Motion for Relief from Stay for the Jeep!

[teacher]

Alright, well they filed for relief from stay as of 6/30/09 for my vehicle......I need to buy a car pretty quick. I was wondering if anyone thinks I should give the CU a lowball offer (like $1,500) for the vehicle and see if they accept. That's what I would spend buying a used car. It is worth about $10k tops and would probably auction for far less.

If I did want to try that, what is the process?

[Tbornetun]

I highly doubt they are going to take an offer of $1500 if the car is worth about 10k. You may want to try to negotiate with them. Lower the balance, payment, interest. They may go for that sort of scenario.

[teacher]

I highly doubt they are going to take an offer of $1500 if the car is worth about 10k. You may want to try to negotiate with them. Lower the balance, payment, interest. They may go for that sort of scenario.

That isn't an option.

I just read on here about a guy doing that with a national bank for his car with 10k I think....just thought it would be good to try, I dunno.

[Tbornetun]

Doesn't hurt to try, worse thing that can happen is they take the Jeep. You were already planning on that anyway.

[teacher]

Doesn't hurt to try, worse thing that can happen is they take the Jeep. You were already planning on that anyway.

Yeah, I was planning for this. Oddly, I feel really nervous and anxious all of a sudden.

[ShorterSN]

From what I have seen, they are usually only willing to haggle if you'll pay them the same or higher than what they think they will get at auction. So, maybe a bit under trade-in value. Offer them anything less, and they have no incentive to sell it to you over anyone else.

That said, as stated above, no harm at all in trying. Ours wasn't even worth bothering with (car worth $7k - $8k, owed nearly $10k, and couldn't afford monthly payments), but you've got nothing to loose offering them the $1500 first before buying a used car.

My wife was all kinds of nervous and anxious about her Grand Am being taken away, though we knew from the start it would be going. They called her, though, was very polite, and arranged a convenient time to pick it up. We aren't often home, so left the key for them. Now she's already driving her sub-$1k 1999 Saturn around and doesn't give it a second thought It'll all work out!