Mustang

[Daria]

I am in need of some advice....I currently have a 2002 mustang gt that I am still making payments on. I owe about 14 k. If I have the company that financed it take it back (repo?) that would screw up my credit for the next several years correct? I already have bad credit as it is... Im just trying to figure out a way to get rid of the car quickly. With the least possible damage and loss to me.. Its just a thought on repoing but im pretty sure thats probably the last place I want to go.
If it helps I am joining the military soon already went through MEPS etc... any advice? Besides trying to sell the car...

 

[Frank Booth]

I am in need of some advice....I currently have a 2002 mustang gt that I am still making payments on. I owe about 14 k. If I have the company that financed it take it back (repo?) that would screw up my credit for the next several years correct? I already have bad credit as it is... Im just trying to figure out a way to get rid of the car quickly. With the least possible damage and loss to me.. Its just a thought on repoing but im pretty sure thats probably the last place I want to go.
If it helps I am joining the military soon already went through MEPS etc... any advice? Besides trying to sell the car...

US cars do not hold their value as well, so you are somewhat stuck because i do not think anyone will pay more than half of what you owe for the car. I doubt that the contract has any clauses for such events as joining the military. How did you manage to owe 14k on a 6 year old car? Anyway.

Best thing to do is to file for bankruptcy if you can, some president changed the rules drastically not in your favor, and that way your credit gets saved and they will repo the car probably. The judge most likely will say OK since you are going in the military, but getting there might be the hard part. Need to pay a lawyer i think, and its not a lock that it will work. There are a few lawyers around here that might be clearer.

Oorah!