Here's a Guy Who Wants to Let the Bank Repo His Pregnant Girl Friend's Car! Nice Move!

Hi Tony,

My girl and I found out she's pregnant (good news!) and we want her to move from her place in Atlanta to mine here in New York City.

I already own a car. She just bought a used Ford Focus last April and owes 53 more months on her loan.

We both want to get rid of her car. I was planning on giving it back to the bank and calling it a day, but they say that they will sell it and bill us for any remainder. The loan is for $12,000 and the bluebook for the car is $9,500.

I was thinking about going to Swapalease.com and letting them turn this loan into a lease (how I'm not sure, they'll need to explain it to me) and then letting them help us to find someone else to swap the lease with? Wow, this already sounds stupid, but I still would like your opinion. What do you recommend?

Thanks,

Sean

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Hi Sean,

Listen Sean, if you give the car back to the bank not only will your girlfriend be liable for the difference between what she owes and what they sell it for plus substantial fees, but it will ruin her credit.

A repo on her credit record will render her credit useless.

I don't know how you turn a loan into a lease. It can't be done! I think the only chance there is of getting out from under the loan is to sell the car, but it's going to be very hard to get the payoff amount. You're going to loose money no matter how you go, but the repo idea will cost the most . . . in more than just money.

Either sell the vehicle or keep it and gut it out. I know everything sounds great right now, but what happens to her if you talk her into giving the car back and somewhere down the road your relationship goes south? She's left out in the cold with no car and no way to get another one unless she pays cash, because her credit is ruined!

I understand what you're trying to do, but it's a very bad idea!

Congratulations on the new child!

All my very best . . .

Tony Iorio
http://www.insidercarsecrets.com