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I’m a Military Vet. How Can I Get Out of My Truck Payment? – Charles

Military vet about to be in the reserves to finish my obligation

I have the same question as yvonne. I purchased a truck in 2007 and it is worth about 4000 to 500 dollars but my payoff is 7300. I cant sell it for the amount i need because im in PA and its two wheel drive and its not worth what I need. I am about to start school in december and dont know if i can hanlde it especially because it has had serious problems a low mileage truck shouldnt have. Is there anything I can do? I read about the voluntary repossession but how long is that on your credit and how bad can it affect it. Considering my credit has not really gone up and i’ve made every payment for the last almost four years.

Charles




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Steve Rhode

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2 Comments

  • Hi Charles

    Well considering the fact that you are about to start school, you will have plenty of time to rebuild credit. I mean its not like you will be looking to buy a house when you are in school. It might suck for the thing to be on your credit record. However, if you get a stable job after school that is willing to vouch for your job security, this might be a winning ticket for you to lenders to overlook that past blemish.

    Voluntary repossession may not be the only option to consider. School loans for military vets are quite favorable in terms of rates and amounts lent. So maybe this could be an alternative for you to make the rest of the payments for a short while you are in school and help pay for the repairs on the truck that you need. Also if the problems are that serious, have you checked if your car warranty is still active? GM recently found a car defect in my car after 6 years now, and they were willing to repair it if under 100k miles.

    Or maybe you can even negotiate with the dealership you purchased the truck to trade it in for a more economical car?

    Hope this helps! Good luck!

    James
    Financial Planning Student

  • Hi Charles

    Well considering the fact that you are about to start school, you will have plenty of time to rebuild credit. I mean its not like you will be looking to buy a house when you are in school. It might suck for the thing to be on your credit record. However, if you get a stable job after school that is willing to vouch for your job security, this might be a winning ticket for you to lenders to overlook that past blemish.

    Voluntary repossession may not be the only option to consider. School loans for military vets are quite favorable in terms of rates and amounts lent. So maybe this could be an alternative for you to make the rest of the payments for a short while you are in school and help pay for the repairs on the truck that you need. Also if the problems are that serious, have you checked if your car warranty is still active? GM recently found a car defect in my car after 6 years now, and they were willing to repair it if under 100k miles.

    Or maybe you can even negotiate with the dealership you purchased the truck to trade it in for a more economical car?

    Hope this helps! Good luck!

    James
    Financial Planning Student

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