Might be trading in my Subaru STi...

[Sean88gt]

nooooooo! your better off filing for bankruptcy

And why would that be?

[Captain Crawfish]

Or, I could just walk away from the car completely and say to hell with my credit... I don't really need anything right now, I already have a house and all the toys I need, haha...

you need to raise some liquid capital so selling off some of those toys might not be a bad idea.

[bucky]

Sounds like your going to be 6-9k upside down when the dust clears. No way in hell i would roll that into some shitty depreciating new Focus when you have a good Dakota sitting in your driveway waiting to be driven. If it was me, i would l take a good long look at walking away.

[sc281]

Or, I could just walk away from the car completely and say to hell with my credit... I don't really need anything right now, I already have a house and all the toys I need, haha...

You're probably close to $6k upside down. Rolling that into another car would be foolish. You can always get new "things" but you have to make sure you're protecting your survival vs your credit.

This. I'm an advocate of paying all debts owed and not and usually don't reccomend such a thing, but considering your situation:

You bought the car because work paid for it.
Work laid you off, (shitty move after enabling you to saddle yourself with debt)
You have no income.

Let it go, take the credit hit, get into a cash car, and negotiate with the collection agency 2-3 yrs down the road on the balance owed after the finance co sells.

Just use it as a life lesson and never let yourself get into debt again, regardless of who says they'll pay for it.

Doing it once because of hard times is forgivable. Doing it again would make you a deadbeat.

[sc281]

nooooooo! your better off filing for bankruptcy

Lol. No he isn't.

[Denny]

I definitely wouldn't file bankruptcy over a car! Hahaha

[Lone Sailor]

Lol. No he isn't.

I definitely wouldn't file bankruptcy over a car! Hahaha

x3

[talisman]

x4. Honestly, I'd probably walk. Especially since you already have other transportation.

[Sean88gt]

Bankruptcy hangs around for a long time, consumer debt statutes expire after 4 years in Texas. It is a fairly debtor friendly state.

[Texican]

Do you have GAP insurance?!

[A_A_G]

Do you have GAP insurance?!

[93LXHORSE]

OR..... I could just be careful where I park the car, and keep it in the garage, etc... and faithfully pay what I can afford each month. Don't know how long Chase Auto would let that go on... so long as you're paying something can they come grab it? They'd have a hard time getting off my property due to having a locked gate and rear garage entry. They'd have to grab it from elsewhere if they were hell bent on getting it.

You know, a job is going to come eventually, and I have experience in getting back on track in all matters. Years ago my credit score was in the 500-600 range. Years of paying things off, disputing a few of the items, and getting new sources of credit, and what do you know- my credit was in the top few rungs of the ladder with 750-810 scores. So no matter what happens Shit it sounds like I'm almost in the bread line, but actually I prepared for some rainy day in the future if things got bad. I kept thinking this isn't the time to crack my nest egg, but I guess it was.

I could actually hold on to the car if I wanted to bad enough - I even want to go put a Cobbs Stage I on it. It's a blast to drive. I just think it's a terrible waste of money right now

And, I DO still have the Mustang, it's just sitting there for me to finish her...






How does the "take over payments" option work? The buyer has to promise to make the same payments I am, and the BANK does up all the title work, then the transfer is made, and I walk away with no worries once it's signed over?

[jasone]

have the car stolen.

[Big A]

How does the "take over payments" option work? The buyer has to promise to make the same payments I am, and the BANK does up all the title work, then the transfer is made, and I walk away with no worries once it's signed over?

I'm not necessarily talking about Geof, but usually people offering to take over payments don't have the credit to get a loan on their own. I'd imagine that a bank would want to verify the credit worthiness of whomever is taking on the note, and re-finance in their name.

Other than a "buddy deal" type arrangement, which I highly don't recommend, you aren't going to get around the credit part. Anyone with the credit, would be stupid to take over paments, rather then buy a used car at market value, without the negative equity.

[sc281]

Let it go or keep it. Don't drag it out. The bank made the loan in good faith, so if you are going to let the car note go at least do them the respect of telling them upfront so they can get what they can out of it.

If you do it the other way, you are validating the collection tactics for that payday loan place you used in that other thread.

There is difference between can't paying and won't or intentionally slow paying.