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[QUOTE]Originally posted by v-town coupe: [QB] [QUOTE]Originally posted by its50: [qb] Well i lost my mach 1 over a year ago and i still owed like 14k on it.they took it and sold it then a few months later they sent me a letter saying if i dont pay it off they are gonna take it to court and i will have to pay all of that as well.someone i work with did it and he said 6 monhs later he went out and bought a brand new car.alot of people been telling me its not at as as it use to be.just wanted some input here to see what i can come up with.thanks [/qb][/QUOTE]so did they give you any credit for the amount they got for the car when it went to auction? sure your buddy at work went and got another car but filling for bankruptcy does not seem worth it over $14k. you ask your friend at work what his interest rate was on this car he bought? how long his loan is for? you ask him if anyone co-signed? either way you save up a decent down payment and get something worked out with the company you got the loan from on your mach. I'm sure it will look a lot better if you were making small payments to them. do you own a home? if not then I would highly discourage you from filling as it could come back and bite you in the ass when going to buy a home. What im trying to get at is car loans are still pretty much just handed out. filling bankruptcy for a new whip is not the answer, you have to remember that this will stay on your record for years! what is it? 7 years and something falls off your record? and bankruptcy stays on for 7-9 years(sorry I dont know how long). well...... you already got 1 year down out of the 7 to let it fall off. negotiate with the place your mach loan was through and tell them you want to work with them but they need to help you by showing you've made payments. make some small payments for a little bit, save some extra$$$ for your down payment and when everything is all good get your car and at that point its up to you on what to do wether you want to keep paying that lender on your mach or what ever. Whats the difference of you paying this Mach lender or a an attorney? and you will have already have a year down out of 7 to let it fall off your record. you never know what will happen in the future and to have the Bankruptcy lingering is all bad. what if you go gambling and win $20k? you'll be like damn I could have put this money down towards buying a house but i filled bankruptcy. thats just a scenario for ya. [/QB][/QUOTE]
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