[mitchgto]

I have an opportunity to take a job for a year with the father in law but involves working overseas. Its good money and it would mean moving the family and all of that mess. It would mean being able to come back here in a year with more under my belt as far as job market.
I run my own business here and that would mean having to have someone run it while Im away which I already have.
My situation is Ive been trying to sell a car now with no luck. I have a loan with my credit union and would rather turn it in to them and not do the repo thing and would like the least amount of damage done to my credit.

Any suggestions??? Ive tried carmax, they are pretty useless.
Thanks in advance

[Old Blue 66]

Mitch, Ive been in the car biz for some time. Give me some more information. What kinda car (miles, trim level ect) and amount owed. Maybe I can give you some advice.

At all costs, dont give it back to the bank. Its still considered a repo no matter what. The bank will tell you its not a repo, but on the credit report, it will show up as a voluntary repo. Same thing. When they sell it at auction, they'll come after you for the differnce and in turn, you are now a sub prime borrower for just about everything you try and do credit wise. Its the worst thing you can do to your credit. And with the housing martket the way it is, you'll have a tough time trying to get a mortgage when you return. The sub prime mortgage market is now lomg gone. Not the way to go.

I sold an financed cars for 6 years at a very busy Ford store and after 8 years out of the game, I now work for a car auction. Let me know if you'd like any advice.

[bastard]

You have probably sorted this all out already, but won't you need a car wherever you are going? And what about when you come back? Is there any way you could make the payments and just leave it in storage until next year?
Past that, I would make sure you read the fine print on your loan agreement. Sometimes if you default on a vehicle loan you are still liable for the entire balance. If they auction it off you may be liable for the difference. I've seen it happen that a $7000 vehicle was auctioned for $1000, and the lender sued the borrower for the difference. They didn't care, it was just another case for their collection department. Seems odd, you'd think if they had a car that blue booked for $7K they would want to get closer to its actual worth.
Good luck with the sale and your new job.

[JeffP]

Originally Posted by Old Blue 66

Mitch, Ive been in the car biz for some time. Give me some more information. What kinda car (miles, trim level ect) and amount owed. Maybe I can give you some advice.

At all costs, dont give it back to the bank. Its still considered a repo no matter what. The bank will tell you its not a repo, but on the credit report, it will show up as a voluntary repo. Same thing. When they sell it at auction, they'll come after you for the differnce and in turn, you are now a sub prime borrower for just about everything you try and do credit wise. Its the worst thing you can do to your credit. And with the housing martket the way it is, you'll have a tough time trying to get a mortgage when you return. The sub prime mortgage market is now lomg gone. Not the way to go.

I sold an financed cars for 6 years at a very busy Ford store and after 8 years out of the game, I now work for a car auction. Let me know if you'd like any advice.

Mitch, pay attention to Old Blue 66 as he knows what he is talking about.

[67GTONUT]

Originally Posted by Old Blue 66

Mitch, Ive been in the car biz for some time. Give me some more information. What kinda car (miles, trim level ect) and amount owed. Maybe I can give you some advice.

At all costs, dont give it back to the bank. Its still considered a repo no matter what. The bank will tell you its not a repo, but on the credit report, it will show up as a voluntary repo. Same thing. When they sell it at auction, they'll come after you for the differnce and in turn, you are now a sub prime borrower for just about everything you try and do credit wise. Its the worst thing you can do to your credit. And with the housing martket the way it is, you'll have a tough time trying to get a mortgage when you return. The sub prime mortgage market is now lomg gone. Not the way to go.

I sold an financed cars for 6 years at a very busy Ford store and after 8 years out of the game, I now work for a car auction. Let me know if you'd like any advice.

+1

I have also been in the auto business for 20+ years.... Do NOT give the car back to the bank.....

Storing the car and making the payments is a good idea, if you are only going to be away for a year.... otherwise get a personal loan, get the title, sell the car for what you can, and pay off as much of the loan as you can... and just pay off the balance in payments.....

[poncho-mike]

I think there are bigger issues here than just the car loan.

Did I understand that you have your own business, and you're going to have someone run it for you when you're gone? I'm no lawyer, but I imagine there are a number of legal implications. If someone is running your business, then any contracts or legal liabilities they incur while operating under your business are essentially your liabilities.

I know of situations where people took on partners in small businesses. The partner bought expensive items for personal use through the company, then left the company. The new partner had no assets to speak of, so guess who got stuck with the bills for the items bought.

Think very carefully about allowing someone else to operate your business while you're a long way away.

Mike

[mitchgto]

Originally Posted by poncho-mike

I think there are bigger issues here than just the car loan.

Did I understand that you have your own business, and you're going to have someone run it for you when you're gone? I'm no lawyer, but I imagine there are a number of legal implications. If someone is running your business, then any contracts or legal liabilities they incur while operating under your business are essentially your liabilities.

I know of situations where people took on partners in small businesses. The partner bought expensive items for personal use through the company, then left the company. The new partner had no assets to speak of, so guess who got stuck with the bills for the items bought.

Think very carefully about allowing someone else to operate your business while you're a long way away.

Mike

The person running my business is a business partner of mine. All the legal points have been taken care of. Ive been gone for month and at one point a year with him running it on his own with no problem.
Thanks for the concern though.

[mitchgto]

I guess I will just store it and besides I will have to come back a few times a year and might as well have a car to drive etc. It makes no sense screwing up my credit Ive worked so hard to make.
Thanks for the tips and advice!