Achilles Posted December 10, 2008 Share Posted December 10, 2008 Has anyone had to do this before? I'm just curious cause I'm about to turn mine in after 7 months of non-payment. The stagnant economy and the fact I was out of a job for 4 months really set me back. But from what I understand, the bank tries to sell the car and then whatever is left is up to me? I am trying my hardest not to file for bankruptcy, but I don't have any kids and am not married nor do i plan on owning anything in the near future. Regardless, if they bill me later for it, I still won't have the money to pay for it. It sucks having to do this, but people are worse off right now. Link to comment Share on other sites More sharing options...
ECURB Posted December 10, 2008 Share Posted December 10, 2008 Has anyone had to do this before? I'm just curious cause I'm about to turn mine in after 7 months of non-payment. The stagnant economy and the fact I was out of a job for 4 months really set me back. But from what I understand, the bank tries to sell the car and then whatever is left is up to me? I am trying my hardest not to file for bankruptcy, but I don't have any kids and am not married nor do i plan on owning anything in the near future. Regardless, if they bill me later for it, I still won't have the money to pay for it. It sucks having to do this, but people are worse off right now. Do you have GAP insurance? Link to comment Share on other sites More sharing options...
anskyruben Posted December 10, 2008 Share Posted December 10, 2008 The bank will repo it, and sell it at a wholesale auction. They will take that price and charge you for the difference between what you owe, and what they sold it for. Your best way to avoid having to pay that is filing for BK. There's no shame , if you have no other choice. Link to comment Share on other sites More sharing options...
anskyruben Posted December 10, 2008 Share Posted December 10, 2008 Do you have GAP insurance? If he is behind on his payments and he tries to do an insurance job on this car he WILL GET CAUGHT. Link to comment Share on other sites More sharing options...
ECURB Posted December 10, 2008 Share Posted December 10, 2008 If he is behind on his payments and he tries to do an insurance job on this car he WILL GET CAUGHT. I didn't hear or see anything! Seriously though why are you worried about the difference? How badly tanked in it are you? Whats the year make model miles, how much do you owe, did you get GAP, Warranty, ect... Link to comment Share on other sites More sharing options...
anskyruben Posted December 10, 2008 Share Posted December 10, 2008 One more option is calling the finance company and trying to re finance the whole deal. They can stretch out the loan and lower the payments. In the long run you will end up paying a bit more for the car, but the financial institutions are doing whatever they can to avoid repos. If you just plain can't afford it anymore just give it back. Link to comment Share on other sites More sharing options...
ECURB Posted December 10, 2008 Share Posted December 10, 2008 One more option is calling the finance company and trying to re finance the whole deal. They can stretch out the loan and lower the payments. In the long run you will end up paying a bit more for the car, but the financial institutions are doing whatever they can to avoid repos. If you just plain can't afford it anymore just give it back. They won't Re-Fi after being late for that long... it's hard enough to get a fresh loan at a decent rate right now with good credit... If he can cancel his warranty and such to help drive the balance down... I have access to auction reports so if the OP can respond with year make model miles , exact trim... ect I can help... Link to comment Share on other sites More sharing options...
anskyruben Posted December 10, 2008 Share Posted December 10, 2008 I do too. My friend makes a living off this. The used car market is in the pisser right now. I've seen finance companies refi , with longer delinquencies. They are so screwed right now with tons of cars coming back that they are actually trying to work with people. But if his finances are such that he needs to just give it back, that's what he should do. Link to comment Share on other sites More sharing options...
PatriotReign37 Posted December 10, 2008 Share Posted December 10, 2008 Another option is to move to another area where the economy isnt as bad. Checks out of town newspapers (Borders) and maybe craigslist. Link to comment Share on other sites More sharing options...
Sec.308 Posted December 10, 2008 Share Posted December 10, 2008 Hey, i am an auto wholesaler for a living, and have a pretty good undserstandind of the current market. Please give me the year make model miles and i will post some current auction data for you. (been a reader of the site for a long time, but keep to myself for the most part. But when i see a fellow fan in need, and i can help with an area i know, would like to help you with some info the best I can) Also what bank has the loan? some are better then others. Link to comment Share on other sites More sharing options...
Arsis Posted December 10, 2008 Share Posted December 10, 2008 Can anyone buy a car at this wholesale auction type things? or only dealers? Link to comment Share on other sites More sharing options...
JonEJet Posted December 10, 2008 Share Posted December 10, 2008 Sec 308 Solid info if you can help this guy Thanks for your input....these are weird times Link to comment Share on other sites More sharing options...
Maxman Posted December 10, 2008 Share Posted December 10, 2008 Sec 308 Solid info if you can help this guy Thanks for your input....these are weird times Agreed. Sec308 pretty cool of you to post like that. Always cool to see a fan trying to help out another fan. The only advice I was going to offer was to call Suzie Orman. Link to comment Share on other sites More sharing options...
ECURB Posted December 10, 2008 Share Posted December 10, 2008 Sec 308 Solid info if you can help this guy Thanks for your input....these are weird times Agreed. Sec308 pretty cool of you to post like that. Always cool to see a fan trying to help out another fan. The only advice I was going to offer was to call Suzie Orman. Thanks for noticing I offered all the same help and more guys... LOL Either way if the OP ever comes back one of us will help him... They won't Re-Fi after being late for that long... it's hard enough to get a fresh loan at a decent rate right now with good credit... If he can cancel his warranty and such to help drive the balance down... I have access to auction reports so if the OP can respond with year make model miles , exact trim... ect I can help... Link to comment Share on other sites More sharing options...
Lil Bit Special Posted December 10, 2008 Share Posted December 10, 2008 Thanks for noticing I offered all the same help and more guys... LOL Either way if the OP ever comes back one of us will help him... they just did that to get him to post more. we hope if we ignore you, you'll post less... Link to comment Share on other sites More sharing options...
Achilles Posted December 10, 2008 Author Share Posted December 10, 2008 Hey, i am an auto wholesaler for a living, and have a pretty good undserstandind of the current market. Please give me the year make model miles and i will post some current auction data for you. (been a reader of the site for a long time, but keep to myself for the most part. But when i see a fellow fan in need, and i can help with an area i know, would like to help you with some info the best I can) Also what bank has the loan? some are better then others. 2006 Ford F-150 XLT and the bank is through Americredit. I just called today for the first time in months and I pretty much have no options left. The only other conclusion it would have come to was to face legal implications from what the rep told me. And I did not have GAP insurance. Link to comment Share on other sites More sharing options...
Lil Bit Special Posted December 10, 2008 Share Posted December 10, 2008 Agreed. Sec308 pretty cool of you to post like that. Always cool to see a fan trying to help out another fan. The only advice I was going to offer was to call Suzie Orman. What a waste of your 30,000th post. trying to help people. when did it all go wrong??? Link to comment Share on other sites More sharing options...
ECURB Posted December 10, 2008 Share Posted December 10, 2008 2006 Ford F-150 XLT and the bank is through Americredit. I just called today for the first time in months and I pretty much have no options left. The only other conclusion it would have come to was to face legal implications from what the rep told me. And I did not have GAP insurance. I'm going to assume your credit isn't that great... not only from this loan but others... Americredit is a sub-prime bank... so a Re-Fi is obviously out of the picture... Did you have anything that can be canceled? Warranty, ect? I need more details... cab, engine size, 6cyl or 8cyl, 4.6l or 5.4l v8 That sort of thing... At the auction a 2006 150 reg cab 4.6v8 with about 38k is going just under $10,000... other models are worth more though... which do you have? Link to comment Share on other sites More sharing options...
Sec.308 Posted December 10, 2008 Share Posted December 10, 2008 also 2wd, 4wd? miles? Color? 8 Foot beed? cab size? Paint Work? There are some many different F150's so its hard to give good info with out more info. Also what area of the country, that matters right now too. Link to comment Share on other sites More sharing options...
Thai Jet Posted December 10, 2008 Share Posted December 10, 2008 Can anyone buy a car at this wholesale auction type things? or only dealers? Out here (WNY} it's dealers only and the security is pretty tight. They issue the dealers a pass card and you use that to get a bid badge the day of the auction. Link to comment Share on other sites More sharing options...
anskyruben Posted December 10, 2008 Share Posted December 10, 2008 Same here in CA. You have to have a license. My buddy charges a fee and he takes people to the auction . They buy the car and he collects a commision. the prices are amazing. I was looking at an 06 E55 Mercedes for a ridiculous price. The wife shot me down. There are other so called "auctions" out there where everyone is welcome. I would stay away from those. Link to comment Share on other sites More sharing options...
Thai Jet Posted December 10, 2008 Share Posted December 10, 2008 2006 Ford F-150 XLT and the bank is through Americredit. I just called today for the first time in months and I pretty much have no options left. The only other conclusion it would have come to was to face legal implications from what the rep told me. And I did not have GAP insurance. Where are you located ? This is important since certain vehicles are worth more in certain areas. For example, if you have a 4X4 in Buffalo this time of year it's worth more than the same car in say Georgia. Link to comment Share on other sites More sharing options...
anskyruben Posted December 10, 2008 Share Posted December 10, 2008 Where are you located ? This is important since certain vehicles are worth more in certain areas. For example, if you have a 4X4 in Buffalo this time of year it's worth more than the same car in say Georgia. Redneck factor ! They were going for big bucks here too. There is a dealership that is doing a buy one get one free deal out here on Dodge trucks. The gas price hike killed the truck market. A lot of local dealerships stopped taking trucks and suv's in trade in. Link to comment Share on other sites More sharing options...
Thai Jet Posted December 10, 2008 Share Posted December 10, 2008 Same here in CA. You have to have a license. My buddy charges a fee and he takes people to the auction . They buy the car and he collects a commision. the prices are amazing. I was looking at an 06 E55 Mercedes for a ridiculous price. The wife shot me down. There are other so called "auctions" out there where everyone is welcome. I would stay away from those. I'm buying into a used car dealership/repair shop so that's how I have my card. What we do is take a picture of the car and talk with the client on the phone during the bidding process. We sold an 06' Lexus and an 01' loaded Blazer that way in the last month. We only make $500 commision but we'll also inspect the cars and do any repairs (brakes etc) that it needs before delivery. A lot of high mikeage older 4X4's like the CRV or Forrester are going for way over wholesale out here right now. Link to comment Share on other sites More sharing options...
Thai Jet Posted December 10, 2008 Share Posted December 10, 2008 Redneck factor ! They were going for big bucks here too. There is a dealership that is doing a buy one get one free deal out here on Dodge trucks. The gas price hike killed the truck market. A lot of local dealerships stopped taking trucks and suv's in trade in. BUY ONE GET ONE !!!! ?? Now THAT will cut into your profit margin. Link to comment Share on other sites More sharing options...
anskyruben Posted December 10, 2008 Share Posted December 10, 2008 They don't let you do much inspection here. All you can do is open the car and look under the hood , as well as starting it up. That's it. Link to comment Share on other sites More sharing options...
Thai Jet Posted December 10, 2008 Share Posted December 10, 2008 They don't let you do much inspection here. All you can do is open the car and look under the hood , as well as starting it up. That's it. No no I meant inspect the cars AFTER we buy it and get it back to our shop. Very little time to inpect it at the auction. I usually talk to the people driving the cars thru the auction. How'd it start? How's the steering? any clunking sounds? They are very helpful in this area . I think it's because you're treating them as something more than just a driver. My main inspection tool is to listen to that engine. It talks to me. LOL Link to comment Share on other sites More sharing options...
anskyruben Posted December 10, 2008 Share Posted December 10, 2008 AH, ok. Sounds about right. Link to comment Share on other sites More sharing options...
PatriotReign37 Posted December 10, 2008 Share Posted December 10, 2008 2006 Ford F-150 XLT and the bank is through Americredit. I just called today for the first time in months and I pretty much have no options left. The only other conclusion it would have come to was to face legal implications from what the rep told me. And I did not have GAP insurance. Why cant you move an resume payments? Surely they would suspend repo action if you showed a willingness to pay off the loan. You arent stuck. Link to comment Share on other sites More sharing options...
Thai Jet Posted December 11, 2008 Share Posted December 11, 2008 Why cant you move an resume payments? Surely they would suspend repo action if you showed a willingness to pay off the loan. You arent stuck. Sounds like he's been avoiding them for months and thus he is SOL. Every car we sell now has a tracking unit in it BTW. Link to comment Share on other sites More sharing options...
ECURB Posted December 11, 2008 Share Posted December 11, 2008 Sounds like he's been avoiding them for months and thus he is SOL. Every car we sell now has a tracking unit in it BTW. You work at a buy here pay here? Link to comment Share on other sites More sharing options...
Larz Posted December 11, 2008 Share Posted December 11, 2008 make sure you turn the plates into DMV so you don't get stuck paying taxes on it after you get rid of it Link to comment Share on other sites More sharing options...
Achilles Posted December 11, 2008 Author Share Posted December 11, 2008 I'm going to assume your credit isn't that great... not only from this loan but others... Americredit is a sub-prime bank... so a Re-Fi is obviously out of the picture... Did you have anything that can be canceled? Warranty, ect? I need more details... cab, engine size, 6cyl or 8cyl, 4.6l or 5.4l v8 That sort of thing... At the auction a 2006 150 reg cab 4.6v8 with about 38k is going just under $10,000... other models are worth more though... which do you have? Honestly, I'm expecting them to sell it for dirt cheap probably for under 10k. I know it's under 45k in miles and it's a 5.4 liter V8. It's the extended cab. I live South Florida for those who are wondering and I have a feeling there really isn't a market for these trucks down here. Link to comment Share on other sites More sharing options...
Achilles Posted December 11, 2008 Author Share Posted December 11, 2008 make sure you turn the plates into DMV so you don't get stuck paying taxes on it after you get rid of it Doing that this weekend and cancelling my insurance for now. I'm probably going to grab a few rides to work for now for about a month before I can get a family member to get me another vehicle under their name. I have the money to afford a small car, just not a $525 monthly payment for a pick-up. Link to comment Share on other sites More sharing options...
Thai Jet Posted December 11, 2008 Share Posted December 11, 2008 You work at a buy here pay here? I'm seriously looking into buying into the business and currently spend 20-25 hours there weekly. We DON'T current do pay here pay here but we have several venues for the financially challenged. Link to comment Share on other sites More sharing options...
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