#WheelchairVan #Debt #Repossession #Bankruptcy #FinancialAdvice
Dealing with a Damaged Wheelchair Van and Owing $25,000
If you find yourself in a situation where you are stuck with a damaged wheelchair van that you no longer need, and still owe $25,000 on it, you are not alone. Many individuals face similar challenges when it comes to managing debts and assets. In this article, we will explore some options and considerations to help you navigate this difficult situation.
Assessing Your Options
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Repair and Sell: You could try repairing the van’s door and ramp to potentially sell it to an individual. However, keep in mind that the repairs could cost $5,000-$7,000, and you may only get $2,000-$10,000 back after selling to a mobility van dealership.
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Repossession: If repairing and selling the van is not a feasible option, you may consider repossession. Before moving forward, it is essential to understand the rules and consequences associated with repossession in your current state of residence.
- Bankruptcy: Considering your other debts, bankruptcy might be a viable option. However, it is crucial to weigh the pros and cons of filing for bankruptcy and how it might impact your financial future.
Financial Considerations
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Credit Score: With a credit score of 764, you may have options to secure a loan for a more affordable vehicle before proceeding with repossession or bankruptcy.
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Debts: It is crucial to prioritize your debts, considering the terms and consequences of each. Assessing the total amount owed and interest rates can help you make informed decisions.
- Repossession Deficiency: Understand the implications of repossession and whether you would still be responsible for the remaining balance after the van is sold at auction.
Seeking Professional Guidance
If you are uncertain about the best course of action, consulting with a financial advisor or bankruptcy attorney can provide you with expert advice tailored to your specific situation. They can help you assess your options, understand the potential consequences, and create a plan to manage your debts effectively.
In conclusion, dealing with a damaged wheelchair van and significant debt can be overwhelming. However, by exploring viable options, understanding your financial obligations, and seeking professional advice, you can make informed decisions to move towards financial stability and peace of mind.
Pretty sure you’re liable for the loan even if they auction it, they just take that out of what’s owed. If you can drive the van and keep making payments that’s probably the best bet. You didn’t say what your payments were though
>I also wasn’t sure about the rules with the repossession, if I would still be responsible for the remaining amount due.
If you owe $25k, a repossession isn’t going to make that go away.
You’ll still owe the difference between $25k and whatever your repossessed van fetches at auction, plus some additional fees.
>I did see one thing that said I wouldn’t, if the vehicle sold for less than $1,000 at auction.
Where did you see that? It’s wrong and makes no sense.
Why would your responsibility go away if it sold for $999 and not if it sold for $1001?
Yah, you owe $25k. If you wait until they repossess it, and they auction it, you’ll owe $25k less all the fees they incurred, and you’ll take a credit hit.
If you voluntarily turn it in to them, it’s still all of the above except the fees will be less.
No bank is just gonna forgive $25k just because they can’t auction it off for very much. You’re on the hook.
Your best bet might be to turn this into your primary vehicle, pay what you need to make it drivable, and keep paying the payments.
$7k of repairs, repairing a door… was it in an accident? Was there insurance?
Used mobility vans go for a fortune. I suspect that it’s worth more than you think.
Try to see what you get without doing the repairs. Not worth the “risk” of repairing for x and no one buying it.
Why not drive it in Missouri rather than let it get repossessed?
Ask old landlord for a 6 to 12 month payment plan.
Send the mafia to break his legs or collect the money.
Curious why you think it’s okay to not pay your old landlord?
Does this van not run?
Go get a car loan for another car.
Tell finance company to come pick up their van.