It's over... have to sell the EVO.
Jul 12, 2007, 03:53 PM
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It's over... have to sell the EVO.
What's up, I made this same post at Socalevo.net, I hope you guys can help me too.
Well, I don't post often and haven't met many of you yet. I think the majority of you don't know how I came into ownership of my 06 IX MR.
My father bought this car at the end of 05 if I remember correctly, but at the same time he was falling back into drug addiction. Some bad **** went down, he lost his job, split up with my mother, and he smashed up the front end of the evo on the freeway. Fast-forward several months to when the car is repaired, and he makes me an offer. He offers to just hand the car over to me, if I can take over the payments. Just like that. I figure, whatever, when he gets a job some year or two later I can give it back to him or maybe he can help me completely pay it off. On the plus side I absolutely love the car, and no bank would ever approve a loan on a brand new Evo on my admittedly meager military salary.
Well, it's been almost a year since I've taken the car. The car has been on the same loan for at least two years now (I'll have to check on the exact date of purchase, I have the papers at home). My dad let me know last night that he plans to leave the US, for good. He doesn't feel like he has a future here anymore, and is leaving (in like, a week). I asked him during that conversation what he wants to happen with his car, and he says, "I sold my car." No, dad, the Evo. "That's your car, you do whatever you want with it."
What I'm wondering is, what is my best bet for getting back some value of what has been paid into the car already?
- I want to absolutely avoid at all costs getting the car repo'd. I don't think this will happen because I don't believe he's in debt with Bank of America, who the car is financed through.
- Ideally I want to sell the evo to a dealership or something, minus the 7k miles on the car/wear from regular use, etc.
- I also assume the value is lowered slightly by it having been in an accident. It's in 100% repaired condition right now, though.
- Tcase was recently replaced and has about 1.5k miles on it.
- I want to sell the evo because 1) I wouldn't be able to get refinanced in my own name 2) I want to personally own a less expensive vehicle if I have almost 30k left to pay on this one
Any and all thoughts welcome, thanks for your help guys.
John
My father bought this car at the end of 05 if I remember correctly, but at the same time he was falling back into drug addiction. Some bad **** went down, he lost his job, split up with my mother, and he smashed up the front end of the evo on the freeway. Fast-forward several months to when the car is repaired, and he makes me an offer. He offers to just hand the car over to me, if I can take over the payments. Just like that. I figure, whatever, when he gets a job some year or two later I can give it back to him or maybe he can help me completely pay it off. On the plus side I absolutely love the car, and no bank would ever approve a loan on a brand new Evo on my admittedly meager military salary.
Well, it's been almost a year since I've taken the car. The car has been on the same loan for at least two years now (I'll have to check on the exact date of purchase, I have the papers at home). My dad let me know last night that he plans to leave the US, for good. He doesn't feel like he has a future here anymore, and is leaving (in like, a week). I asked him during that conversation what he wants to happen with his car, and he says, "I sold my car." No, dad, the Evo. "That's your car, you do whatever you want with it."
What I'm wondering is, what is my best bet for getting back some value of what has been paid into the car already?
- I want to absolutely avoid at all costs getting the car repo'd. I don't think this will happen because I don't believe he's in debt with Bank of America, who the car is financed through.
- Ideally I want to sell the evo to a dealership or something, minus the 7k miles on the car/wear from regular use, etc.
- I also assume the value is lowered slightly by it having been in an accident. It's in 100% repaired condition right now, though.
- Tcase was recently replaced and has about 1.5k miles on it.
- I want to sell the evo because 1) I wouldn't be able to get refinanced in my own name 2) I want to personally own a less expensive vehicle if I have almost 30k left to pay on this one
Any and all thoughts welcome, thanks for your help guys.
John
Jul 12, 2007, 03:58 PM
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They wont repo the car until you default on the loan. Now the government can sieze his assets and sell them off if he filed for chapter 11. If not, I think you will be fine. If you wanted, you could find out what payoff is on the loan your father has on the Evo and apply for one yourself for the remaining balance. That way the car will be in your name.
Jul 12, 2007, 04:01 PM
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If you don't care about your father's credit history, give the bank a call to let them know where they can pick it up.
Honestly, if the car isn't in your name, and your father cannot responsibly pay off the debt he owes, rid yourself of any connection to that car.
Honestly, if the car isn't in your name, and your father cannot responsibly pay off the debt he owes, rid yourself of any connection to that car.
Jul 12, 2007, 04:02 PM
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You might be surprise if you have been paying on it for 2 years, how much is left on the bank note.
You could also part the car out and then call the bank too.
You could also part the car out and then call the bank too.
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Jul 12, 2007, 04:40 PM
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f it.
this will not have anything to do with your credit so if he doesn't want to take responsibility for his purshase let him deal with it.
as far as the bank is concerned it is HIS car not his son's.
he is leaving the country anyway so whe cares if his credit is toast...
this will not have anything to do with your credit so if he doesn't want to take responsibility for his purshase let him deal with it.
as far as the bank is concerned it is HIS car not his son's.
he is leaving the country anyway so whe cares if his credit is toast...
Jul 12, 2007, 04:45 PM
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Right I understand that but at the same time I also want to get some value of what has already been paid into it. What can the bank possibly give me if I just call them up?
Jul 12, 2007, 04:50 PM
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I don't know why don't you just call them?
I don't think the bank is going to give you anything if fact your father will owe money.
Do you think the bank cares that you payed the loan for a year instead of him?
I don't think the bank is going to give you anything if fact your father will owe money.
Do you think the bank cares that you payed the loan for a year instead of him?
Jul 12, 2007, 04:51 PM
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do u live at the address your father used to buy it. if not drive it till they take it. doesnt seem like u will get any $$ out of the deal anyway. it'll just **** his credit , which looks to be shot anyway. if it was me i would sell all the **** worth any $$ then have them take it back.
Jul 12, 2007, 04:53 PM
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speak to the loan officer of the bank and tell him the situation your in. You might be suprised at how easy it is to get a loan when your in the military. Then if its too much for you just sell the car outright and get something else.. OR, you could build a awd 4g63 go-kart out of it. :-)
Jul 12, 2007, 04:57 PM
#13
Go through Navy Federal Credit Union. I'm assuming you're in the Marines, and they'll give you a good loan for it. How much is owed still? It also depends on what rank you are and if you get BAH or not. I got approved for a brand new 06 Evo SE, and I'm an E-5. It wouldn't hurt to at least check, they're willing to work with you. You might not have to sell it at all. All they'll do is give you a loan for what is owed, and you pay that off.
Jul 12, 2007, 05:20 PM
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thats sucks man, do what c sautter says, my buddy who is still in school(naval aviator)l and in the navy got approverd for a 3%apr loan, see if u can do something like that.
