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Smart Shopper Owe more than it's worth... I'm upside down and I can't get up!
1160 messages, Last post on Oct 22, 2009 at 7:11 PM
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Hi. We need your help. My friend is getting divorced Oct 2007. During her marriage she bought a Windstar 2003 Sports Edition. Her husband bought it for her for approx. $40 000 CDN. $600CDN/motnh x 72 months  1.90% interest rate. He bought it but she signed the papers under her name only, not his. The mini van has been but problems as the transmission had to be changed twice under the warranty. Mileage is 110 000 kms and power warranty is only until 150 000kms. Is there a way/solution to get rid of this mini van? The balance on it is another $25 000. The mini van is worth about $12 000-14 000 in the market. Selling the van would mean paying the difference of approx. $12 000 and she would be left without a vehicle to drive her daughter. Would keeping it be a better move? Please help. What is your advice? Thanks! Jaibey
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Replying to: jimmyto (May 07, 2007 6:47 am) By the way, are you sure she still owes that much because I calculate that she should owe $25000 after about 28 months, and assuming she bought the van new (otherwise why did her husband pay so much for it) she should be a lot further through paying for it by now. |
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Replying to: grandtotal (May 07, 2007 9:25 am)
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Replying to: grandtotal (May 07, 2007 9:25 am) If your friend has good credit, she *may* be able to refinance the loan if she absolutely can't afford the current payments. Hard to say, but talking to her bank/credit union about that is a good idea. And, as others have mentioned, are you SURE about the payoff amount? If she simply took $600 and multiplied it by the number of remaining payments, that's not likely to be accurate. |
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Replying to: sebring95 (May 07, 2007 9:49 am) I'm thinking they rolled a HUGE amount of negative equity.(???) |
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Replying to: grandtotal (May 07, 2007 9:25 am)
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Replying to: dtownfb (May 07, 2007 11:24 am) Thats what I thought at first to when she said here husband bought it. Then I re-read the post. Her husband did not buy squat. Its her signature all over the paper work not her husbands.
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Replying to: joel0622 (May 07, 2007 11:28 am) 
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Replying to: joel0622 (May 07, 2007 11:28 am) Unfortunately, she is stuck with a minivan that is no longer in production and giving her problems. Trading it will only lose her money and makes no sense to re-finance a 1.9% loan not unless you can get a home equity loan. this way it could be included in the divorce proceedings if it is tied to the house (assuming joint ownership). |
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Replying to: dtownfb (May 07, 2007 1:15 pm) Interest of any kind (even mortgage) isn't deductable in Canada, so home equity loans are no different from any other kind of loan. |
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