Got a crazy prob for you guys!
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Posted by MomOfTriplets!
(64.12.96.205) on July 03, 2003 at 15:38:58:
Ok, here is the scoop. You all have helped me in the past and now I need more assistance. I just found out my husband has not been paying on his vehicle for almost 2 years now, thus has been driving it and keeping it in good physical/mechanical order. Not sure why the bank never sent notices or came and got the thing, but they have not. Now the question is: What would be the better option in dealing with this issue? We just got out of debt about 4 months ago, so I thought. I think there are 3 ways to go here, which would be the best way to go about it? 1)Contact the bank and offer payment for the pay-off loan amount due at the time of last payment, (about $5,800.00) in exchange for title and positive update on CR entry. 2) Let the vehicle go back to the original bank and wait for a court date or judgement on our property. 3) Give the vehicle back and offer a settlement to release his obligation to the remainder of the debt and just take another hit on his report? One credit report shows actual past due amount, the other 2 report it as paid off, $0 balance.
There are no collection agencies listed for this account at all. I do not want to stir things up, but I can't stand dishonesty and this alone as ruined our trusting marriage. Now I need to work on protecting the equity in my (er..OUR) home. Any suggestions on going about this problem? Hubby thinks he can just hide the vehicle from repo another 2 years and be in the clear. Then give the vehicle back? It is not that he wants to keep the vehicle, he (we) has others, he just was ashamed to admit we were having more money problems than he let me know of, hoping to catch up later on and didn't want to ask me to go back to work a 3rd shift, thus caring for our 3, 1-year-old girls all day and eve. I have already put in applications at local hospitals that are hiring, fearing husband getting a wage garnishment. I would have returned to work sooner if I had only known. The going sale price for simmular used SUV's as his, is about $9000.00. Of course it can't be sold by him without a title, but the bank would not loose anything if it was sent back and the loan balance paid up, right? Do you think the bank would accept cash on the original loan balance in exchange for title? Please inform me on the best way to take care of this issue. I have checked with other sites and the advise I got was to call the bank and get the options. Well, without a plan, that will stir up unexpected things and I can't deal with any more right now. Just when you have a moment to breath, something else comes up. Last payment was approx. July 2001 when DOC told me to quit working! I am in Missouri. Are there any SOLs on this kind of thing? We have the cash to settle the original loan balance, just not sure if banks do that kind of thing in this situation. Thanks so much! If you think that was confusing, wait til I post my next problem! lol MOM
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