Voluntary Reposession

[katecrime]

i'll try to make a long story short.

my mom lives about 2 hours away from me and my sisters.  she is retired military and is doing very well financially.

my cousin lives right next door to my mom and is NOT doing very well financially.  my cousin and her husband are very irresponsible.  they have practically bled my grandpa dry asking for money they won't pay back.  what  we know of so far is $22,000 although we're sure there is more.

my ma is a sweet, sweet lady and when my cousin's husband called and asked her to co-sign a loan for a new truck, she did it.  now he isn't making the payments.  they are about $550 a month.

my sisters and i are going down to see my cousin this weekend and repeatedly smash her skull against the wall until we are satisfied.  won't help the sitch with the truck though.

as it turns out the loan and truck are solely in my ma's name.  should we take the truck, give it to the bank and make up the difference?  would this completely damage my ma's score and ability to get a loan if she needed one?  would it be better to suck it up, take possession of the truck ourselves and make the payments until we can sell it?

any help would be greatly appreciated

[athensguy]

The best option would be to take the truck and make payments on it, because even if the repo is voluntary, it will most likely be reported as a repo (RF) on her reports.

[Anonymous]

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katecrime wrote:

i'll try to make a long story short.

my mom lives about 2 hours away from me and my sisters.  she is retired military and is doing very well financially.

my cousin lives right next door to my mom and is NOT doing very well financially.  my cousin and her husband are very irresponsible.  they have practically bled my grandpa dry asking for money they won't pay back.  what  we know of so far is $22,000 although we're sure there is more.

my ma is a sweet, sweet lady and when my cousin's husband called and asked her to co-sign a loan for a new truck, she did it.  now he isn't making the payments.  they are about $550 a month.

my sisters and i are going down to see my cousin this weekend and repeatedly smash her skull against the wall until we are satisfied.  won't help the sitch with the truck though.

as it turns out the loan and truck are solely in my ma's name.  should we take the truck, give it to the bank and make up the difference?  would this completely damage my ma's score and ability to get a loan if she needed one?  would it be better to suck it up, take possession of the truck ourselves and make the payments until we can sell it?

any help would be greatly appreciated

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If solely in your mother's name, ask for the truck back. Continue payments on it as mentioned. If possible call the bank and let them know about the situation, perhaps they will remove any derogs they placed on her account.

Try to sell the truck or keep the truck and make payments.

IF your cousin refuses to hand over the vehicle, call the police, report as stolen and let them know who has it. At that point though, things will get very ugly for your cousin and the hubby. They will go to jail and etc, etc. So perhaps the simple threat, should have them hand it over if they refuse. If not, dial 911. As sad as it would be to call the police on your cousin, well teach to respect and responsibility.

[katecrime]

thanks for the advice.  that's pretty much what we thought we would have to do.  although none of us have use for a full sized gas guzzling truck and we know we won't get enough to cover the loan completely when we sell it.

didn't think about calling the bank,  thanks!!

i hate to see my poor mom being taken advantage of and that's what happened.  she's finally starting to get angry about it.  it wouldn't bother me in the least to call the police, but i want to do what's best and easiest for my mother and she has to live so close to them.

bad situation.

never lend money to family, i guess