26, 2009 Even if you turn the truck back in or let it get repo'ed, they'll still come after her for the money. FYI Link to comment Share on other sites More sharing options...
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