Expert: John Hall - 5/27/2004

Question
Hi John,
I have 2 vehicle loans right now (truck & travel trailer).  My husband has both in another state, I don't even know where.  Both titles & loans are in my name.  I know my options are to either just keep paying the payments every month, or to stop, ruin my credit & have them repossessed----but, not knowing where they are, I can't tell them where to find them.  I can't sell them, becuz they are not with me either.  Making the payments are becoming impossible for me---I just don't make enough to keep paying them, it is becoming impossible.
I'm wondering this:  have you any idea how long a repossession will stay on my credit report?  I'm thinking that I can find them, but I will never be able to get them back in my possession since my husband (soon to be ex) will fight this tooth and nail.  And the odds of getting them in his name is so slim---he's about to file bankruptcy to excape from his credit card debt.  Have you any suggestions for me?
Appreciate your taking the time to give me some kind of idea, seeings it's hard to sleep anymore worrying about such things.
thank you.

Answer
I'm wondering this: have you any idea how long a repossession will stay on my credit report?

seven years


I'm thinking that I can find them, but I will never be able to get them back in my possession since my husband (soon to be ex) will fight this tooth and nail. And the odds of getting them in his name is so slim---he's about to file bankruptcy to excape from his credit card debt. Have you any suggestions for me?

I did a similar case a few months ago with a lady in Alabama.  She had had her car stolen and came to this web site asking for advice on what to do because even after the car was stolen, she continued to make payments for about a year.    We just went ahead and filed the bankruptcy.  (oddly enough, the police found the car while the bankruptcy was pending - so she just went ahead and surrendered the found vehicle at that point.)   The point is that it doesn't make a whole lot of sense to be paying for something you do not have.  

I think if I were you I would immediately tell the creditors the truth, that your husband has the car and trailer and that you don't knbow where he is, but that you woujld be willing to do all you could to help them find him.  Not to worry that much about your credit report.  If you have good present income, even with a bankruptcy on your record -  or a repossession -  you will be able to get the credit you need.  They key is more good present income than it is having a spotless credit report.

If you would like to talk about this  I will be glad to talk to you on the telephone and I will not charge you just to talk on the phone.  If you want me to call you, send me your telephone number at this email  J_H14@hotmail.com  I look forward to hearing from you.