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Hey guys, We need your help. We purchased a new 08 White Commander Sport 2x on November 13, on November 14 my wife got laid off. I own my on business doing commercial refrigeration repair, and thought everything would still be OK, but then my buisness dropped off sharply, and has since fell off to almost nothing. We have not even been able to make the first payment on it yet and we are getting farther & farther behind. I offered to give it back to the bank since it only has 1300 miles on it, but they won't take it. So we need desperatly need to sell it ASAP.
It is a 2008 Sport 2x4, 4.7 flex fuel, auto, dual air, 3rd row seating, cloth seats, power driver, sirris radio,all power options, White exterior, grey interior. It only has 1350 miles on it. My payoff is aprox $27975, I don't know if the loan is assumable or not , but it is thru Suntrust Bank, and there are 66 payments of 468.85 if they are.
I hate to sell it , but we are running out of options and have to do something fast. We are located in the NE Atlanta area if you want to look at it. I havn't even taken any pics of it yet, because it has been raining alot since we bought it, but I will try to take some in the next day or so.
If any questions you can call me at 404-790-9319 Jerry cell.

Please pass the word, if you know anyone looking for one. Thanks,
 

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Sorry to hear about your situation, good luck on selling your XK I really mean it. If the bank wont take the vehicle back you can surrender it at a dealership usually and notify the bank of its location. However be warned the vehicle if "surrendered or repo'd" will be sold at auction and you will be liable for the remaining balance of the debt. Some banks write this debt off and others go after you via a collection service.

But educate yourself on your states laws on repossesions, collections, and what not. They won't tell you anything that won't benefit them 9 times out of 10. And beings you have falling on hard times the education may pay off in more then just the XK.

Good luck wish I could do more.
 

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Thanks for the sentiment. I spoke with them again today, and this person said I could surrender the vehicle at one of the locations, and they would sell it at auction and then that I would be responsible for the balance. I explained to her that if I could not afford to pay the $468 payment, who do they figure I could pay the balance left over? Then she said they would probally issue a reposession after it is 30 days late, which would be the 25th. I told her I would just hold on to it and try and liquidate it myself. Just hope they don't sneak and try and get it one night.
I will try and look up the laws for Georgia and see what my rights are.
Thanks for the advice, Jerry
 

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You will be able to sell it for more than they will get at auction, but can you get a release on the title if you find a buyer and still maintain a balance?
 

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No, he'll have to have the funds available to pay off the balance. Who's the loan through? If its through a local bank go explain your situation to them and see if they'll let you sign a note for the unsecured difference. If its with Chrysler Financial, GMAC or similar, they won't carry a note like that, so you'll have to get a loan from somewhere, like a local bank or credit union. Don't let the bank repo the car OR you turn it in, you lose all control over the selling price of the car, which will be lower at auction than if you sell it.

They payments will be smaller, so you should be able to carry them. Good luck with it, I know your pain since I'm out of work too and having to make some serious choices: I just put my townhouse up for sale today.
 
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