Quote:
Originally Posted by nova
First thing he needs to do is get out of the realm of "I think" and get into the realm of "I know."
Go up to or call the CU and just ask them. "I'm having financial trouble, what would happen if I turn in the vehicle to you and the auction doesn't cover the loan balance." Sometimes that outcome can be negotiated if you turn it in because then they don't have to pay for repo.
Once he knows what will happen, then he can start deciding what the best course of action is.
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He did say he talked to them and they said if they don't have to repo them, it will save him money. Never the less, they said after auction he may have to pay the difference. Now he's 10,000 upside down on both vehicles and he just got them to allow 1 month without a payment but he's in serious trouble. His wife is on the cars as well and she's still in the military and has good credit.