2nd Gen Non-Engine/Transmission Need Advice

[LBrock]

Hey guys I need some advice. This will be a long story so I apologize in advance. In May 2001 I leased my truck (dumb I know, but hindsight is 20/20). At the time I was working an excavating job and could afford it. Well, 9-11 happened and I joined the Army. My pay per month is about $1,550 before taxes, and my truck payment is 678. 00. I've talked to the bank about lowering my payments... can't do it. I've tried to trade my truck in on something cheaper, but I owe more than it's worth so no dealerships will do it ( I've tried about 7). I really like my truck and would like to keep it, but I'm kinda running out of options. I was wondering if anyone had any ideas or advice on what I can do to keep it... or what you would do if you were me.

 

[SWassermann]

Sorry to hear about your situation. Whatever you do, get some professional help. Check with the local Army credit union about refinancing options. I've done that before and lowered my payments a bunch. The Army also pays professional financial types to help guys in financial trouble. It's a benefit of the service and it's free! If they can't help, try a local non profit credit counseling service. You may or may not get to keep your truck and you may or may not ding your credit, but with professional help you'll have the best chance on minimum damage. Alone and in a bind, you're a sitting duck and may make the situation worse! There are many sharks with a toothy grin who'll say "Sure, I can Help!" and not give a flip about your pockets, only his/hers!

Don't go it alone!! Get help... it's free!! Good Luck and thank you for your service to our country!



Scott

 

[CFAR]

I believe there is something called the Soldiers and Sailors Act that will help, something to do with stopping or reducing payments for active duty military, Though I 'm not sure if your truck will classify.



Again I have to say I'm going on memories from Boot during the early eighties.



good luck.



Woody

 

[Mundgyver]

Go find your S-1 admin Gunney or 1stSgt and explain the problem to them. They can get the rules and help you out. Check in with you base legal for the necessary steps to work. I use to do this all the time as a 1stSgt in the Marine Corps helping out the troops when we were over in the Med on float. It has been 7 years since I retired though and I'm sure some of the rules have change but probably not much. Your next best bet would be to take a second on your house for the amount of the truck which will cut your payment in half and you can right off the interest. Good luck.

 

[drees1]

You are kind of in a hole no matter how you slice it. If you can justify keeping the truck, great. But on a new vehicle, you are paying a lot of depreciation, and if you do not use it much then it might be hard or not worthwhile to keep. After all you can always get another.



You could sell it for what it is worth, which decreases every day, and finance the difference on a personal loan just to get out from it. Check into it. It may be cheaper in the long run to do this and buy another later, with insurance and all. After all if you are enlisted and can't use it, making a full payment is worse than making a smaller loan payment on the difference.



Unfortunately, leases are already pretty much bottom monthly dollar, since you are buying the depreciation and returning the truck later. would be hard to reduce it further.



Another thought would be to see if the lease can be assumed. If you have not put on too much miles it may look attractive to a small business person that needs a truck, since they can write off the full lease amount.



Also check into what the military can do to help.



Good Luck!



Doug Rees