Stefan and other financial gurus

[fbirdgt01]

well i'm having a bit of trouble... my parents just called and told me they are filing bankruptcy and being that i am only a co-signer on my car, they are not keeping it and cannot just remove their name. In other words they are going to have to file for my car also... this sucks big time, because i don't have enough credit to get it re-financed in my name, nor do i have the cash to buy a new car or even a hefty down payment on one. So in other words i'm screwed, anyone know a quick way for someone like me with very minimal credit to boost their score to at least get financed on a car???

:( :( :( :( help

[Nachius]

When filing bankruptcy sometimes it is possible to go to the bank and file something similar to a "good faith" saying that even though the co-signer is filing chapter 7/13 you still intend to pay for the car. This would require your parents to go with you as well, but it is probably the "best" option. Just because they are filing bankruptcy doesn't mean the car will be repoed.

[fbirdgt01]

they are the buyer and i am the cobuyer. The bank i'm financed through will garnish wages if there is a payment missed once they get the bankruptcy notice from my parents. I don't wanna take the chance of something happening and me being late on a payment and the finance company filing a civil judgement against my parents and garnishing their wages.

[AlienInv8r]

My bank told me that after like a year or so if I had made payments consistently on time and everything that I could take my parents name off the loan. How long have you had your car loan for? Maybe that's possibility for you.

[fbirdgt01]

since december of 03

[ellik]

I would go to the bank with your parents and ask to do just what Alien said. If you can show that you've been making the payments and have a steady income, most banks 'should' do it for you.

Do you belong to a credit union or anything? Its hard to believe that you cant get financing on it to just buy it for the payoff. You might not get the best rates, but somebody will give you the money. Shop around a little bit. you'll find something.

[MustangEater8251]

Definitely shop around a bit and see if you can get it refinanced but like said, may not be the best rates but possible.

[fbirdgt01]

stefan if you see this please email me. :(

[95Batmobile]

I thought they couldn't take away your only mode of transportation?

My uncle went through a BK and he didn't lose anything at all... besides his debt lol

[firebirdchick98]

I hope everything works out for you Jess.

[andrew.brandon]

Originally posted by firebirdchick98:
I hope everything works out for you Jess.

yeah for real

[crazyralph]

Originally posted by fbirdgt01:
they are the buyer and i am the cobuyer. The bank i'm financed through will garnish wages if there is a payment missed once they get the bankruptcy notice from my parents. I don't wanna take the chance of something happening and me being late on a payment and the finance company filing a civil judgement against my parents and garnishing their wages.

actually filing bankruptcy protects your parents from just that until it is discharged. A bank or lender cannot make any collection activity once they received the notice. it also depends on what type of BK your parents filed. is it a chapter 7 or 13? Your parents can also sign a reaffirmation agreement which is just that they will continue paying for the car even though they've filed for bankruptcy.

[Everglades W68]

1. In whose name is the car titled? If it is you, then the car is your asset and you should be able to keep making payments to your bank. The bank may not be absolutely happy, but they'd rather get steady payments than have to repo a car and then sell it off.

If the car is titled in your parents' name(s), then the bank will want to use it as a way of making themselves whole on the loan they made that your parents are now unable to pay.

It sounds like the latter is the case.

2. Do you have adequate income to continue to make the car payments, including insurance? If yes, then by all means, go to the bank. Banks do not want to take possesion of collateral unless absolutely necessary.

[fbirdgt01]

i'm not sure which kind of bankruptcy it is... but dad said he's going to talk to the lawyer monday and find out about my car. They are already keeping a car that is paid off.. and our camper and our project car (77 formula)

I have enough money to continue payments and insurance... but not to get everythings switched ie: own insurance, md tax, tag, title transfer. i just really hope they don't take my car away. This thing is my life, my baby, the only thing i have in my posession that is mine. the title is in both our names. mom's and mine.