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  1. #1
    Join Date
    Oct 2008
    Location
    Arkansas
    Posts
    1

    Default To Voluntary Surrender or Let Them Repo

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

    I thought I was cosigning for someone but find out that it's in may name and theirs is shown as cosigner. However, thats not the question at at this time. He, the cosigner, is 3 mo behind and we've received notice they intend to repo next week unless the full amount of past due amounts is paid in full. My question is this. Is it better for me to 1)just let them repo and make payments on the difference after they sell it. 2) catch up on the payments, take possession of the car myself and try to sell it knowing that this will take time and my other finances will suffer 3)catch up on the payments, voluntarily surrender the car and then make payments on what left owing after they sell it.
    also...one more thing, I found out today they are letting other people I do not even know drive the auto, after I had said not to. I found out 2 months ago it was involved in an accident this past year and I am being hounded for the bill of over 500.00 dollars. They wont even call and make payment arrangements on that either after I told them that I have been threatened with having my license suspended. And....what do I do if I go to get the car and they are hiding it from me.

  2. #2
    Join Date
    Apr 2008
    Location
    Texas (Dallas area)
    Posts
    1,404

    Default Re: To Voluntary Surrender or Let Them Repo

    Quote Quoting disturbed
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    My question involves an auto loan or repossession in the State of: Arkansas

    I thought I was cosigning for someone but find out that it's in may name and theirs is shown as cosigner. However, thats not the question at at this time. He, the cosigner, is 3 mo behind and we've received notice they intend to repo next week unless the full amount of past due amounts is paid in full. My question is this. Is it better for me to 1)just let them repo and make payments on the difference after they sell it. 2) catch up on the payments, take possession of the car myself and try to sell it knowing that this will take time and my other finances will suffer 3)catch up on the payments, voluntarily surrender the car and then make payments on what left owing after they sell it.
    also...one more thing, I found out today they are letting other people I do not even know drive the auto, after I had said not to. I found out 2 months ago it was involved in an accident this past year and I am being hounded for the bill of over 500.00 dollars. They wont even call and make payment arrangements on that either after I told them that I have been threatened with having my license suspended. And....what do I do if I go to get the car and they are hiding it from me.
    Door # 2
    You need to catch up on the payments, go get the car back. Either use or sell the car and payoff the loan.

    Your finances will suffer alot more if they repo the car. It will kill your FICO scores and the car will be sold at auction.

    Usually the cars are sold for less then HALF of what is owed on the loan. You can end up paying the same amount or more then you have to pay now and you will not have the car. Just a horrible FICO score.

    In the future NEVER do this for anyone else, no matter who they are.

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