get this shit.....

[SoCal_Cabby]

so...im over my head in bills...and in debt about 60k
i dont make enough to pay all my bills for the month every month, i have tried to relinquish my truck 3 times and they wont take it, i call the final straw and try to file for bankruptcy, and they tell me i make too much....WTF???

i havent been able to make a truck payment in at least 6 months, but i was paying ahead so i have only missed 2 payments, but i am making the minimum payments on everything else so i am current. they tell em that in most cases they wont make payments on the credit cards and such so they can make their car paymnts...realy???
im pretty fed up with this shit, im trying to make good, but they arent making it easy.

so now they want me to sell the truck and take out a loan for the difference...how the duck does that work???...do they really think someoone is goind to pay market values for my truck and not be able to get the title because there is still 11k owed???...

[kamzcab86]

All these lawyer ads on TV really get me: "In debt up to your ears? No problem; give us a call!! We'll help you file for bankruptcy for just a small fee!! It's fast and easy!!"

Bankruptcy should be done as the utmost last resort. Going bankrupt in the real game of life destroys your credit rating for at least 7 years.

As for your truck, I believe what the bank(?) is telling you is the following: Let's say, for example's sake, you owe $21000 and sell the truck for $10000. The buyer gives you $10K, the bank holds the title and will not relinquish it until the loan is paid off, which is an additional $11000. According to your financial records, you cannot pay off that $11K outright so you will need to take out (another) loan to pay off that $11K so that the buyer can get the title. I went through a similar situation as a buyer of a 20-year-old Vanagon; the sellers took the payment and immediately paid off the loan so that the bank would release the title to them (which took a little over 3 weeks instead of the 10 days required by CA state law!), which they in turn sent to me. If you could sell the truck for, or close to $21000, the situation would be a little more rosy.

[CalAltaDubber]

Some years ago (when I was still in the mlitary) one of my subordinates came to me and basically explained that he had too much month left at the end of his money.

He had tried to consolidate his debts and the bank had refused him.

We helpped him get a credit counsellor, who, in turn helped him make some very hard choices. The counsellor also helped him consolidate, and pay down his debts to a manageable level. He didn't have to go bankrupt, but did find it very hard for a few months until he had his financial act together again.

There is no shame in asking for that kind of help.

[Calimus]

Dunno what to tell ya Socal. Like mentioned, maybe try to talk with a financial adviser. I've been lucky in the last few years with kid in college, job loss and now car totaled due to fire, to just keep my head above water. But damn if that water doesn't keep trying to inch higher.

Hope you are able to get things worked out man.

[kamzcab86]

We helpped him get a credit counsellor, who, in turn helped him make some very hard choices. The counsellor also helped him consolidate, and pay down his debts to a manageable level.

That's a great idea. Just make sure to find a legitimate debt counselor; some out there are only in business to essentially scam you and put you further into debt. The good ones will not only possibly consolidate, but will negotiate with the bank(s) to get your interest rate lowered and such.

[SoCal_Cabby]

im hoping the stuff i have for sale sells soon, then with me registering in school I'll be getting another 2k a month...if all goes well i could feasibly get out of this rut

[gull]

so now they want me to sell the truck and take out a loan for the difference...how the duck does that work???...do they really think someoone is goind to pay market values for my truck and not be able to get the title because there is still 11k owed???...

The way it works is you sell the truck for what it'll bring, then you sign an unsecured loan for the $11K difference, and the bank hands over the title. If you can make it work, it's a preferable situation to a repo. If they repo the truck they'll sell it at auction, probably for far less than you'd sell it for, and then come after you for the difference anyway.

[SoCal_Cabby]

i have it listed on CL for 30k....and not a single hit for it.
KBB has the resale at 32k

[SoCal_Cabby]

the bank backed down and adjusted my loan so the truck is affordable again. im stoked my credit isnt gonna get destroyed now, but i still want to get rid of it

[kamzcab86]

Excellent!

Have you tried selling the truck in other venues, such as AutoTrader, the L.A. Times, Vehix.com, eBay and the like? Do you have a "For Sale" sign on the truck anywhere?

[SoCal_Cabby]

Excellent!

Have you tried selling the truck in other venues, such as AutoTrader, the L.A. Times, Vehix.com, eBay and the like? Do you have a "For Sale" sign on the truck anywhere?

its been on craigslist for a while, problem is i owe too much to sell it for a reasonable price