November 26, 2009
Question about buying a different vehicle – what do we do with the old one?
Morgannn asked:
The car we are currently driving (POS) is in my fiance's name. It is a piece of junk. He had defaulted on some credit cards after purchasing that vehicle so now his credit isn't as good as it used to be. We still owe $5,000 on that vehicle.
The car we are currently driving (POS) is in my fiance's name. It is a piece of junk. He had defaulted on some credit cards after purchasing that vehicle so now his credit isn't as good as it used to be. We still owe $5,000 on that vehicle.
We were planning on putting the new one in my name since I have better credit than him. Seeing as though my name is not on the POS, we can't do a trade in. (Could we put my name on it before it's paid off? If so that would solve our problem.)
We could sell it privately and use the money for a down payment on the new one, but then we'd have to pay for 2 vehicles – one of which we don't even have anymore – and we can't afford that.
Should we just quit paying on it and let it get repo'd, since his credit is bad anyway?
Asad… just wondering why they would reward me with money for backing out of a contract.
Atlanta Donate Junk Vehicle
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Comments on Question about buying a different vehicle – what do we do with the old one?
12:32 am
Atlanta Donate Junk Vehicle
sell it
6:41 pm
Atlanta Donate Junk Vehicle
put your name on it.. that will be better way.. or
give it back to the company.. tell them that you don't have enough to pay for it… so they will take your car..and give you some money according to mileage.
and then get a new one..
12:07 am
Atlanta Donate Junk Vehicle
You would have to go to bank and transfer ownership. This is like buying it from the bank and you will have 2 vehicles in your name.In tis case you have to either sell before you buy or trade in and they will roll as much as possible into new loan (125% w/ excellent credit) Unless you have perfect credit IF you get approved for car loan and keep old car you will pay high APR. Banks want to know why there are 2 cars in one persons name as they do not like to do this even if there is a reason. By getting in your name and having a down payment of say because of condition you describe,4000.00 you will be in better shape. If you do not have money for down payment then you will not be able to do this. A repo will ruin credit more and with employers checking credit and such with economy it is best to not repo unless no other choice as it might affect your lives if he needed a job and emploer sees repo might see as irresponsable and not hire. Good Luck.