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I Owe on a Car But Would Like to Settle the Amount Owed. – James

Written by Steve Rhode

“Dear Steve,

I purchased a $16,000 car in 2007. I put $6,000 cash down, less than 60 days after I signed the contract the car starts swaying really bad due to worn out bushings in the suspension.

I contacted the dealership, got an estimate for the necessary repairs($1,800). The dealership refused to even cover a portion of the repairs stating that I signed an “as is” contract.

I could no longer drive the vehicle as a result of the suspension issue. So I parked it on a friends property in a secure building. It has been there ever since. I made my payments for 6 months and then stopped.

I was so angry about wasting $8,000 I chose to ignore the situation until now. I also haven’t had any contact with the creditor since 2007. I would like to make the creditor a cash settlement offer to resolve the debt and obtain the lean release, but I don’t want to start the statute of limitations over again on the debt if they refuse my offer.

I contacted an attourney and he mentioned that the UCC laws & statutes applied to my situation. The current blue book value is at $9,000 because it only has 120,000 miles on it. I live in Oklahoma. I would like to offer the creditor between $1,000-$4,000 to settle the debt.

What are my options to resolve this situation? Thank you in advance for any advice…

James”

garage

Dear James,

I would suggest you go back to your local attorney and ask them if they could negotiate a settlement for you and do all the corresponding paperwork to get you clear title and make sure there is no lingering liability.

Just make sure you have the cash on hand to settle the deal when they agree to it.

Please post your responses and follow-up messages to me on this in the comments section below.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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