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$14000 negative equity help

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  • #16
    Originally posted by disneysteve View Post
    Not that I'm recommending this - because I'm not - but if OP were to file bankruptcy, wouldn't the co-signer (OP's father) be held responsible for the debt?
    Yes I believe so. Basically that's your way out any debt though.

    Selling the car is probably a good idea. Sell the car, pay down the debt, then start over.

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    • #17
      Originally posted by Weird Tolkienish Figure View Post
      Selling the car is probably a good idea. Sell the car, pay down the debt, then start over.
      The problem with selling the car is he won't get anywhere near enough to settle the debt, so that really isn't an option (unless dad is willing to pay the difference).

      The only realistic answer here is what we said earlier - work more and earn more.
      Steve

      * Despite the high cost of living, it remains very popular.
      * Why should I pay for my daughter's education when she already knows everything?
      * There are no shortcuts to anywhere worth going.

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      • #18
        Originally posted by disneysteve View Post
        The problem with selling the car is he won't get anywhere near enough to settle the debt, so that really isn't an option (unless dad is willing to pay the difference).

        The only realistic answer here is what we said earlier - work more and earn more.
        He has to sell it and drive a crapbox for a while. Once he's paid off the debt, hopefully he's learned his lesson.

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        • #19
          Originally posted by Weird Tolkienish Figure View Post
          He has to sell it and drive a crapbox for a while.
          He owes $27,000.
          Let's say he can get $10,000 for the car. That leaves him a $17,000 deficit. How will he pay the balance? I suppose he could get some king of personal loan if he qualifies.
          Steve

          * Despite the high cost of living, it remains very popular.
          * Why should I pay for my daughter's education when she already knows everything?
          * There are no shortcuts to anywhere worth going.

          Comment

          • #20
            Originally posted by disneysteve View Post
            He owes $27,000.
            Let's say he can get $10,000 for the car. That leaves him a $17,000 deficit. How will he pay the balance? I suppose he could get some king of personal loan if he qualifies.
            As you said, he has to work and pay it off. But $17k is a lot easier to pay off than $27k.

            Maybe if his credit gets better he could refinance or use the no-APR credit card strategy.

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            • #21
              I suspect the OP might have disappeared.

              Selling the car to reduce the debt might be good, the problem is that the loan right now is secured by the Car's Title in addition to the co-signor guarantee. The loan holder is unlikely to release their hold on the Title unless the OP has some method of securing the remaining loan amount.

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