Quote:
Originally Posted by fastball
I know it's too late to suggest this now, but this just goes for a reminder to anyone faced with a similar situation.....
If you think you will not be able to keep the payments up on your car, before you talk to the bank about repo options (which not only will incur the charges and difference in auction selling price to you but also slam your credit rating), first try to sell the car yourself. Put a for sale sign on it, ask high blue book, but be willing to come down some if you're close to not making payments.
This way when the person buys it from you they're paying the bank directly, and then all you will be on the hook for is the difference if there is any (depending on what kind of interest rate you're paying and how much you put down)
But try selling it first before even thinking about the repo option. As SixGracing mentioned, the bank will now put it up for auction and there's a very good chance it will go for less than what you could have sold it for yourself. The bank will hold you for the difference anyway.
It's better to try to sell it yourself.
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Well, I had my older brother hollar and yell down on me for months about the exact same things you just mentioned. Since I drive a semi-truck over the road, I am gone for a month or so at a time. So theres really no way or time to just put a "For Sale" sign in the window and wait for the phone to ring or the emails to come in, while the payments were still way past due. It would be extremely difficult to try and haggle over the phone with potential buyers and the bank while I am driving a semi-truck downtown with traffic trying to make a delivery appointment; I would probably have a wreck or two.