Hi everyone,
I'm a first time poster and couldn't quite figure out the proper place to post this so I apologize if it is off topic or not appropriate. Mods please feel free to remove if I violate any of the forum guidelines
So my situation is a bit of a complex one and I was looking for some guidance by anyone who can help me sort of the legal and financial aspects of this
My fiance has a few cars and became pregnant last year. Please bear in mind that these are just what is in her name so I'm kind of posting on behalf of her to straighten things out. Anyway, one of the cars died last year and around that time she became sick with the usual morning sickness etc and stopped working for the most part. I trailered it to a friend's warehouse/shop and it sat for the better part of 6 months where she continued to pay for it, albeit sometimes late. I was busy with work etc and didn't really have time to took it over. Fast forward 6 months, I start pulling it apart, drop the front sub frame, pull the motor etc. Then we had a baby. At that point, the budget became even tighter and the only car that was a 2 door and didn't run became less of a priority. So now I'd say she's about 5 months behind
A month or so back, a card came in the mail from a recovery service. I called them and they told me that they had actually closed the file and it may or may not be passed on to another company
A couple weeks back, I saw a truck pull up at night and came out to tell them that I wish I had a car to give them, because it would mean that I didn't have to put it back together and that they were welcome to look as it wasn't in our possession
Today, an agent called from another service and asked if they could come look, I told them I would check with my buddy to see when I can get in. Problem is , my fiance won't want anyone knowing about her situation so it would have to be secretive if I do that
Basically, I have the money and can pay the loan but I have to question if that is a possibility at this point and if it even makes sense. She stopped paying her cc bills around the same time and will probably file chapter 7 bk. She owes about 5 months, loan has 20 left. Market price is about what is owed. She really doesn't care if her credit is shot or not. I have another motor in my garage that I can swap in if need be or just replace the bearing.
If the car was in one piece I'd say just return it and call it a day. However, from my understanding she would be liable to pay the deficit if the car sells at auction for pennies on the dollar which it inevitably would if it is basically a box of parts. From my possibly incorrect understanding, this can be in the form of wage garnishments etc. Does it make more sense for me to leave it as is and dump it or should I just pay it, fix it, and hope to break even. Do the repercussions of a car that would be basically worthless as it sits getting repossessed and owing the deficit make it where I should try to keep the car if it can break even?
Again, I know it's confusing as hell and long and jumbled but hopefully my question makes sense. As we will eventually be married and have a child I have to try and do the sensible thing for everyone and while I can put the money into it and probably wouldn't mind driving it for the summer I must question if I should
If the post repo deficit is going to be an issue for her with wage garnishment, judgements etc I need to factor that in. Otherwise the 2800 or so owed is a nice down payment towards a bigger car that can haul the family, under my name of course
Also, the state is NY, which I know can have some impact on what the legality is
Thank you to anyone who took the time to decypher this post, I know it's long!
I'm a first time poster and couldn't quite figure out the proper place to post this so I apologize if it is off topic or not appropriate. Mods please feel free to remove if I violate any of the forum guidelines
So my situation is a bit of a complex one and I was looking for some guidance by anyone who can help me sort of the legal and financial aspects of this
My fiance has a few cars and became pregnant last year. Please bear in mind that these are just what is in her name so I'm kind of posting on behalf of her to straighten things out. Anyway, one of the cars died last year and around that time she became sick with the usual morning sickness etc and stopped working for the most part. I trailered it to a friend's warehouse/shop and it sat for the better part of 6 months where she continued to pay for it, albeit sometimes late. I was busy with work etc and didn't really have time to took it over. Fast forward 6 months, I start pulling it apart, drop the front sub frame, pull the motor etc. Then we had a baby. At that point, the budget became even tighter and the only car that was a 2 door and didn't run became less of a priority. So now I'd say she's about 5 months behind
A month or so back, a card came in the mail from a recovery service. I called them and they told me that they had actually closed the file and it may or may not be passed on to another company
A couple weeks back, I saw a truck pull up at night and came out to tell them that I wish I had a car to give them, because it would mean that I didn't have to put it back together and that they were welcome to look as it wasn't in our possession
Today, an agent called from another service and asked if they could come look, I told them I would check with my buddy to see when I can get in. Problem is , my fiance won't want anyone knowing about her situation so it would have to be secretive if I do that
Basically, I have the money and can pay the loan but I have to question if that is a possibility at this point and if it even makes sense. She stopped paying her cc bills around the same time and will probably file chapter 7 bk. She owes about 5 months, loan has 20 left. Market price is about what is owed. She really doesn't care if her credit is shot or not. I have another motor in my garage that I can swap in if need be or just replace the bearing.
If the car was in one piece I'd say just return it and call it a day. However, from my understanding she would be liable to pay the deficit if the car sells at auction for pennies on the dollar which it inevitably would if it is basically a box of parts. From my possibly incorrect understanding, this can be in the form of wage garnishments etc. Does it make more sense for me to leave it as is and dump it or should I just pay it, fix it, and hope to break even. Do the repercussions of a car that would be basically worthless as it sits getting repossessed and owing the deficit make it where I should try to keep the car if it can break even?
Again, I know it's confusing as hell and long and jumbled but hopefully my question makes sense. As we will eventually be married and have a child I have to try and do the sensible thing for everyone and while I can put the money into it and probably wouldn't mind driving it for the summer I must question if I should
If the post repo deficit is going to be an issue for her with wage garnishment, judgements etc I need to factor that in. Otherwise the 2800 or so owed is a nice down payment towards a bigger car that can haul the family, under my name of course
Also, the state is NY, which I know can have some impact on what the legality is
Thank you to anyone who took the time to decypher this post, I know it's long!
Comment