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Hi to all. First time post as consumer looking for advice

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  • Hi to all. First time post as consumer looking for advice

    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!

  • #2
    Save your money and dump the car and dump the girl friend and only pay for the kid if it's yours.


    • #3
      it seems like she is pulling you down


      • #4
        If she is filing BK and Means Test scores right, she wont have to pay anything. Let it go back as is.


        • #5
          Luxor is right, get her to an attorney and get the bankruptcy filed ASAP. If she has CC debt collectors will be coming for that and can take wages for any debt justly owed, the bankruptcy chapter 7 will stop all that. Just give them the vehicle as it is and again the bankruptcy will stop any collection or recovery for deficit left. Unless you are on any of those loans you will not be effected in any way and her wages will remain intact.


          • #6
            The damage is done. Credit is damaged. Bankruptcy has been dismissed. So, at this point its a moral decision.

            You will continue to get randon wreckers showing up, field visits, letters and they will continue until this car is recovered. Thats how this works.

            Bankruptcy didnt last or help, repoguy is back collecting for the bank. Very important, it doesnt matter to the recovery company, how many pieces is in, it still needs to be brought back. The bank obviously still wants it. And, they will send a roll back, promise.

            The bankruptcy is a mute point. Federal Judge dismissed the case for non payment to Trustee.

            The facts are this....youre hiding a car-plenty of repossessors have shown up to collect-you have a lot of reason and excuses.

            This sounds more like a call for justificstion as why you shouldnt return the car. IMHO.

            Seriously, why do you need a car thats completely parted out and hasnt been driven for a year. Its a stupid question. Any reasonable person with a shread of intelligence could answer. In my opinion, you been hiding the car and well.

            You bring up deficits. Deficit at this point is the total amount due to the lienholder and thats exactly whats being reported. The total amount owed on the car, everything. You have done more damage by parting it out. The car is worthless. And now you want to know the cleanest way out.

            Whatever they sell the car for will be deducted from your toal amount owed, principle balance. And that will be updated in your credit file.

            AGAIN, right now your girl has a charge off-a complete charge off. Once recovered, it will be updated to an involuntary. Only then will her credit file begin the heal.

            Im in Texas. We dont garnish wages for deficits. This answer is based on my experiences and knowledge of Texas laws.

            Good Luck.
            I walk through the Valley of Darkness and Fear no evil on a daily basis.