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Posted by Muskank (Member # 2351) on :
 
My insurance just went up again and now I am getting frustrated with my 98Cobra. I am totally upside down and think I need to do something soon.

Option a. Give it back. Voluntary repo. walk away.

Option b. I put a new engine and rims on it and I was thinking of selling them to afford a economy car paid off. Still voluntarily repo. Maybe sell other parts also.

It will never be "paid off" as I have too many bills and should'nt have bought it anyhow. I will be paying over 600.00 a month plus fuel and thats fucking Stooopid. Any ideas? I am really in a bind and need to do somthing whithin the next few weeks. I hate to have it repo-ed because all the money I put into it with engine transmission etc. I guess I though eventually I could double up but not gonna happen.
 

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Posted by sharkattack (Member # 645) on :
 
600 a month for a 98? What did you pay for the car?
 

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Posted by Jdub07 (Member # 2728) on :
 
Why can't you make the $600 month car payment all the sudden? Because of the insurance increase? If so, see if you can get a cheaper insurance carrier or change your deductable to like $1,000 in stead of $500 like most people have. Buy a beater car to tool around in so you will have multi car discount and put the mustang at being driven 5,000 miles a year. And if you REALLY want to keep it see if basic coverage brings it down more, but that can be scary with a cobra.

Personally I'd sell it and cut my losses and buy a 93 cobra.
 

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Posted by Muskank (Member # 2351) on :
 
Can't sell upside down and have to pay the "difference". I bought it for around 25k a few years ago. It had 34,000. Now has 2 engines later and 98,000. I pay 378.00 plus 200.00 for ins. I have a few speeds and just got another. Gotta have full coverage and 1000.00 ded. financed. Keep brain storming. I apreciate your help!
 

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Posted by Muskank (Member # 2351) on :
 
One more thing-

How long would a voluntary repo stay on your credit??
 

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Posted by venomous99 (Member # 1917) on :
 
part out what u can from the car to buy a bucket econo car. insure the stang as a collector car through grundy or haggerty to save on insurance and drive your econo car as your daily driver.
sounds like u overcommitted yourself with your stang if a slight increase in insurance is killing u.
 

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Posted by Jdub07 (Member # 2728) on :
 
Sheet that sucks. So you owe more than it's worth. how much difference?
 

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Posted by Muskank (Member # 2351) on :
 
Ven- why keep whats left of it and still make monthly payments on a dead horse. And yes bro I thought at the time I could swing it but bills are piling up and I really should have purchased a house instead.

Whats the best way to part it out?
 

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Posted by n8y8 (Member # 6048) on :
 
Have you tried a re-finance? May get a better rate and payment. A re-po is a re-po. It wont show up as voluntary and some credit instances they may go back 10 years to see what your credit was. And also I have seen instances where people have not gotten a job due to repossessions. I would highly recommend no re-po.

And you can always insurance it out....I know some people that can help you...lol. For real I do.

[ December 29, 2006, 04:35 PM: Message edited by: n8y8 ]
 

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Posted by Muskank (Member # 2351) on :
 
It's worth "trade" through KBB about 9K and it's in great condition. No dents. Clean black leather. New engine. 3k on it. I owe 14,5K.
 

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Posted by Jdub07 (Member # 2728) on :
 

quote:

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Originally posted by n8y8:
Have you tried a re-finance? May get a better rate and payment. A re-po is a re-po. It wont show up as voluntary and some credit instances they may go back 10 years to see what your credit was. And also I have seen instances where people have not gotten a job due to repossessions. I would highly recommend no re-po

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I agree avoid repo if possible.

"It stays on your credit report for 7 years to the day the loan became delinquent."

Check this link...Talks about what Nate just said. It will get in the way of getting jobs, health insurance or future loans of coures.

REPO DON"T DO IT
 

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Posted by Muskank (Member # 2351) on :
 
Shit.........

Repo on Your Credit
It stays on your credit report for 7 years to the day the loan became delinquent. Say you made your last complete up to date car payment August 15, 2001 and you fell behind about a month after that staying one month behind until December when you missed another payment becoming 2 months behind. The reposession then occurred in January 2003.

This will stay on the credit report until September of 2008 for that 7 year period regardless of when the loan winds up getting paid off.

It can stay on the report a bit longer if it goes to court and the bank gets a judgement against the borrower. Say this happens in 2004, then that stays on the credit report another 7 years until 2011.

Bankruptcies stay on 10 years while delinquencies and defaults stay on for 7 years.


More Answers

Accounts generally stay on your credit report for severn years.

7-10 yrs. depending on what state your live in.

Seven years, unless you're applying for a high-paying job or a very large loan or life insurance policy, in which case the repossession will always be reported.

A repossession stays on your credit report seven years. After 7, get a copy of your report and make sure it's off. If it's not contact the big three credit reporting agencies.


Answer
7-10 years


Answer

7 years.


Answer
7 years from the month and year you last paid the account on time immediately prior to default
 

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Posted by Blue88lx (Member # 5919) on :
 
Here's what I would have done! Part out the car and use the proceeds to pay off the balance after you report it stolen.
 

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Posted by 166 Merlot (Member # 1549) on :
 
part it and scam it - just a suggestion.
 

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Posted by 94gt (Member # 3060) on :
 
Yeah, try not to do anything illegal like parting it out then reporting it stolen.

Try to re-finance it, and get a beater... park the cobra and dont drive it. There's an insurance option where you can park your car and not drive it so the insurance will be silly cheap. I have done that before when I was in tech school and deployed.
 

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Posted by Nacho (Member # 6720) on :
 

quote:

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Originally posted by sharkattack:
600 a month for a 98? What did you pay for the car?

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quote:

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Originally posted by Blue88lx:
Here's what I would have done! Part out the car and use the proceeds to pay off the balance after you report it stolen.

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quote:

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Originally posted by Nacho:

quote:

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Originally posted by sharkattack:
600 a month for a 98? What did you pay for the car?

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quote:

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Originally posted by Blue88lx:
Here's what I would have done! Part out the car and use the proceeds to pay off the balance after you report it stolen.

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My hoime has an 06 and pays that damm, Fuck that for a 98 cobra. Take evething out first thats what i will do. Then report it Stolen

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quote:

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Originally posted by Muskank:
Ven- why keep whats left of it and still make monthly payments on a dead horse. And yes bro I thought at the time I could swing it but bills are piling up and I really should have purchased a house instead.

Whats the best way to part it out?

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i was thinking that you had no choice but to keep it since its value is far less than what u owe. if ur okay with taking a few thousand dollar loss just restore the car back to stock and sell the aftermarket parts to recoup some of the losses.
the easiest way out like what ppl have suggested is to scam the car but thats something i wouldnt feel comfortable doing. ppl do get busted for that shit and u gotta believe in karma.

id say, part it out to stock and take the loss. a few grand is not as bad as ruining your credit for the next few years which could really screw up any future purchases(i.e houses, cars, etc).
 

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Posted by asskickn88 (Member # 4957) on :
 
It really sucks that so many stangs come up missing.... you see it every day.
 

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Posted by 93venom (Member # 778) on :
 
drive it to oakland and leave the keys on the seat and walk away.

[ December 29, 2006, 10:13 PM: Message edited by: 93venom ]
 

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Posted by asskickn88 (Member # 4957) on :
 

quote:

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Originally posted by 93venom:
drive it to oakland and leave the keys on the seat and walk away.

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Oakland is way too dangerous.... bring it to, oh I dont know, say..... Roseville? My car was stolen in this area. You cant leave the keys in it though or someone will think its a bate car and not take it.
 

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Posted by morespeed (Member # 6717) on :
 
I'd remove the plates in case someone commits a crime in your car after they steal it, yeah or no?
 

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Posted by 166 Merlot (Member # 1549) on :
 
karma can't catch you if you don't believe in it.
 

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Posted by COPFITY (Member # 1845) on :
 
dude fuck it! if your credit is already fuck'd then re-fi'ing is HOPELESS! Insurance companies alwasy assume every car stolen is fraud until proven otherwise.


OPTION A:
Only do this if you have gap protection and your insurance is still instated (full coverage):

If you're gonna do it, have sumone take you to a club in frisco, get piss drunk, have your friend "steal" the car with your keys and the car and take it sumwhere and torch it.

when you leave the club "oh ohh my car is stolen?!?! I must've dropp'd my keys while i was droppin it like its hot?!?!?" police report later and ure good w/ an allaby. make sure you use ure atm in the club to prove you were there buying hella drinks.

BOOM your scott free.


Option 2:

keep the car don't pay them shit. Send them cease and desist letters so they don't call your house, work, or cell trying to collect. Hide the car and keep it off the radar. The only downfall to this is if they take you to court your fuck'd and they can grant them a wage garnagement. If it works out in 7 years it will completely drop off your credit.


My two little red pennies

[ January 09, 2007, 02:12 PM: Message edited by: COPFITY ]
 

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Posted by LS1EATR (Member # 2702) on :
 
sorrie to here that. shop around for cheaper insurance. Should'a Could'a Eastwood'a

[ January 09, 2007, 07:08 PM: Message edited by: LS1EATR ]
 

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Posted by Luke87GT (Member # 21) on :
 
get it upraised and push it off a cliff in the middle of the night.

seriously, why do people finance cars they absolutely cannot afford???
 

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Posted by cummins (Member # 5931) on :
 

quote:

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Originally posted by Muskank:
It's worth "trade" through KBB about 9K and it's in great condition. No dents. Clean black leather. New engine. 3k on it. I owe 14,5K.

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Is the 14.5k the payoff now? Or is that the calculated amount that you owe using your payments (which is interest bearing). How much can you sell that car for? I realized you are upside down but if its not too much trouble you may have to sell that car and pay a little to get out of it. You can even get a loan for the difference of what you sold it for and how much you owe and the payments will be much cheaper due to the principle being lower. Hell if the amount isn't too much you can even put it on a credit card.

Try to avoid damaging your credit. I was in your shoes a while ago. I had to sell my car and also pay 3k to get out of it. At the time I didn't have 3k so I got a personal loan from a bank. Payments were much lower than the car payment and I could easily afford it. 4 years later I bought some property and I could not have done it with bad credit so I'm glad I got out of it clean.

Or you can be like the idiots who suggest insurance scam. And we wonder why insurance rates are so high Faggots
 

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Posted by modular (Member # 6599) on :
 
Yup! Burn it so we can pay for it through higher rates. Thanks
 

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Posted by COPFITY (Member # 1845) on :
 

quote:

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Originally posted by modular:
Yup! Burn it so we can pay for it through higher rates. Thanks

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quote:

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Originally posted by modular:
Yup! Burn it so we can pay for it through higher rates. Thanks

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quote:

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Originally posted by n8y8:

quote:

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Originally posted by modular:
Yup! Burn it so we can pay for it through higher rates. Thanks

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Thats a lie insurance companies tell to raise rates and people just eat that shit up. Almost how oil companies blame just about anything for higher gas prices. They do it, becuase they know we'll pay. They do it on a scale that congress approves. And it is all tied into the crooked ass insurance dude we had in office at the top. Without getting all up into a political science topic, I'll just let you know that it has been proven time and time again that the rate at which insurance companies payout to what they take in, does not even closely justify rate hikes.

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quote:

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Originally posted by modular:
This is BS how can you ignorant MOFOS tell him to burn it? FUCK!

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damn u must work for an insurance company the way you're cryin about it. ure makin it sound like you're paying for these "burnt" cars outta your pocket btw.. you know of 1 guy who's got 17 under his belt so go and cry to him. weather you wanna accept it or not, its the kids only way out and if he did torch his car, it would have NO effect on your insurance. so you've expressed your feelings.. but whats your reasoning? btw ignorant is a strong word in which by reading the last few posts only you've displayed...


ig·no·rant /ˈɪgnərənt/ Pronunciation Key - Show Spelled Pronunciation[ig-ner-uhnt] Pronunciation Key - Show IPA Pronunciation
–adjective
1. lacking in knowledge or training; unlearned: an ignorant man.
2. lacking knowledge or information as to a particular subject or fact: ignorant of quantum physics.
3. uninformed; unaware.
4. due to or showing lack of knowledge or training: an ignorant statement.


on edit: my insurance went down $8 dollars a month this january and I've had it for 3 years... I'm 23 and I have 3 suspensions from 2000-2002. you can't possibly tell me that in three years I've had MY insurance that there weren't any "frauds" because there have been so why hasn't my rate gone up? hhhmmmmmmmmm

[ January 12, 2007, 03:54 AM: Message edited by: COPFITY ]
 

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Posted by 98_No_Bra (Member # 2351) on :
 

quote:

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Originally posted by 95GTConvtACE:
Ok, I have been in this type of situation before. First off, only repo if you plan on filing for Bankruptcy. Otherwise, the repo will affect your credit for many years to come. If you do let them repo, remove all of the parts you want back. If you file for bankruptcy, they can't come after you for parts that you took off your car. I had two repos, but was already in the process of filing for bankruptcy. It has been about a year and a half and already have purchased a new house, and financed a car.
The best solution is to try and make the monthly. Get a rich girlfriend or something to help pay your other bills. Oh yeah, I almost forgot, the Bankruptcy laws have changed since I filed so look into that as well. Good Luck.

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Posted by Dag302 (Member # 4682) on :
 
Find somebody that is willing to take over payments from you. Draw up a contract and have them sign it. You are still on the hook for the car but you may find someone that has a good job but bad credit and wants the car. Its better than fraud or a repo. Just my thought
 

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Posted by n8y8 (Member # 6048) on :
 

quote:

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Originally posted by modular:

quote:

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Originally posted by n8y8:

quote:

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Originally posted by modular:
Yup! Burn it so we can pay for it through higher rates. Thanks

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Thats a lie insurance companies tell to raise rates and people just eat that shit up. Almost how oil companies blame just about anything for higher gas prices. They do it, becuase they know we'll pay. They do it on a scale that congress approves. And it is all tied into the crooked ass insurance dude we had in office at the top. Without getting all up into a political science topic, I'll just let you know that it has been proven time and time again that the rate at which insurance companies payout to what they take in, does not even closely justify rate hikes.

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Do you really think youre the only brain savy MOFO on these boards? I know 1 guy personaly who has burned 17 cars. Do the math on the pay outs and you think the insurance company is making big? You must be a moron thinking your "crew" is the only one burning cars. Point the finger at the insurance company who is paying 40k for a expedition that got burned and you think they are big ballin? Invest! INVEST all your money in car insurance and sell your business if insurance is big ballin. By the way, yes Im pissed . yes Im pissed at you ghetto mother fuckin insurance fraud bitches. If you need to rob a MOFO do it with a pistol at an atm not through my insurance. BITCH!

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Damn I just read this. I am hoping this anger was just in general and not directed at me. As I never said anything to excite you. Okay you say you know one cat that made 17 big payadays. Well think of the thousands who go years without a accident or doont get paydays because the other driver has to pay or whatever. There is more than one scenario. The money is setup as a revolving door. I was only giving my insight as I had to research this thoroughly for an economics class. Now I am not saying I am the end all of the subject. But I did look into it. Not just listen to what was fed to me by bill makers and politicians. So calm down man, and lay off the coffee or whatever you had. If dude inurances out his car you wont have to go get a second mortgage to make ends meet. It just dont work like that.


And DAG302 has a valid option. But like I said me personally, I'd insurance it rather than ruin my credit. As a last ditch effort.

[ January 12, 2007, 07:10 PM: Message edited by: n8y8 ]
 

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Posted by 92stangLX (Member # 3252) on :
 
Sounds like you are in a pretty tough situation. I definitely wouldn't do anything to fuck up your credit or anything illegal. The problem you are trying to solve now will become much worse when you try and apply for a loan later and get charged butt rape interest rates. If you do something illegal and get caught it won't be good. Here are some ideas.

Option A: Sell the car for what you can get and then pay the balance of the loan off yourself. You will still owe money but your payments will be way down so it will help your immediate situation. Buy a beater to drive around. This will drop your insurance rates and you won't have to take out a big loan again.

Option B: Cancel or reduce your insurance coverage and put the extra money towards paying off your loan sooner. See if you can get a beater or something else less expensive to insure and drive around.

Option C: Try and get another loan that lowers your payments.

Good luck
 

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Posted by Eddie306 (Member # 2354) on :
 
yea, theres alot of options, just take the insurance off for now bro and pay the car's monthly due's. whatever you do dont let them repo.Good luck bro.
 

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Posted by modular (Member # 6599) on :
 

quote:

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Originally posted by n8y8:

quote:

---

Originally posted by modular:

quote:

---

Originally posted by n8y8:

quote:

---

Originally posted by modular:
Yup! Burn it so we can pay for it through higher rates. Thanks

---

Thats a lie insurance companies tell to raise rates and people just eat that shit up. Almost how oil companies blame just about anything for higher gas prices. They do it, becuase they know we'll pay. They do it on a scale that congress approves. And it is all tied into the crooked ass insurance dude we had in office at the top. Without getting all up into a political science topic, I'll just let you know that it has been proven time and time again that the rate at which insurance companies payout to what they take in, does not even closely justify rate hikes.

---

Do you really think youre the only brain savy MOFO on these boards? I know 1 guy personaly who has burned 17 cars. Do the math on the pay outs and you think the insurance company is making big? You must be a moron thinking your "crew" is the only one burning cars. Point the finger at the insurance company who is paying 40k for a expedition that got burned and you think they are big ballin? Invest! INVEST all your money in car insurance and sell your business if insurance is big ballin. By the way, yes Im pissed . yes Im pissed at you ghetto mother fuckin insurance fraud bitches. If you need to rob a MOFO do it with a pistol at an atm not through my insurance. BITCH!

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Damn I just read this. I am hoping this anger was just in general and not directed at me. As I never said anything to excite you. Okay you say you know one cat that made 17 big payadays. Well think of the thousands who go years without a accident or doont get paydays because the other driver has to pay or whatever. There is more than one scenario. The money is setup as a revolving door. I was only giving my insight as I had to research this thoroughly for an economics class. Now I am not saying I am the end all of the subject. But I did look into it. Not just listen to what was fed to me by bill makers and politicians. So calm down man, and lay off the coffee or whatever you had. If dude inurances out his car you wont have to go get a second mortgage to make ends meet. It just dont work like that.


And DAG302 has a valid option. But like I said me personally, I'd insurance it rather than ruin my credit. As a last ditch effort.

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quote:

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Originally posted by n8y8:

quote:

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Originally posted by modular:

quote:

---

Originally posted by n8y8:

quote:

---

Originally posted by modular:
Yup! Burn it so we can pay for it through higher rates. Thanks

---

Thats a lie insurance companies tell to raise rates and people just eat that shit up. Almost how oil companies blame just about anything for higher gas prices. They do it, becuase they know we'll pay. They do it on a scale that congress approves. And it is all tied into the crooked ass insurance dude we had in office at the top. Without getting all up into a political science topic, I'll just let you know that it has been proven time and time again that the rate at which insurance companies payout to what they take in, does not even closely justify rate hikes.

---

Do you really think youre the only brain savy MOFO on these boards? I know 1 guy personaly who has burned 17 cars. Do the math on the pay outs and you think the insurance company is making big? You must be a moron thinking your "crew" is the only one burning cars. Point the finger at the insurance company who is paying 40k for a expedition that got burned and you think they are big ballin? Invest! INVEST all your money in car insurance and sell your business if insurance is big ballin. By the way, yes Im pissed . yes Im pissed at you ghetto mother fuckin insurance fraud bitches. If you need to rob a MOFO do it with a pistol at an atm not through my insurance. BITCH!

---

Damn I just read this. I am hoping this anger was just in general and not directed at me. As I never said anything to excite you. Okay you say you know one cat that made 17 big payadays. Well think of the thousands who go years without a accident or doont get paydays because the other driver has to pay or whatever. There is more than one scenario. The money is setup as a revolving door. I was only giving my insight as I had to research this thoroughly for an economics class. Now I am not saying I am the end all of the subject. But I did look into it. Not just listen to what was fed to me by bill makers and politicians. So calm down man, and lay off the coffee or whatever you had. If dude inurances out his car you wont have to go get a second mortgage to make ends meet. It just dont work like that.


And DAG302 has a valid option. But like I said me personally, I'd insurance it rather than ruin my credit. As a last ditch effort.

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I would never direct this towards you, I wouldnt want you to "gangster up" on me and have to kill me over your internet image. LOL
 

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Posted by asskickn88 (Member # 4957) on :
 

quote:

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Originally posted by Eddie306:
yea, theres alot of options, just take the insurance off for now bro and pay the car's monthly due's. whatever you do dont let them repo.Good luck bro.

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