what are chances of them repo'ing a 10 year old car?

[JayJay]

So I haven't been able to make car payments to my federal credit union for about 5 months. But, I can honestly say they have been very patient with me as I've been letting them know I'm looking for work.

My car is a 98 Mustang that I owe $7400 on. It is 10 years old with 93k miles. Do you think they'll bother repo'ing it?

[AngelinaCat]

What does kelly blue book give as the value? There is another vehicle pricing guide too, but I don't remember what the name is.

Good luck!

[JayJay]

blue book for a private sell is around $7900. I can sell it easily but I need transportation. I'd like to sell it later on after I've gone through all BK procedures (after reaffirming) so that way I won't have car payments

[AngelinaCatHub]

NADA is the other source. I would be surprised if they did not take the car. For one, it is low milaige for ten years, two, it is a Mustang that is a popular car and could become "collectable". 'Hub

[kornellred]

Even if the vehicle is not worth what you owe, they would probably take it just to get whatever they can for it.

[becky20]

I think credit unions are more likely to repo than some of the large loan companies... I know our CU told me after 60 days late they call out repo guys...

[HHM]

The decision to Repo has little to do with the value of the car...but I have to ask, how in the heck do you still owe $7,400 on a 98 mustang?

The fact that you have lasted 5 months is pretty amazing.

[JayJay]

The decision to Repo has little to do with the value of the car...but I have to ask, how in the heck do you still owe $7,400 on a 98 mustang?

The fact that you have lasted 5 months is pretty amazing.

I guess because I've been so good with them with my last 2 car loans and I haven't missed any payments until this year being unemployed.

The Mustang I have is a top-of-the-line for that year, which is the Cobra with all the bells and whistle, and 300 horsepower V8 engine. Worth a heck of a lot more than a base model or GT.