Options other than repossession?
February 23, 2009 12:19 PM Subscribe
My friend lost half his job (down to 20 hours a week from 40, and this is after a pay cut), and is about to lose his truck. I don't want his credit ruined. What are some options outside of getting it repossessed?
posted by faunafrailty to Work & Money (12 answers total)
He's upside down on the truck and is ready just to not pay the bill for a few months, and use whatever he can scrape together to buy a clunker when they finally get the truck. I feel like there's got to be a better solution than ruining his credit.
I'm not sure how upside down he is, but let's assume not that badly. Are there resources/sites for having someone take over the payments on a vehicle that's already partially paid off?
How does one sell a vehicle for less than you owe on it? Do you have to take out another loan for the entire price of the car (what you owe) with the promise that you'll give the bank the bulk of the money when you sell it? (And you have the seller already at the ready.)
Is there anything else to be done?
(P.S. I know there are other repo questions on here, but they're all so specific--just like this one.)