Seeking Financial Advice - Serious replies only

Inshur

Frank Underwood

Well-Known Member
Asking for a friend, I don't know the answer so I came to the only place I know could potentially answer due to the kinds of things discussed here.

*What can be done about a 'charged off vehicle'? Can it be re-financed... Is there any way that can be done?
*What is the process of bankruptcy like (unrelated to the first person)? What happens?

Two separate issues.

*What is the best way for someone to get a 'gently used' car or new if they have no credit/bad credit and don't want to rent but have low capital?
 

EcoboostMKS

Well-Known Member
Asking for a friend, I don't know the answer so I came to the only place I know could potentially answer due to the kinds of things discussed here.

*What can be done about a 'charged off vehicle'? Can it be re-financed... Is there any way that can be done?
*What is the process of bankruptcy like (unrelated to the first person)? What happens?

Two separate issues.

*What is the best way for someone to get a 'gently used' car or new if they have no credit/bad credit and don't want to rent but have low capital?

The account is closed and you no longer have access to the vehicle. Debts are still owed though. If the account is marked as "charged off", it's probably already been repoed and you're not getting it back. It's going to auction to pay off debts to the lending agency.

Speak to a lawyer.

If you're broke and have bad credit since you probably owe money to other lenders, you have no business buying a gently used or a new car. It's a stupid decision.
 

Frank Underwood

Well-Known Member
The account is closed and you no longer have access to the vehicle. Debts are still owed though. If the account is marked as "charged off", it's probably already been repoed and you're not getting it back. It's going to auction to pay off debts to the lending agency.

Speak to a lawyer.

If you're broke and have bad credit since you probably owe money to other lenders, you have no business buying a gently used or a new car. It's a stupid decision.

Let me add.

*Person 1: Car is in their possession (went to DR for over a year. Left it in his garage).
*Person 2: Very bad credit. Pays weekly for a rental (livery base driver).
 

anteetr

Well-Known Member
Let me add.

*Person 1: Car is in their possession (went to DR for over a year. Left it in his garage).
*Person 2: Very bad credit. Pays weekly for a rental (livery base driver).

Person 1 better give that car back to the bank post haste before he winds up in prison for grand theft auto. It's been reported stolen.

Person 2 will be able to buy a car on credit after his bankruptcy is discharged, but not before. His interest rate will be astronomical. May pencil out better than renting though. As far as what it's like to declare and the process, most lawyers give free consultations.
 

EcoboostMKS

Well-Known Member
Let me add.

*Person 1: Car is in their possession (went to DR for over a year. Left it in his garage).
*Person 2: Very bad credit. Pays weekly for a rental (livery base driver).

So person 1 they just left for a year and stopped making payments? Have them call the financing company because i'm sure they're looking for their car. See what they have to say and go from there. See what options they give them. Car might even be repor

Person 2 needs to keep renting or find a new and better paying job. They're not in any financial position to take out any additional loans. That's just digging a bigger hole than they're already in. Sounds like person 2 also needs to learn how to budget their income.
 

shumacker

Well-Known Member
Asking for a friend, I don't know the answer so I came to the only place I know could potentially answer due to the kinds of things discussed here.

*What can be done about a 'charged off vehicle'? Can it be re-financed... Is there any way that can be done?
*What is the process of bankruptcy like (unrelated to the first person)? What happens?

Two separate issues.

*What is the best way for someone to get a 'gently used' car or new if they have no credit/bad credit and don't want to rent but have low capital?
It's a friend of yours???? Right????? It's not You???? Lmao.
 

Frank Underwood

Well-Known Member
It's a friend of yours???? Right????? It's not You???? Lmao.

This is a serious post and no. Not me. Thanks to those who have responded.

As a side note, if someone marks something serious perhaps you shouldn't respond with "lmao". Karma can be pretty ugly when it hits. You shouldn't laugh at anyone's situation. I'm asking for a fellow driver.
 

Frank Underwood

Well-Known Member
Anyone dumb enough to cosign a loan to someone that's broke and with bad credit needs their head examined. Cosigning loans is one of the dumbest financial decisions you can make. You're basically making yourself responsible for someone else's debt. Someone with a history of bad financial decisions.

That's a valid point. I am of the firm belief not to spend beyond what you have unless you're using debt to make money (business loan etc). I'm not exactly a credit counselor.

I work at a livery Base in the Bronx (I live in Washington Heights). I also do a decent amount of street hails. So people ask me these things and I don't always have an answer.

I hear trump can give your buddy a small loan of a million dollars.

I get it. You're still sore from Hillary getting TRUMPED in the elections ^_^. No one likes a sore loser. Put some ice on your aching heart k.
 

Attockpak1

Well-Known Member
That's a valid point. I am of the firm belief not to spend beyond what you have unless you're using debt to make money (business loan etc). I'm not exactly a credit counselor.

I work at a livery Base in the Bronx (I live in Washington Heights). I also do a decent amount of street hails. So people ask me these things and I don't always have an answer.



I get it. You're still sore from Hillary getting TRUMPED in the elections ^_^. No one likes a sore loser. Put some ice on your aching heart k.
I didn't vote so I don't/didn't care who won... but you go ahead keep trumpeting on...
 

Frankyfiggs

Well-Known Member
Anyone dumb enough to cosign a loan to someone that's broke and with bad credit needs their head examined. Cosigning loans is one of the dumbest financial decisions you can make. You're basically making yourself responsible for someone else's debt. Someone with a history of bad financial decisions.
True enough, but it is a method. Put on some cologne, your finest ed hardy t shirt and find the ugliest @@@@@ with the best credit and eat her out. That's what I did, 5 star
 

Brooklyn

Well-Known Member
True enough, but it is a method. Put on some cologne, your finest ed hardy t shirt and find the ugliest ***** with the best credit and eat her out. That's what I did, 5 star

Kind of lost respect for you for wearing Ed Hardy.... and even more because you think Ed Hardy will impress a lady.
 

jester121

Well-Known Member
The problem with the car repo, when it happens, is the guy is still on the hook for the difference between what it sells for at the repo auction vs what he owes -- and the finance company doesn't care enough to try to get a good price at auction, so a car he owes $20K could sell for $9K. It's not unusual for that deficiency to be many thousands of dollars. They'll sue him for the difference if he doesn't pay it off.

Hiding the car is an awful idea, especially if he's driving for work. Get pulled over, cop runs your license, boom, he just got popped for GTA. Now he's in jail, car towed, missing even more work, digging the hole even deeper..... just a really bad idea. Nothing is going to get better by delaying it, and it will most certainly get worse when it all comes to a head. Right now he's a deadbeat borrower, once cops get involved he's a criminal.
 
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