Lender says to sell it ??? - Mustang Evolution

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Old 11-08-2014, 11:14 AM   #1
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Lender says to sell it ???

Hey all,
Hoping someone out there has been through a similar circumstance & give me some advice.
I recently filed bankruptcy & included my 94 Mustang GT in it because I had close to a $5K loan on it. Today I called the lender to see when they'll be coming to get the car. His response was "We're not coming to get it".
He said it wasn't in the companies best interest because by time they paid towing, auction fees, etc... they wouldn't make anything off it because it was too old & has 173 K miles. He told me to see if I could find a buyer for it & they would release the lien on the title to them. He said if I didn't find a buyer by the end of next week to call Pick N Pull to sell it to them. I told them if I found a buyer it would probably be only in the $2K range & if I call pick N pull they'll only pay $500.
He said that was fine that it was better to get something back out of it.
So..........Has anyone had anything like this happen ???
Anyone want to buy a 94 GT ??? It runs fine & looks pretty darn good too.
We could probably get it for you for $1000. If you're in the Phx. area & interested....contact me.
I'd love to see this car go to another Mustang Freak like me. You can see pics of it in "View My Pictures". It does not have the wheels that were on it in the pics. It has stock Tri-Bar Wheels with bad tires. The Radio is also gone.
Other than that...the car is complete & drivable.
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Old 11-08-2014, 11:00 PM   #2
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This would be a great pick up for someone. If I were closer I would be there in a heartbeat.

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Old 11-08-2014, 11:40 PM   #3
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Are you using a lawyer for your bankruptcy? Even if they release the car to a third party, do you still owe them money for the car?

If I were you, I would want all of this in writing.
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Old 11-09-2014, 06:55 AM   #4
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yes...I used a lawyer. I have to take the person to the lender. They pay the lender & get the release. As of now...it's really not even my car...it's theirs...but they don't want it. As far as that goes I could part it out if I wanted to, but it's a good car so I'd rather someone get it to drive.
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Old 11-09-2014, 08:56 AM   #5
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If you lived in the midwest id take it off your hands. Get on the corral and other stang sites. Somebody will save it.
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Old 11-09-2014, 11:10 AM   #6
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I'm in the process of buying an 08 GT. I took it to a Ford Dealership to have it checked out before it's all finalized on Monday. So I'll need to get rid of the 94 soon because of HOA where I live. I'll try some other sites & C.L.
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Old 11-09-2014, 11:57 AM   #7
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How do you file for bankruptcy and buy a new car? :s


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Old 11-09-2014, 02:21 PM   #8
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Quote:
Originally Posted by DiESeven View Post
How do you file for bankruptcy and buy a new car? :s


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That was my next question
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Old 11-09-2014, 02:32 PM   #9
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No bank is going to give out a loan on a car after you filed bankruptcy.

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---------- Post added at 03:32 PM ---------- Previous post was at 03:31 PM ----------

Unless your paying cash for it. But then you could pay off the loans you have.


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Old 11-09-2014, 03:14 PM   #10
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Got approved on a $14K Loan by "United Auto Credit" the very same day I went to court on my Bankruptcy. Only took about 2 hours to get approved. They know a person can't file again for 8 years so as long as you have the income & now you are free & clear of bills so they will approve you. I just did it. Interest isn't good...15%.
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Old 11-09-2014, 03:20 PM   #11
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Considering you had issues covering your bills... do you think this is the smartest financial move to immediately put yourself in to HIGH interest debt?
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Old 11-09-2014, 03:33 PM   #12
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Congrats on the new ride then, is it in good condition?

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Old 11-09-2014, 04:21 PM   #13
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Looks Great ...But still having it checked at the Ford Dealer. I will pick it up after work tomorrow. Only filed Bankruptcy because of wife's Medical Bills. Had no problem paying anything else. I was always on time on my bills up until I filed for Bankruptcy. I wouldn't have even filed but they were going to take me to court to garnish my wages on the medical bills.
I couldn't pay the Med. & my Reg. bills both. Was different when wife was able to work.
Since I was filing I included my credit cards, the 94 Mustang, etc.
My take home is a little over $3K a month so I think I can afford a $400 a month payment.
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Old 11-09-2014, 04:24 PM   #14
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Definitely pay it off sooner rather than later with that interest rate. Sounds like a crappy situation that you are making the most out of. Best of luck

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