My beloved 1976 Olds 442 is for sale or would love someone to take over the payments. We're in a financial crisis n' I'd rather die than see my baby auctioned off for next to nothing! We got behind on the reasonable payments of $298.84/month n' havn't been able to catch up. The total we refinanced for was $11,000.00. I have the GM archives, a vehicle history report from the WI DMV, and an original broadcast sheet. All of my pics are in my album, it's a lovely car...it's located in Freedom, WI. You can call or text me at 920-460-3206. I go by BlackSnshine442 on the forums here but my name is Tricia.

 

Good luck,Tricia!

 

So sorry about your situation Tricia, I hope everything works out for you.


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"If you hate life, truly hate the sun, and need to smoke and drink coffee-then you are Goth!"

Wow, who knew!

 

Not to be cold and callous about it, and your death not withstanding, but wouldn't I be better off letting the bank take it from you, and then I might be the buyer who gets it at auction "for next to nothing?" That's why people buy foreclosed houses. As coldhearted as it is to say, your misfortune is potentially my fortune.

In this cold cruel world, I would rather get a car for next to nothing than for more than next to nothing. Wouldn't anyone?


I think this is all academic, anyway, because I'm sure the bank knows what it has and would set a minimum selling price and not let it go for a pittance.

 

What happens the bank will sell it for whatever it may bring and come back to her for the balance of the debt.

If it were to sell for a sum greater than owed to the bank she would be entitled to the overage.

Repoed cars are often sold at a license dealers only auction service, not open to general public.

Henry

 

If you are not interested in the car, why to you have to kick somebody down on their luck. I am not trying to stir the pot but it just seems unnecessary.

 

Oh boo hoo hoo. For pity's sake, I'm not kicking anybody. If you want someone to hold your hand, see your clergyman. Otherwise, man-up already and face the real world.


Henry, thanks for the point about who can buy repossessed cars. I hadn't thought of that.

Tricia hasn't given us full details, but what she needs to do, obviously, is sell the car for at least what she owes the bank. She said the amount financed was $11,000, but she doesn't say what the current loan balance is. She also doesn't say if she's already several months behind on her payments or has just come into financial difficulty and anticipates not being able to make payments.

If it's the latter, she has time to market the car and hopefully sell it for a good price. Then she can pay off her loan and avoid the stain on her credit history. If it's the former and the bank is looking to repossess any day, she may be out of time and have to take whatever she can get for it, if anything.

I doubt anyone can simply "take over the payments" as the bank would still have to approve the buyer's creditworthiness, so it's no different than getting a new loan.