Keep the Skunk? Yes or No?

[SteveVB]

Sorry to hear this.

I really dont think you have a choice, or the choice has already been made. With truck worth maybe 5k and a loan of 12k you have to keep it. The payments are the problem, see about refiing it with a lower rate, and maybe add a few months if the payment is difficult- youll pay more overall, but be more comfortable with the lower payment.
Keeping it seems like the only choice, maybe you could do a few things-
A) refinance it as suggested
B) part some of it out and return it closer to stock to make it more drivable, collecting some cash at the same time to reduce the debt.
C)Accellerate the payments - make two a month if possible to reduce the interest charges and relieve yourself of the debt sooner (after you refinance)

12k is a tough nut to crack but I would take any monies you plan to use towards the 89 Chevy and pay off your debt. The chevy isnt worth adding any cash to unless its making you money- you need to get the ex paid for, and the truck in your name. Even thinking of building another truck at this point doesnt seem realistic to me.


Good Luck

 

[Spas]

Well, if his isn't the primary name on the loan, then it's not *his* assets they'd go after, right? I forgot about that one...

 

[rfuree11]

I don't know if the decision's already been made, but I would definitely keep it (i can't vote either). Skunk was one of my biggest influences when it came to lifting. Good luck with everything.

 

[sapogmxr]

Keep it.. Hong Kong??

 

[sk1er17]

So what ya decided????

 

[dgibson]

Originally posted by X-1
For those reasons, I would try to sell it, see what you can get for it, maybe the finance company will give you a personal loan for the difference. I wouldn't let it go back, 2 reasons, one credit rating, although being disabled is a good reason, second is you will end up paying the difference in the end, if you owe 12, and they sell it for 8, you will still owe them 4 grand. Another option would be to try to refinance with the same company, they may understand your need and lower your rate, or extend the time.

When I got divorced, my now x-wife gave the Sebring that I bought her back to me. Between paying a heep for rent, child support, and th payment on my x, I couldn't afford the $400 a month for that car. I gave it back to the finance company. I owed $13k on it and they auctioned it off for $4k. Because of other charges and the difference, I ended up being responsible for almost $10k. Now, I am paying $100 for probably the rest of my life because of a car.

The point is, don't just let it go back. Try to refinance or just sell it and take a loan for the diff. You will come out better in the long run.

 

[Stephen]

Originally posted by Spas
Well, if his isn't the primary name on the loan, then it's not *his* assets they'd go after, right? I forgot about that one...

No as long as they're married there are no "his assets" or "her assets" anything purchased with marital funds (funds earned by either party after the onset of the marriage) then they're MARITAL assets and open for grabs. Makes no difference who'se name is on the car or who'se income pays for it, they own it and everything else equally.

Now, if they were to get divorced and the car remained in her posession with her name only on it, then its her problem.

 

[Skunk]

stop spending money on beer and strip clubs

OK, wherever that came from, its untrue, only time I hang in a strip club is when my female friends (no not girlfriends) go there and want me to hang with em. sounds a bit off but thats that.

#2, as for building up the blazer, it wouldnt cost me a penny, I got all the parts I need only thing I would need done is to mount 2 of my tires on my other rims.

#3, there MAY be a solution to this all, im not gonna say nuttin yet but if it works out, all is clear.

Ill keep ya'll posted, and thanx for the comments and info.

 

[Stephen]

Good luck...

 

[Sport 4x4]

If it was me I'd try to keep it as well. Not too many Explorers out there so modified. It's very unique. But if I have to choose between basic needs and the Explorer, Explorer's gotta go. I dunno the exact laws regarding reposessions in my state, but I've never heard the stories some of you guys are telling here. I personally know quite a few people who have had to let a vehicle go back. One friend had a Ford Probe. He got in a bind and decided to let it go. After he missed his 3rd straight payment, they picked it up. Sure, they sent threatening letters saying he owed X dollars for the difference. He went to the DA and asked him about it. The DA told him if the finance company got their property back he doesn't owe anything. They just try to pressure you into paying. I'm not saying anyone on here is wrong, I'm just relaying personal experience in my state. Of course your credit will take a whack, but that's not the end of the world. Sometimes you gotta do what you gotta do. But my hope is for you to have a speedy return to your former glory with one awesome Explorer!

 

[BAYDOG]

One of the mian reasons I Chose an Explorer is the fact that they are unique when built up. Hell, anyone can build a Ford F series, or a chevy pick up. And Jeeps are a dime a Dz and about as worth as much. But a built Ex is awsome. Just my 2 cents.

 

[Stephen]

Originally posted by Sport 4x4
The DA told him if the finance company got their property back he doesn't owe anything.

But in that situation how much was the difference? We're talking about probably $10,000 here. In your case it didnt sound like it was in the best interest of the loan company to file suit, but for a larger amount it might be.

If a judge orders that the funds be paid and he doesn't do it, then the court will find ways of forcing him to, like garnishing wages or putting liens against property. Like I said though, the loan company just wants their money. If its going to cost them a lot to get their money, then they probably wont do that. If they charge off the debt, then they're insured for that as a business loss. However, that insurance isn't free and if its worthwhile to them to make him cough up the money, then they will.

Probably wont come to all of that, BUT the possibility is there.

 

[Sport 4x4]

Well, if a judge is brought into it, that could certainly be different. But I've been told in my state the only time wages can be garnished is non payment of taxes and child support. But I'm rambling. This doesn't apply to our friend with the wicked Explorer...

 

[Stephen]

Naa, probably wont.

 

[Dannyboy]

Repossession is a great way to kill credit and ruin any future purchases you ever want to make, your life would be better if that truck was found burned to the ground after being stolen. The loan would be most likely paid off by the insurance company. That however would be insurance fraud, I guess that's worse than a repossesion because your @ss would go to jail.
It sucks to see people do stuff like this, because they both ruin a lot of things for the rest of us. Hopefully the "other" plan is legit and not risking your morals.

IMO, the Skunk is a pretty tight looking rig, and has proved itself, probably not much more to go wrong after you get the bugs worked out. After that all the money that has gone towards mods in the past year can get thrown at the loan and that would probably get paid off faster than you would think.

 

[Spas]

I had a moment while I was working up in NorthEastern Pa two days ago, Chris....thought typing it out might maybe make you remember how much fun your truck can be:

It was 2 years ago the 18th of this month, remember? ( I don't care what you say about it being December 2, my memory's better than yours ) Kinda cold outside, but there were still a few leaves on the trees and a buncha crazy Ranger owners who wanted to try out this little off road park called Paragon that they had never heard of before. They thought it was awesome that this big black and white Explorer on 33's and a dinky little grey and black one on 30's wanted to wheel too.... nevermind that the little one didn't wheel, everybody had a great time and it was the start of a long running club that YOU came up with, your truck being the mascot that everyone wanted to be seen around....

That was the first time I ever saw Skunk, let alone rode in it, and to say it altered my perception of wheelin' is an understatement..... You DO remember this, right?


November 18th paragon/rangers run

I hope whatever it is you're working on works...Odd that I'm going on a hope and a prayer to get that little black and grey one back at the same time you're trying to save yours, eh?

 

[Skunk]

Well, had it out this weekend, wompum was the first trial I hit, and did I hit it, blew the TOD clutch on the first rock and nailed the rest of the trail in 2wd, I DID complete the trail, scary as hell, almost rolled a few times from going too fast, but I did it, first person that I know of to complete wompum in 2wd without a spotter.... those that have been there know, wompum is a black one trail.... not the easiest, nevermind in 2wd.

 

[Spas]

Oooooooooooookay, so that means? You keeping the poor thing or what?

 

[DasFrem]

Well Chris, this is a hard one. I've dedicated some of my own hours to helping you with this project and leared a ****load for you which I'm very grateful for. Hell I copied what you did before the SAS to a tee on my "black truck" remember Skunk Jr? If what the others are saying about it could get re-poed (sp) and then you owing the difference on it, I think that truck is worth, to you personally at least, way more that the 3 grand it might possibly get at auction. Look towards refinancing it, selling of some isht (go crazy on Ebay, there's a ton of **** in that ol garage of yours that you probally don't need and could raise some money to go towards it.) Sell the Caddy, have a garage sale, do stereo installs, everybody who's seen your work knows you know that stuff inside and out (plus doesn't Hazleton let you register your house as a place of business or something like that?). You can still get out of this. (and for chist's sake take that damn body lift off!!!!.....but I digress) Your truck is an inspiration to many of us, but don't keep it because we want you to, I know it means alot to you as well. Plus who want's to make payments on isht they don't have anymore??? I think that once its all over and its all paid for you'll be happy you've stuck with it.

Oh yeah, and don't get angry with isht, it's not going to fix things, even though it did, in the future you'll just break more and be even more agitated.

Hope this helps, we're all pullin' for you!

 

[Silverblade]

So what did I miss? you *****ed and complained about no money to pay off your debt and now you built up an 89 chevy while apparently in major debt......gotcha

sorry to come off harsh but I dont get it....