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surrendering a vehicle versus repossession
Posted on 5/23/19 at 4:36 pm
Posted on 5/23/19 at 4:36 pm
No not for me I already went through this when I got divorced and I had to file capture 13 but asking for someone else who doesn’t want to go this route.
Obviously their credit will take a big hit but wouldn’t it be better overall to just surrender their ex’s car to the finance company instead of letting them come and take it.
Backstory——messy divorce where everything was in his name so basically his ex said she didn’t want anything and he got stuck with all the bills. He needs to get out from the car payment he’s making for the vehicle he originally bought his ex.
Obviously their credit will take a big hit but wouldn’t it be better overall to just surrender their ex’s car to the finance company instead of letting them come and take it.
Backstory——messy divorce where everything was in his name so basically his ex said she didn’t want anything and he got stuck with all the bills. He needs to get out from the car payment he’s making for the vehicle he originally bought his ex.
This post was edited on 5/23/19 at 4:37 pm
4
Posted on 5/23/19 at 4:41 pm to bulldog95
Is he too upside down on it to try to sell it instead of just surrendering it?
He may also try trading both vehicles in on something less expensive to get out of the situation.
He may also try trading both vehicles in on something less expensive to get out of the situation.
Posted on 5/23/19 at 4:52 pm to REB BEER
Yes to your first question.
His truck is paid off but he doesn’t want the note on the car.
I told him to suck it up and keep paying on it but all he can see is paying 3 more years on it.
That’s what I did when I got divorced. I surrendered my ex’s car but I actually owed less than what it was worth so I came out ok.
His truck is paid off but he doesn’t want the note on the car.
I told him to suck it up and keep paying on it but all he can see is paying 3 more years on it.
That’s what I did when I got divorced. I surrendered my ex’s car but I actually owed less than what it was worth so I came out ok.
Posted on 5/23/19 at 5:02 pm to bulldog95
Can’t he try to sell it on Craigslist or to a carmax/give me the vin type place.
Posted on 5/23/19 at 5:29 pm to bulldog95
quote:
Obviously their credit will take a big hit but wouldn’t it be better overall to just surrender their ex’s car to the finance company instead of letting them come and take it.
Backstory——messy divorce where everything was in his name so basically his ex said she didn’t want anything and he got stuck with all the bills. He needs to get out from the car payment he’s making for the vehicle he originally bought his ex.
Well, yeah... in the sense that it's better to get stabbed than shot, but there's still going to be wound. He'll save on the repo fees. But in the end, they're still going to auction it off and hit him with the deficiency and collect on it (one way or another
) - and it'll still show up as a repo on his credit. Knowing that, I'd sell it and take out a note for whatever the upside down amount is, if any. Letting a car go to auction (no matter how it gets there) is the worst way to dispose of a vehicle. 
Posted on 5/23/19 at 5:54 pm to bulldog95
Surrendering is a repossession - they just don't have to file suit to get it and "may" not pursue an excess judgment.
I doubt surrendering alters the impact on the credit score. In fact, it being sent to collections has done a good bit of the damage already.
I doubt surrendering alters the impact on the credit score. In fact, it being sent to collections has done a good bit of the damage already.
Posted on 5/24/19 at 7:25 am to Ace Midnight
i had a similiar situation when i got divorced. ex stopped paying on her note (per agreement), and was avoiding the door knocks and phone calls. this was between the time we got to court (she even avoided the sheriff to get the papers delivered, so i had to hire a PI to track her down to give the paperwork) to decide who was getting what and who was responsible for what. So i had no recourse to get the vehicle and i wasn't about to pay her note either
She finally surrendered the car when she found a sucker she was now living with that got her a car.
Repo finally got the vehicle, sold at auction, and the called me asking for the difference... about $8k. said if i paid cash by the end of the week, they would settle for $3k, but my credit report would show "settled for less then owed" so i took the hit both out of pocket and credit. (credit was 540 around the time of divorce)
On a side note, i would have paid anything to get out of that hell hole i was living in...
fast forward 12 years later, credit is back over 800 an only debt i have is house.
life lesson learned. met first wife in a bar, second wife in a church....
She finally surrendered the car when she found a sucker she was now living with that got her a car.
Repo finally got the vehicle, sold at auction, and the called me asking for the difference... about $8k. said if i paid cash by the end of the week, they would settle for $3k, but my credit report would show "settled for less then owed" so i took the hit both out of pocket and credit. (credit was 540 around the time of divorce)
On a side note, i would have paid anything to get out of that hell hole i was living in...
fast forward 12 years later, credit is back over 800 an only debt i have is house.
life lesson learned. met first wife in a bar, second wife in a church....
Posted on 5/24/19 at 8:15 am to bulldog95
quote:
His truck is paid off but he doesn’t want the note on the car.
I told him to suck it up and keep paying on it but all he can see is paying 3 more years on it.
He's going to have to suck it up and trade in both and get a new truck with a note. It's not worth the hit on his credit especially when it is completely avoidable. This is a no brainer.
Posted on 5/24/19 at 8:24 am to bulldog95
quote:
Yes to your first question.
His truck is paid off but he doesn’t want the note on the car.
Sell the truck, pay off the car.
Posted on 5/24/19 at 8:40 am to LNCHBOX
quote:
Sell the truck, pay off the car.
this. then he can sell the car and buy a truck with whatever cash is left if he wants.
Posted on 5/24/19 at 8:59 am to lsujro
I agree with the others. Truck is a luxury and not a necessity. Sell it for cash. Keep the car. Pay off the car note with the truck cash. Save up until ready to buy another truck.
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