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Georgia/Bridgecrest Loan 3 Months Behind/Auto Upside Down by $12K/Voluntary Repo or ?


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I need some advice. We are located in Georgia. My husband lost his job. He is unable to make his auto payments. He is 2 months delinquent. The loan is with Bridgecrest Financial (formerly Go Financial.) He has been paying for 3 years in May and still owes almost what he purchased the auto for originally. He had a front ended interest loan apparently. The car's KBB value is 11K. He still owes 23K. When he does work, he is self employed. His unemployment is due to health issues and is likely to continue for the long haul. I can purchase a vehicle (used) for him in cash. His credit is trashed already (500 score.) At this point in time, I cannot see any other recourse than a voluntary repo. What (if any) are the odds of getting Bridgecrest to write off some portion of the deficiency that is inevitable? How should he approach them? I was wondering if he should write to them, call them, etc. and what should he propose that they might consider?  He can't make the regular payments much less pay anything toward a deficiency. He has 0 income. They have not made any attempt at contacting him re. repo of the auto. The loan is in his name alone so my credit will not be affected. I am trying to put as much of the fire out as possible. :( 

Edited by gabpoagent
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I don't think Bridgecrest does anything but simple interest or so I read from their website.    I'll move this to the main credit forum for more views and hopefully responses.

 

Sorry for the circumstances that bring you to CreditBoards.

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What is or would be your happy out come from this situation? Do you plan to pay them off in full someday or renegotiate an affordable payment amount and keep the car?

 

I believe they are planning to pick the vehicle up soon, ask yourself if its worth it (any fight)?

 

If DH has little to no income the smartest money move would be to do like Elsa, and "Let it go" and buy the best point A to point B car, stop the financial bleeding allow your husband to heal without the stress of Bridgecrest breathing down his neck. 

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$12k upside down. Yeah, I would probably let it go. Did he get the car at Drive Time? I only ask because I know some folks with questionable credit, who did business with Drive Time, and the notes were written by Bridgecrest. Drive Time is famous for their no haggle pricing. Sticker prices sometimes double what the cars are worth.

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