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M

magicalmystery

Guest
:confused:

I made a grave mistake. I sold my car in CA after moving to NY, for less than I really wanted or needed to. After relocating, I was hit with some rather large bills and my funds were dwindling, so I decided to get a new loan for the payoff amount owed on my car, $12,000. I thought I would lower my monthly payment and shorten the loan term, and my finance company would turn over the title to the new owner, and that I would have money to live on while getting established in my field on the other coast.
But having no collateral, having just relocated, and being unemployed at the moment got me turned down at the bank. I cannot find a co-signer either.
I realized I needed to be honest and was very humbled in telling the new owner of my car my situation, who has a temporary registration, has the car, and has it insured. He was impressed by my honesty, I am still making payments on the loan and current, and I am going back to work Mid Oct, in six weeks. I can pay off the entire balance in about 6 weeks of employment, or apply for a personal loan once I have current check stubs. He agreed, was pissed, but understanding. He said he's already applied for an extension on the registration, and can probably get another one.

HIS WIFE- on the other hand, went ballistic. She has said I committed Grand Larceny, and will come after me and that I'd better have someone to bail me out of jail. Today is Sunday, and she has given me until Wednesday to find a solution to get the money so they can have their title. She will not believe me that I am willing to keep them abreast of any payments I make, or over-payments, showing that I am committed to resolving my very serious misjudgment. I have destroyed any and all credibility with her, and she is (understandably) irate, but being completely hysterical.

I have every intention of paying this off, I make this much money in a month on a job. (I work in the film industry). It is not my intention to default on a loan, and I've never been in trouble a day in my life. I just acted naively and didn't take into consideration all the facts beforehand. I am not defaulting on the loan, nor do I intend to damage my credit because of this.
I feel (incredibly stupid).
Is this grand larceny?
Can I file an appeal while I am working to continue earning money to pay this off?
Can I go to jail?
Wouldn't we all be better off negotiating and how do I go about this?
If I am working and unable to appear in court (while paying off the loan each week) can I appeal for a later date?
Does satisfaction of the payoff void out any court case?
Or does the fact that I was sued go on my credit report?
Help!
Any bright ideas?
I am an honest person in spite of how this looks, I just really made a serious mistake... At the time it seemed like such a good idea.
I need feedback as to how to proceed.
I cannot find a co-signer to save my life, at the moment.
I just need time to pay it off, which can be as soon as Dec 1, 2001.

And doesn't grand larceny imply that you intended to -permanently- deprive someone of their property or money? They have the car, they have it registered, and insured.
God I need sympathy, advice, and Lord knows what else. A thump on the head.

Thank you...
 
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