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Author
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Topic: Dilema with Stang
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98_No_Bra
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Member # 2351
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posted
 
 
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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Better to burp and taste it then to fart and waste it!!!
Posts: 695 | From: Hell, Ca | Registered: Jan 2003
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sharkattack
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Member # 645
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posted
600 a month for a 98? ![[Eek!]](eek.gif) What did you pay for the car?
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1965 Fastback
03 Cobra with some stuff
Posts: 935 | From: Oakley Ca | Registered: Dec 2001
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Jdub07
( O Y O )
Member # 2728
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posted
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. ![[patriot]](graemlins/patriot.gif)
Posts: 7282 | Registered: Apr 2003
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98_No_Bra
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Member # 2351
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posted
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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Better to burp and taste it then to fart and waste it!!!
Posts: 695 | From: Hell, Ca | Registered: Jan 2003
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98_No_Bra
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Member # 2351
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posted
One more thing-
How long would a voluntary repo stay on your credit??
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Better to burp and taste it then to fart and waste it!!!
Posts: 695 | From: Hell, Ca | Registered: Jan 2003
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venomous99
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Member # 1917
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posted
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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MKII Q7
89LX
Posts: 4811 | From: dc | Registered: Oct 2002
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Jdub07
( O Y O )
Member # 2728
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posted
Sheet that sucks. So you owe more than it's worth. how much difference?
Posts: 7282 | Registered: Apr 2003
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98_No_Bra
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Member # 2351
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posted
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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Better to burp and taste it then to fart and waste it!!!
Posts: 695 | From: Hell, Ca | Registered: Jan 2003
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N8
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Member # 6048
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posted
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 ]
Posts: 11638 | Registered: Sep 2005
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98_No_Bra
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Member # 2351
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posted
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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Better to burp and taste it then to fart and waste it!!!
Posts: 695 | From: Hell, Ca | Registered: Jan 2003
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Jdub07
( O Y O )
Member # 2728
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posted
quote:
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
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
Posts: 7282 | Registered: Apr 2003
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98_No_Bra
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Member # 2351
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posted
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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Better to burp and taste it then to fart and waste it!!!
Posts: 695 | From: Hell, Ca | Registered: Jan 2003
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Blue88lx
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Member # 5919
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posted
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. ![[Wink]](wink.gif)
Posts: 88 | Registered: Aug 2005
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166 Merlo
FELONY
MOTORSPORTS
Member # 1549
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posted
part it and scam it - just a suggestion.
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'89 - Boss Coupe
'70 - Drop Cutthang
'68 - Cougnut
'87 - 0166, Its real
Posts: 3953 | From: Thebay | Registered: Jul 2002
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94gt
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Member # 3060
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posted
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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2020 Explorer ST
2011 Silver Raptor 'Screw
Posts: 5777 | From: Beavercreek, OH | Registered: Jul 2003
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DeeSVT
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Member # 6720
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posted
quote:
Originally posted by sharkattack:
600 a month for a 98? What did you pay for the car?
quote:
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.
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
[ December 29, 2006, 08:53 PM: Message edited by: Nacho ]
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Savage Habits!
97 cobra
Posts: 266 | From: San Mateo | Registered: Apr 2006
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Blue88lx
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Member # 5919
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posted
quote:
Originally posted by Nacho:
quote:
Originally posted by sharkattack:
600 a month for a 98? What did you pay for the car?
quote:
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.
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
That's what Im talking about Nacho! Sale all the parts and then get rid of what's left.
Posts: 88 | Registered: Aug 2005
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venomous99
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Member # 1917
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posted
quote:
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?
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).
Posts: 4811 | From: dc | Registered: Oct 2002
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asskickn88
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Member # 4957
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posted
It really sucks that so many stangs come up missing.... you see it every day.
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Three 540 Bimmers and a 5.0 Explorer.... got a Ford back in the stable!
It's time for the country to do what Obama's own father did.
Abandon him.
Posts: 6069 | From: Rocklin, Ca | Registered: Oct 2004
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93venom
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Member # 778
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posted
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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93 cobra #3445
1988 ranger-302 in progress
2003 ranger fx4 level 2
Posts: 604 | From: Peninsula | Registered: Jan 2002
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asskickn88
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Member # 4957
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posted
quote:
Originally posted by 93venom:
drive it to oakland and leave the keys on the seat and walk away.
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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Three 540 Bimmers and a 5.0 Explorer.... got a Ford back in the stable!
It's time for the country to do what Obama's own father did.
Abandon him.
Posts: 6069 | From: Rocklin, Ca | Registered: Oct 2004
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75 chevy
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Member # 6717
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posted
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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2009 prius
1975 monza
Posts: 1917 | From: california | Registered: Apr 2006
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166 Merlo
FELONY
MOTORSPORTS
Member # 1549
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posted
karma can't catch you if you don't believe in it.
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'89 - Boss Coupe
'70 - Drop Cutthang
'68 - Cougnut
'87 - 0166, Its real
Posts: 3953 | From: Thebay | Registered: Jul 2002
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COPFITY
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Member # 1845
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posted
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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'92 Mustang LX Coupe
-Procharger P600
'71 Camaro Project
'97 Saturn SL1(saving the planet)
Posts: 884 | From: Pittsburg CA... No "H" cuz we don't hate! | Registered: Sep 2002
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LS1EATR
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Member # 2702
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posted
sorrie to here that. shop around for cheaper insurance. Should'a Could'a Eastwood'a ![[Big Grin]](biggrin.gif)
[ January 09, 2007, 07:08 PM: Message edited by: LS1EATR ]
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"IF U CAN SEE MY TAIL LIGHTS
U MUST BE DRIVING A "CHEVY"
NORCALSVTOA
A.E.D
98 Cobra BAB SOLD
Posts: 1193 | From: San Jose, CA | Registered: Apr 2003
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