AboutMike Weikle Expertise Banking Lender Liability; Insurance Coverage; Consumer Rights; Bank Fraud; Criminal: White
Collar Crime; Fair Debt Collection Practices Act; Directors and Officers Liability
Experience Commissioned National Bank Examiner 7 years; President of Two Community Banks; Division Claims Specialist for American Bankers Association Sponsored Insurance Program; Carter Member of the Bank Fraud Team of the Office of the Comptroler of the Curency "OCC" (National Banjk Examiners); Attorney previously representing FDIC and Resolution Trust Corporation as well as consumers and commercial borrowers in claims against the banking industry; Former Data Processing Systems Examiner for the OCC; Expert Witness on variety of banking issues in both state and federal court.
Education/Credentials Certified Public Accountant;
JD -- West Virginia College of Law - Order of the Coif
Data Processing Training Old Dominion Bank and IBM
Question I don't want to have my truck repossessed but I cannot afford these payments. My payments are a ridiculous amount of 935.00 a month. It is a newer truck Nissan titan 2008 approximately 5000 miles. I wanted to raffle it off for $50-$100 a ticket for the amount I owe any more to a charity. Its not brand new but just as good for someone who normally couldn't afford to buy one to chance it with $50.00. Is it legal and who would I contact to go through he right channels I live in Arizona. I'm trying to be responsible about my loan. Please help. Thank You so much.
Answer What is different with your circumstances since you bought the truck? Why are the payments ridiculous now. Were they not ridiculous when you signed the loan application?
Did you finance 100% or more than 100%?
What percentage of your take-home pay is your truck payment?
I doubt you are going to get that many takers in this economy for $50 raffle tickets, but you might find a charitable group and offer to let them raffle it and keep the balance after pay-off, but they likely won't want to do it.
You really need to have a lawyer in your area advise you about setting up your own raffle when you are not a charity. However, individuals have raffled off their homes without legal problems so long as you are absolutely honest about what you are doing and return the money if the pay-off level is not met.
Is there any equity in the truck?
Maybe you are a victim of predatory lending practices.
I know this is not too helpful, but your options are very limited.
Maybe you can get the lender to take it back and agree to let you off the hook in exchange for you bringing it back voluntarily.
