Have you had a REPO?

TexasTB said:
Like the title says, has any of you ever had a REPO on a car or anything else for that matter? Or a voluntary repo?

-Chris
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Chris not that I want this public but I have many years back while going through some rough times...Why do you ask?
 
Dont do it!

Say goodbye to low interet rates for the next 7 years (Bernanke wont help much)

Your credit will get POUNDED.

Take out an equity loan until things get better. You will get a fixed rate of 7.75 to 8% right now. $80,000 will cost you about $650 per month. Its worth it. Keep your credit, lose your toys.

Maybe sell your truck and get a loan for the negative equity amount?
 
no no no...nothing with my truck...LOL
Not my Baby...hahaha

Now on the other hand....
I bought a couch and TV a while back, already paid over 1500 on them, not too much longer til they are paid off. It was a furniture store that does 'in house' financing. A very good store too. Not a national store. I fell behind, and they came to pick them up tonight. It was the salesman that sold it to me and another guy. He felt bad..LOL....didn't know it was me...real cool guy.I had a few options...
1. They said I could do a voluntary repo and they would wipe everything out, zero the balance, and that's it. Catch......goes on my credit.
2. I could use the last in my bank account to make a payment on both and get an extra month to make up a little more.
3. Pay that 200 on either the couch or tv and have the other taken back, so I can get caught up more on the one I keep.

I chose #2.....
I guess it happens to all of us one time or another, right. I tried to pay the most important things first. Electric, water, house payment, truck payment///and then the other things. It seems as soon as I get the least bit ahead, I take more steps back.

I felt real bad talking to those guys. Making them come and pick up what I did not pay on.

I do have a detail in the morning finally, I am hoping this is the turning point in these hard times for my Family and I.

I asked, because I have never had anything that I could not pay for and/or something taken back. It's kind of scary and all.....Just when I had everything going, it started coming back down. But like I said, I have a detail tomorrow and hopefully, that will be a turning point.
 
I am really Sorry your going through this. I have a lot of respect
for you ,it takes courage that you can come on DC and talk about it.

I wish i could help.your a good guy with a family and a fellow detailer
you don't deserve this to happen to you. Hold tight and ride this out.

joe
 
joe.p said:
I am really Sorry your going through this. I have a lot of respect
for you ,it takes courage that you can come on DC and talk about it.

I wish i could help.your a good guy with a family and a fellow detailer
you don't deserve this to happen to you. Hold tight and ride this out.

joe
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Thanks Joe. As for courage talking about it, I guess I have to get it off my chest sooner or later. I don't know anyone around here friend-wise....they were all Military and shipped out. So, DC is my main stomping ground. I feel that you guys are my closest buddies.:howdy I'm just sorry I keep bringing it up, but it is kind of a relief to talk sometimes.........
 
Sorry to hear about that chris. Ride it out, it will get better!! We are always thrilled to talk to you, our good buddy!

P.S. DId you get my pm?

Greg
 
im sorry to hear about the tough times but remeber dc is here for u and always will be. Everyone goes though a time they dont like, but we have to rember is we still have aour family and friends and that its only money. You can get a new couch or a new tv. Good luck and i hope the detail goes well.
 
Chris

I am very sorry to hear this...I commend you for your courage...You deserve a Medal of Honor for the courage in your fight to give your Family the security and comfort they deserve....

I to had hard times many moons ago...as things got worse ..my headed started to spin...it made me fight harder to pull my self ahead..then things fell together for the best...I hope it will for you also..in fact I know it will....

just keep your head up..and do your best...I will be hoping for good things to come your way....pull your family together have a group hug and tell them things will be better ...they will...

Al
 
Chris,

Don't wait any longer. Talk to one of the places that help with credit counseling. I have some friends (young couple) that did this and they said it was amazing. It took them a while to be in good standing with the world but when they walked away their credit was in good standing and 0 debt. I can't remember the name of the place and I don't think it was a national chain but there are a bunch of these around. It doesn't cost you anything, they're paid by the creditors and credit card companies. They actually go in and negotiate on your behalf all of your financial debts. I think they told me that you have to agree to give up your credit cards and sign an agreement not to get anymore during the time they're helping you. They then work with the credit card companies and other debtors and in essence refinance your total credit situation. They get credit card companies to drop their interest, lower payments and a bunch of other things. It lowered their overall payments several hundred dollars a month. They told me about this company and it seemed almost too good to be true. I watched them and it was the real deal though. I think they worked with that company for almost 4 years before everything was taken care of.
 
I could be wrong be if they repo it and zero out the account it would close the account. The mark on the credit report would be bad but since it's a closed account it should go away in 2 years I think. Someone may correct me on this as I could be wrong. Avoiding this would be better of course but sometimes things don't work out that way. Have I ever had a Repo? Yep, around 10 years ago I lost everything. I overextend myself on credit and tried to do too many things too soon. That coupled with some medical issues was my downfall. It sucks to have stuff repo'd. For me though it was a long overdue wake up call to stop living beyond my means. Now I'm pretty frugal. Since I pay cash for most everything I don't impulse buy or upgrade my purchases. I buy most things used and if I find them cheap, I buy them. If you need some quick dough, eBay. In addition to detailing, my wife and I sell stuff there. It started out as a way to get rid of stuff we didn't want and as a way to make money when I couldn't work due to weather. I remember pulling crap out my garage that I'd have thrown in the trash and selling it for several hundred. Best of luck to you.
 
Here's a tip after working a few years in the consumer credit repair industry.... It doesn't matter if you get a $5 million dollar car reposessed or a $300 television. It will do the exact same damage to your credit report. Reposession is one of the worst things on the report. On a scale from 1 to 9 it is a 9. So is a bankruptcy and a foreclosure. That is the actual scale that credit bureaus use. They don't care what it was for. They only care that it was on there. Many creditors automatically will disqualify you for having things like this on your report. Even more will automatically add about 10% onto your interest rate for seeing that. If you can at all avoid a repo on anything, then I would suggest it. I've seen the difference it makes in a credit score and it is significant.
 
Chris. This is where being a member of something really comes in hand(Church, This Site, Etc). We are with you brother. We are with you! Do what you must but in all things learn something from this. Be better than what you were and who you are. Rise above life's difficulties and prosper in the art of living.

I gather we all go thru things in a life time. That is where experience comes into play. So get the experience you need to move past this.

In my opinion i think you should do what best benefits your family. I mean Credit is a big issue, however, if the babies ain't eating because you want a couch and TV something is going to have to give. We really don't know what your specific situation is but what we do know is that you are an "SELF EMPLOYED". Use your noggin and make things happen. HUSTLE FORWARD!
 
Texas, have you thought about asking your folks for some money? I know some people may not consider this as a possible option, but if you think it will help you get through, do it. Best of luck.
 
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