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I'm screwed. Hope you can help me....
I had a Honda Passport- stupid choice buying it in the first place- come to find out (although we knew it wasn't Honda-made) we bought it for almost 2x the amount it was worth. Well, my husband got laid off, sat on his ass, ending up making me get a FT job which finances didn't even compare still. Fell behind on payments......we get divorced....I chose to take responsibility for paying for the car, yet it is in both our names. Well, I looked at the big picture--- Pay almost $500/mo. on this car for the rest of my life that has no value and not be able to move, save $, etc. OR try to sell it (didn't work), trading it in (didn't work), or voluntarily have it repo'd. I chose C. Ya, I knew what it would do to our credit, then found out that we would owe the remaining balanced after it was auctioned off. The bank did not warn us of this at first.
Well I have been trying to touch bases with the "recovery services" guy from the bank early last month, who seemed really willing to work with us. Well, being that our schedules and time zones were conflicting, we never got a chance to proceed. Last week a lady called me from an attorney's office informing me that her "client" is now in ownership of the vehicle and is looking to collect the remaining $10,000 from us in a lump sum- no payments. She has been really trying to encourage me finding someone to loan me at least $5,000 to help this out so that it won't cost as much. I have no one who can help me- I tried. She also said she would try talking again with her client to see if they'd be willing to drop the total amount or accept payments.
Well, I know I'm screwed, but I just at least want any valuable insight or advice when handling this. All I can do is go through it and learn from it, but hopefully it won't be as bad as I will be prepared for. Any help would be appreciated. Thanks
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