 | 
04-26-2009, 01:37 AM
| | Junior Member | | Join Date: Apr 2009
Posts: 5
| | | Voluntary repossession for vehicle in need of repair
I need advice:
Vehicle just broke. It will cost $15,000 to repair. The vehicle is financed with $24,000 balance. Can I do a voluntary repossession? I have a very high credit score and heard it will take 50 points off. What will happen then? How can the bank auction a vehicle in need of major repairs? Will they come after me and how do they do that? I am in Arizona. |
04-26-2009, 04:10 AM
| | Senior Member | | Join Date: Feb 2006 Location: Philadelphia, PA
Posts: 17,815
| | | They can sell your car for $500 for the scrap metal. You will owe the rest.
__________________
Lawsuits are not about justice. They are about MONEY. If you don't want money, then you shouldn't be thinking about suing. And people post here because they are thinking about suing. Because they want money, no matter how much they don't want to admit that to themselves.
-Auto insurance adjuster for 2 years - as of 6/15/09, I am FREE!
|
04-26-2009, 09:48 AM
| | Senior Member | | Join Date: Jan 2001
Posts: 12,067
| | | The car will be sold and you will be sued for the balance, this is called a deficiency. You will have a repossession and a judgment on your credit report, this will knock off a lot more than 50 points off your credit report. Plus you can count on a much higher interest rate the next time you buy a car. What kind of car would take $15,000 to fix if it broke? I just had a new engine and transmission installed in a 10 year old pickup for less than half of that.
__________________
If you feel my answer is rude, mean, snarky or in anyway not to your liking, I did my job. You don't need to tell me.
No private messages, I do not reply to them.
|
04-26-2009, 01:06 PM
| | Junior Member | | Join Date: Apr 2009
Posts: 5
| | | It's a 2004 Ford Excursion. 6.0 Diesel. But there's something else. The engine was already replaced once. Back in Oct. 2007. It was replaced under the 5yr warranty. This is the new/2nd engine that has blown a rod through the block. We got only 20,000 miles from this new engine. I've gone through many, many forums on the internet and to find out Ford had alot of problems with this type of engine. The new engine they put in in Oct. 2007 only came with a 1yr warranty. |
04-26-2009, 02:29 PM
| | Senior Member | | Join Date: May 2006 Location: I dunno. What time is it?
Posts: 1,333
| | | As others have said, even if you turn it in as a voluntary repossession, you are responsible for the balance.
You can also go with a used or rebuilt engine. I saw a 6.0L Turbo Diesel Engine on Ebay for $4500 that claims to fit a 2004 Excursion. That would be a much better option than trying to get someone else to foot the bill. |
04-26-2009, 02:58 PM
| | Junior Member | | Join Date: Apr 2009
Posts: 5
| | | Thank you, I'll check it out. |
04-26-2009, 05:13 PM
| | Junior Member | | Join Date: Apr 2009
Posts: 3
| | | Have you tried to get more than one bid for repairs? Are you just going by what the dealership is telling you? $15,000 is a new car! Get a second or third opinion. |
04-26-2009, 09:56 PM
| | Junior Member | | Join Date: Apr 2009
Posts: 5
| | | Yea.... that's what we are doing now. It's so frustrating knowing that a diesel engine is suppose to last way more the 100,000 miles and ours only lasted 20,000 miles. | |
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests) | | | | Thread Tools | | | | Display Modes | Rate This Thread |  Linear Mode | | 
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts
HTML code is Off | | | |
All times are GMT -5. The time now is 01:28 PM.
