Honest Financial advice needed

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Thank you all for the advice. I am still pounding my brain.

As far as the repo, and fence issue, I will not try to keep the truck from them if they come. They are just doing their job, they have no input in the matter.
I'm at fault for letting the situation get like this, so I have to find a resolution that will suit the problem and keep it from coming back, whether it be take the loss and move on, or stick with it and see how it pans out.

again, thanks for the advice....
I do however, keep my trailer hooked up to the truck 24/7. They cannot pull off with my trailer attached?
 
Chris, I think having you trailer locked to your truck could be a good way to stop them from Repoing the truck. They certainly have know legal right to take you trailer. I hope it all works out for you.
 
How bout thw wife gets a temporary job at like starbucks or something just to get some sort of income to relieve the pressure a bit.
 
trhland said:
you really need to have onr credit card in my opinion for times like this. as much as i hate credit cards i have one just for emergences. believe me ive been in the boat running around trying to get money to pay employees truck payments ect. my problem is waiting for money from custermers. they take for ever to pay some of them . so i feel what your going threw brother.some monthes go by and i say to my wife i dont know who we made it throught that month. good luck take care it should work out dont worry.
Click to expand...

I don't have a credit card at all, which is kinda bad (not building any credit) but it's good because I won't be card swipe happy.
 
Personally, Id be more worried about them taking my trailor (.. and MY LIVELYHOOD) with them because of some technicality.... I would remove the trailor at night....
 
UPDATE...

First off, I would like to thank everyone who gave advice and offered through PM's. Thank you, it meant a lot.

After a long talk with the Wife, we decided it would be in our best interest to let the SUV go. After numerous tries to work with the lender, they will not budge. I asked about moving a payment or 2 to the end of the note, I talked to them about making a payment and a half until I get caught back up, I talked to them about a refinance/lower interest rate. The responses were all the same. Pay full past due balance, no partial payments, pay or repo.....
So, I can sink money into the truck to have it only be taken, or put miney towards a cheaper, less expensive vehicle.

SO I picked up a cheaper truck. I feel bad and embarrassed about the situation. I feel like I let a lot of people down.... But I am looking at this as a new start...

With this truck, I will be saving, roughly, $400+ a month, between payments, gas, and insurance... Payments alone are $302 less a month than the SUV...
This will give us enough to start putting away for savings...again
I mean, it is not like I am the first person in the world to have a repo..... Feels bad, lot of sleepless nights, but I am looking further down the road..

I talked to a close, and well respected person about opinions on the matter. In which I was told that this person has also had a repo. Sure it goes on your credit and follows you around, but it won't hold you back. You'll just have to pay a little more out of pocket, and have slightly hight rates, but it never stopped this person from getting anything they wanted...

So, in this negative outcome, we can see a positive outcome as well.....
We just had to weigh the pro's and con's, and it was tough, with a lot of thinking...

SO again, thank you all for your input and advice. It as appreciated more than you think..... That's why I love AG so much..... Always someone here to help out.....

I will make a post about my recent addition to the driveway....
 
Chris..i'm glad you were able to come to a conclusion..don't be emberassed..you work hard..take care of your family..that says alot about you..

keep hanging in there
 
TexasTB,
I am glad you reached a decision. Try not to let this stress you out anymore. I hope your sleepless nights are over. You should not feel bad or embarrassed about the situation. It happens to the best of people. Hang in there and focus on the future.:D I am sure it will all work out for you.
 
Sadly this may not be the end of the problem. Although you have given up the truck there are a few things you should watch out for. The truck will be sold at auction and with fees and everything else you will get a bill. Several things may happen when there is a loss. Some are very unpleasant and you need to be prepared for them as they could wreck you financially.

Sometimes you will get a 1099c if they cancel the debt. Depending on the amount this could make for a nice bill to the IRS. Sometimes collectors will come after you very hard. A lien against your house would be stink but not the end of the world. A levy against your property though could be a problem. There are some things they can't levy but others they can. If you have another vehicle they can seize that. Laws vary I think on the amount but may only be $1000-$2000. There are things they can't take but something like a big screen tv they can. One of the worst things that can happen is they go after your bank accounts. Anything in them up to the amount you owe will be gone. Your account will be froze until the debt is paid or some time has passed. You won't receive a notice that this is going to happen. I'm sure laws vary from state to state, city to city.
 
take a look at kelly blue book (wholesale) and then compare it to what you owe. if it is close, a dealer will buy it from you at wholesale value. if it is not close ( upside down ) and you owe way more then the car is worth, try to keep it or sell it to a retail customer for retail value. most banks wont repo until you r at least 90 days late. you can consistantly be 30 to 60 days late, with no problem except the phone calls........
 
I have already made the decision to let it go.
As far as the fees and what not, taking my other vehicles, house, and tv's, I have never heard of that. Nothing a bullet in the someones ass cannot fix.
Not sure we have that kind of laws here. I am upside down by about $3000.
If I have to chalk it up and pay it, so be it. It won't be at one time, but it can be paid. Like I said, I have never heard of any of that stuff, and the people I have talked to about a repo, have never mentioned it.
 
there not going to go after your house or anything like that ive had friends that have had repos any nothing like that happend they just came got the car or truck and that was it .i wouldnt worry about liens on your house or anything like that if anything just a payment of some back payments but that you can make payments for . good luck with what happens . have a good one
 
As long as the defiency doesn't become a judgement I don't think they can take further action. If they get a judgement it may be surprising to many what they can do to collect it. In some states the sheriff can collect money from customers of people that are self employeed for services or goods sold.

More on repossession

Repossession Q&A - WikiAnswers
 
I've read a few pointers that a few have replied, but thought I would throw my .02 in. I know you've probably made the decision to let it go back, but like a few have said they will auction it off to the highest bidder not for what it's worth. It may go for as much as 8,000 below the payoff...?? Point is your credit will suffer from this, and collectors will start to harass you and demand payment. The upside or other way to go would be to find a truck that has a huge rebate and roll the negative into it, ask for the first payment to be 45 days from purchase and this could possibly buy you sometime to get up the first payment. Now you would have a new vehicle *possibly truck 4-dr, FORD F-150 etc.... Your bad debt with the trailblazer will be gone and your credit will only show 1 or 2 late payments vs. REPO.

These are just idea's and maybe you have already thought of them. I have had friends in similar situations, negative equity is a given on trade in, but you may be able to keep your head above water without making your credit derogatory.

Have you scored any montly accounts??? Find a possible buisness with 4 willing customers that will pay $25 each per week for a quick wash-n-vac. There is $400 a month for you right there and maybe 4hrs of work per week.

**Note taking your Chevy to a Ford dealership will possible lead to low-balling your trade, but be sure to put up a fight with a counter from a Chevy store....

It's all a game, just don't throw trade in the face from the get go, get the best price first, then throw the trade in their face

EX-Salesman & F&I > ME :)
 
I am letting the truck go. I already have a different truck.

I did not go to a dealership to get a new truck, just to have all the extra added on to the end. Which in the long run, would keep matters the same.

I am fine with my decision I made. If they want to call and collect the rest, so be it. At least I can pay $100 or more a month.

My mistake for getting in this situation, but it is already dealt with.

Again, thanks for the input everyone.....
 
Also With my Son's medical condition and still having to go for tests, he had cancer by the way, it is something that I cannot let get behind.

So I had to weigh that option as well...
Have a nice truck or keep my Son's health by paying the hospital bills...
 
lets not critic our forum brothers decision but stand behind him and wish for the best. Part of life is making hard decisions, and more importantly learning/living with them. Post locked ...unless owner wants reopened.
 
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