Hi all. My son finally called and I spoke with him about "our" car. Explained to him what was going on and he was very receptive to taking the car and making payments. He said that he would also try and get the car financed in this name only, thru the bank he's using now USAA (since he's in the military). But of course that will take some time since he's still in boot camp. Probably a few weeks or longer. Until then, I'm still going to the atty and see what advice he can give me, see what my choices are. Thanks to all for your info.
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This is wonderful news! What a good son!
Has anything happened with the repo yet?Comment
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Yes, he is! TY!!! No, the vehicle is still here. And they haven't called today, usually I would have received several calls by now. I did receive one call yesterday. So, I'm sure it's close to happening. I do have a question about the repo. If I file before the repo happens, does that change the BK? In other words, secured vs unsecured?Comment
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At this point, it seems doubtful that you would be able to file before the repo takes place.
Are you going to have V2 to drive for a while? Payment-free? Or is your son taking the car to wherever he is ?
It would be great (I know this is a stretch) if you could be completely out from under the payments for V2, yet still drive it.
Maybe come current on V1 with that extra money and trade it in for a nice used car with a lower payment? At about the time your son would want to take possession of the car in a year or two?
Wishful thinking, perhaps - but I can't help wondering if the lender's refusal to "work with you" could be based on your climbing interest rates, sinking credit rating, maybe a late payment history ... and the fact that you have this second vehicle with a co-signer ....
Lender for V2 is somewhat protected by co-signer - Lender for V1 is NOT. They may be reading the story of your credit history and be making the decision to GET THEIRS before it's too late.
If you were to present them with a better plan - show that you have reduced your expenses in order to meet this payment ....
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These kinds of moves would be things you would do to avoid bankruptcy.
If V1 is repo'd, then that's that. Keep all the paperwork and give it you your attorney, if you decide to file.Comment
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Ok, here goes. V2 will not be payment free until my son receives his first pay that he can access, who knows when that will be, soon maybe, and then hopefully he can refi. As far as making up the payments on V1, ouch, can't do that. Im so far behind and I don't have enough to make the difference and still pay my living expenses and that payment, along with all other debt (cc and such) I asked them if they could tack on extra each month, or add it to the end, they said "no". Im also very unpside down on V1, and couldn't find anyone to refi anyway. After I bought it, gas prices rose last year so high, it's a SUV, and it's value declined so fast.....It's only worth 1/2 of what I paid for it now. Stupid decision, but......
I will continue to make the V1 payments until my son can do so. Maybe next month, then he will come get the car. Then I will have to by a put put to get around. Your plan sounds so easy, but in reality, it won't work for me. I sure wish it would!!! Thanks for your input. Have to wait and see what the atty's say. Wish me luck! Off to work I go....Comment
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