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Yes, we have told him it was a boneheaded move, he knows. Last year, my husband bought a brand new expensive truck ($545 a month) when he was already upside down in a truck of the same year he leased just a few mos prior. He claims incentives ate the negative equity- but we know that is impossible. He refinanced the truck and is now about 2 mos behind. We were paying the note just fine until he decided to make another boneheaded move and work for a co that were crooks and took his ENTIRE paycheck (for the last week of the month he worked there) & made him pay one of their trainers out of his own pocket. Our state law/labor board says that is not allowed and we have filed wage claims and proved our point. Does the bank holding the truck loan care? Nope. They told him they will sue him after they come get the truck. They said they will work w/him but everything he suggests they decline. We had to go to CarMax and get him another car yesterday, I unfortunately had to co sign because he has to have a car to drive and the car we got him is about 1/2 the price of the monthly payments on the truck, which will be fine. What can we do? A finance expert said they will make a judgment against him but because Texas is a non debtors state, they cant throw him in jail or garnish wages. How can he get out of this mess?
You won't be refinancing again. You're probably so upside-down now, no lender would touch it. Yes, Texas is a "right-to-work" state, so they don't allow wage garnishments. However, any lender dealing with a newer vehicle is going to sue. They'll send it to auction after the repo, and you'll be presented a bill for the difference between what you owed and what it sold for at the auction. On a newer vehicle, this is going to be thousands of dollars. If you cannot pay it in full, they will indeed sue you... and win. So, when you're done, you'll have the repo AND a judgment. Not fun. Honestly, there is no "getting out of this mess". He either pays to get caught up, allows it to get repo'd and face the consequences, or ignores it and has both happen anyway. For folks who are suggesting selling it: That's great, but keep in mind that if the loan on the truck is more than what it's worth, he'd still have to come up with the cash to cover the shortfall to get the title signed-over to the buyer. So, if he owes $35K, and the truck would sell for $25K (he can ask what he wants, but nobody is going to pay $10K over for a truck they can get for way less), he would have to come up with $10K to cover. I've seen folks try to sell a vehicle for what they can get, and then not pay the shortfall to get the title from the lender. They then have the buyer come back to them after a few days, demanding a refund... since the DMV saw that the lender still had an unpaid lien against the vehicle. If you're looking for an easy way to get out of this, it doesn't exist.
OP, about all he can do is come up with money. He won't get garnished in Grove Hill as "we" don't allow for consumer debt garnishment, but you will have to put up with the phone ringing off the hook for a long time, if nothing else. You might get a lien put on anything you own, though. But, as you found out correctly, your loan contract has no provision for working for shiitty bosses. call a lawyer maybe they can help GOOD LUCK
Sell the truck on your own for as high as you can. However, you do have to tell the bank that you are selling it, so that you can get a clear title. Once you have sold it, use that money to pay on the loan, and continue to pay on the balance. What is labor board saying about his former employer? Are they going after them?
You can either refinance (which is next to impossible because of the credit rating he now has), sell the truck for what is owed on it (if possible), or call the finance company and tell them that do to hardship you can no longer afford to make the payments and tell them to come get the truck.
Well, being in texas, they cant garnish his wages so theres that. He is looking at 7 years of bad credit. Frankly, if he doesn't have assets, they are unlikely to sue because they have no way to collect. Your claim against his employer is not relevant whatsoever. You cant fix repeated bone-headed moves with the snap of your fingers.
He needs to go to the bank or finance company and have the truck refinanced and that should lower his monthly payments ! or maybe, just maybe he could get a personal loan and pay the truck off and then he can make his payments at where he got the personal loan at ! if he decides to get a personal loan then tell him to ask the loan office if they could extend the loan out and that will make his monthly payments lower !
He owes the money, so he can't get out of it. Buying another vehicle from Carmax was a dumb move because neither of you now have the resources to work out of the repo situation.
Sounds like you guys just keep digging that hole deeper and deeper. They don't throw people in jail anymore because they don't pay their debts. He'll have an unsatisfied judgment (assuming he doesn't pay the lender) on his credit for the next 7 years.
Call the bank, tell them you can't afford the truck, and you wish to turn it in as a voluntary repossession. Let them have it. They won't sue you because they know they'll never collect. Next time, buy a vehicle you can afford, which means: if you can't pay cash up front for it, you can't afford it.
Sorry to say,there nothing you can do,you sign a note and you need to pay for it,call a lawyer maybe they can help GOOD LUCK