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Need some financial advice

So I’m in the process of voluntarily giving up my truck because I cant afford the payments. It is going to tank my credit and I have a decent deal set up for a car at half my monthly payments.

Giving up the truck they can seize it or sue but not both so my question is would u get yourself into another loan for a new car before your credit tanked to help u rebuild it or would u just drive a beater car bare in mind I have 2 kids who I worry about their safety.

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15 Responses

  1. James Clark James Clark says:

    Drive a beater, I have learnt the hard way in making agreements with big companies that are useless fucks that only care about money.
    If you can get what you need without signing shit, do it. There’s some pretty nice vehicles out there for $2500 and under. Hell even $1000 and under you just have to look and know what you’re looking for.

  2. I would drive a beater that is road worthy and safe.

  3. Have you been missing payments on your truck? If so, it has likely already affected your credit.

  4. Don’t do voluntary repo as you are on the hook for the remaining balance. When they auction your vehicle they take pennies for it. They can only repo OR sue they can’t do both in Alberta. It cannot be a lease either it has to be a conditional sales agreement. Get your car first so your financing doesn’t fall through with the new bank. Play the phone game with the first vehicle. It usually takes about 6-7 pmts if on by weekly before they make a decision. Depending how much you owe they may sue you rather than take the vehicle. If they sue you can file for mediation and try to negotiate a lower amount to pay back. If that doesn’t work then a judge decides for both parties however the vehicles is yours. If they repo then you are in the clear.

  5. Depending on who the loan is with you are far better to stop making payments and make the come get the truck then you will not be sued if you take the truck in and say do a voluntary repo they will sue you for the loss been there done this stuck paying the difference with no truck.

  6. Maja Black Maja Black says:

    It doesn’t completely tank it, it reports as a R7 or I7, not a R9 or I9. It seated voluntary or involuntary repossession

  7. Depending on what type of loan you have on the truck, it can be a seize and sue situation

  8. Chris Han Chris Han says:

    TakeTheDrive facebook us we help people in these situations daily.

  9. Mike Jones Mike Jones says:

    Your best bet is to steal it from yourself and torch it. Or sink it over the hood in a pond. Either are virtually untraceable. And then insurance will pay out yours loan and your good. Having it repood is a huge hit on your credit

  10. IMO you won’t get a loan if your credit is tanked. Consider trading in lower your payments and salvage your credit. Or renovate your loan w the lender.

  11. Arcand Dee Arcand Dee says:

    Drive a beater that you can afford. Don’t put yourself in another situation where you might not be able to afford..

  12. Candice Ball Candice Ball says:

    Yes. You don’t have very long before it reports on your bureau. Get the other car but ONLY if you can afford it. And repo voluntarily at the same time.

  13. They can seize it, sell it, and still sue you for the difference.

  14. I’d start by telling the dealership your vehicle is from what’s going on.maybe they can help you get into a cheaper vehicle without completely destroying your credit.

  15. Leslie Ann Leslie Ann says:

    If you can’t afford the payments why would you try to get another vehicle on payments?! Trade it in for a car… or take the hit and buy a vehicle out on cash. Because if you try to finance another vehicle while you have a loan good luck

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