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some insite needed on having a rig repo'd

Discussion in 'The Lounge' started by 55Willy, Dec 18, 2005.

  1. 55Willy

    55Willy 3/4 ton status

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    I'm about to lose my 89 to the bank, I'v had it for nearly 3 years and I honeslty can say I have put less then 3k miles on it that time. the motor threw the fan spacer and it was down for a long time, then the front end was robbed for another truck. then I got it running again when I moved to Idaho. I have since moved back to oregon and sold Camk5 the 6.2 out of it when I was gonna swap it to a gas engine. I have since changed my mind again and was gonna do a crew cab build on it so I started parting off what i didn't need....meanwhile i got a sweet chance at getting a 68 burb. so i was just gonna swap the good stuff over to the 68 off of it. the bank says they will repo it if i don't bring it current ( 2 months behind in payments)

    I already have crappy credit so a repo'd rig won't hurt me and I already have my future rig picked out so it's not like I need to loan to get one.

    so do I lose the rig and have to pay it off or do I take the credit hit an not have to pay it off??
     
  2. 8_YOUR_H2

    8_YOUR_H2 1/2 ton status

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    Are you kidding?

    You change your mind on a project and the bank gets stuck with a broke down, stripped POS?

    Am I reading this right?
     
  3. 55Willy

    55Willy 3/4 ton status

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    no
    yes
    yes
     
  4. Muddytazz

    Muddytazz 1 ton status

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    pm'ed ya back
     
  5. Inu-Hanyou1776

    Inu-Hanyou1776 1/2 ton status

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    I'm not sure. After the bank sees the condition it's in now they'll probably say "We'd like the complete vehicle back please. Since you've parted it out to screw us, we're slamming your credit rating anyway then solely to get back at you."
     
  6. santana

    santana 1/2 ton status

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    This is the kind of Crap that makes insurance rates skyrocket if you ask me. The bank won't lose any $ on it, they'll just throw it at the insurance co. and viola, check out your next insurance renewal boys..:doah:
     
  7. Cricket

    Cricket 3/4 ton status

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    Since you asked for opinions. Do the right thing and make your payments.
     
  8. 89GMCSuburban

    89GMCSuburban 1/2 ton status

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    Make the paymets. What they make off of it when they auction it, if they don't break even, they can still bill you the difference. Oh, and it's a major 7 year credit hit. Hard to even get an Apt or home phone.
     
  9. 55Willy

    55Willy 3/4 ton status

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    thats what I was afraid of. I'll just pay it. anyone looking for parts off of one.
     
  10. boggerless

    boggerless 1 ton status Premium Member

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    thats what i was gonna say.after the auction you owe the diff.call them and talk with them. most crediters will work with you,man.they don;t want that truck,they want the interest your paying.seriously.call them and tell them were your at financialy.:smile1:
     
  11. sweetk30

    sweetk30 professional hooker Premium Member

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    some states have a law that if thay dont get the fair value as to striped or parted rides you are still liable for the balence of the loan. so pay up sucker. as i dont want to pay for your ****y crap.
     
  12. Seventy4Blazer

    Seventy4Blazer 3/4 ton status

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    in a case like this they take the rig, auction whats left off, you pay the fees and the money they did not make from the auction. in the end it could cost you more than you owe on it now.

    sorry to hear it bro. i have two on my record. one from when i was young dumb and full of... well you get it and another not too long ago due to the drivorce.

    the first one is off my record as it was almost 7 years ago. the second one has a rather long and detailed 2 page report from the bank that i worked with explaining the situation and them saying how i was more than willing to work with them. i ended up paying 5k on a 11k deal because i settled with them. liek i said, the guy knew my situation and was workign with me as best he could.

    Good luck
    Grant
     
  13. cbbr

    cbbr 1 ton status GMOTM Winner

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    It's called a deficiency judgment or deficiency balance. All states and bank contracts make a provision for this.

    The bank can charge you for the costs of hauling it off, "preparing" it for sale, sales fees and interest the whole time. They then (normally) get a large charge for having to repo it in the first place. Maybe attorney fees and court costs also.

    Once they add all of this up, they subtract what they the net proceeds from the sale, and you owe the rest. Normally at a much higher rate of interest than the original loan. Make a deal with them and pay the note. You will be much better off long term.
     

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