[pasogordonfan]

My question involves an auto loan or repossession in the State of: California

My wife and I have two new cars both KIA's one is a 2005 and one is a 2006. We owe 16K on hers and about 9K on mine. My question is when we bought them we were renting from her dad. Long story short a house we had been looking at before we bought them kind of fell in our lap. Well things are getting way tight. 2 weeks after moving in we found out she was pregnant. I want to get rid of both cars or at least one so I can make the house payments. I really don’t want to have to lose the house.

What happens if you turn the vehicles in? I know it ruins our credit. What else happens in a situation like this? One lender is Franklin Capital the other is Chase bank.

I just got a wage garnishment for a child support arrears, and I can’t pay everything.

Any ideas? I just want to save my house for my family. I have an old pickup we can drive around for a while.

Thanks for the info. I’m sure I haven’t given enough info so if I need to clarify I will.

Thanks again

This is for San Luis Obispo County California

[OhMy]

My question involves an auto loan or repossession in the State of: California

My wife and I have two new cars both KIA's one is a 2005 and one is a 2006. We owe 16K on hers and about 9K on mine. My question is when we bought them we were renting from her dad. Long story short a house we had been looking at before we bought them kind of fell in our lap. Well things are getting way tight. 2 weeks after moving in we found out she was pregnant. I want to get rid of both cars or at least one so I can make the house payments. I really don’t want to have to lose the house.

What happens if you turn the vehicles in? I know it ruins our credit. What else happens in a situation like this? One lender is Franklin Capital the other is Chase bank.

I just got a wage garnishment for a child support arrears, and I can’t pay everything.

Any ideas? I just want to save my house for my family. I have an old pickup we can drive around for a while.

Thanks for the info. I’m sure I haven’t given enough info so if I need to clarify I will.

Thanks again

This is for San Luis Obispo County California

I am sorry to hear about your problem.

HOWEVER please understand what exactly happens if you turn a car back in. It is NOT a turnover, it is still a repo.

The bank then will re sell the car, Lets just take the $16,000 car for now. The bank will probably re sell the car at an auto auction for around $6,000, so you now will have a shortage of $10,000 PLUS legal fees, storage fees, interest on the loan, late charges etc.

By the time they are done charging you for your shortage and killing your credit, you will still have to pay them the same amount if not MORE then you have to pay them now. At least now you can drive the car.

Imagine not having the car to drive and still have to make the same or larger payments. So try to find another way to raise cash, maybe a second job, sell something, but DO NOT give the car back if you can avoid it any way possible.

[Iowe]

Is there a possibility that you could sell the cars through an ad in the paper, craigslist or something? I think if you could sell the vehicle for close to what you owe, you would come out much better.

[Betty3]

He would need the titles to the cars in order to sell them.

[Iowe]

You can sell a vehicle that you have financed. I have done this before. The buyer and I both went to the bank. The buyer gave the banker his check, the banker then filled out the title paperwork and gave me a check for the amount over the payoff.

[Betty3]

Ok, true, he can do that.