vehicle not reposessed, How to sell it short. (WAY LESS)
Five years ago my ex-spouse purchased a vehicle in the United States. After three years she defaulted and also moved back to Canada. When she left she took the vehicle with her. Upon arriving in Canada the vehicle broke down and has been parked for the last two years. The bank was not able to reposess the vehicle and turned the debt over to a collection agency. She called and told me that a neighbor was interested in purchasing the vehicle to fix it. The ammount owed on the vehicle is far more than what the neighbor offered to pay.
She asked me if I could figure out a solution, so that the neighbor could buy the vehicle and be able to obtain the title to legally import and register it in canada. The neighbor offered to pay her small monthly payments. I think it would be better to allow the neighbor to fix and make payments on the vehicle, rather than have it sit and rust until it is worth nothing. On the other hand, I would not want the neighbor guy to buy a vehicle that he could not get title to, especially after he puts the time and money into fixing it.
The amount owed on the vehicle is around 7k. The
neighbor will pay 1k. What do you suggest I do to help with this situation?
Reply from DebtCollectionAnswers.com:
Are you jointly responsible for the debt or was it in her name only? Please use the comments link to reply as that will affect our response.