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Wayne Z November 26, 2010 at 7:28 pm

Is that English?

Dave November 27, 2010 at 7:53 am

Having life insurance is a must, you should not get it because you fear you may have a disease before you actually do but get it so that your family would be taken care of if you die accidental. That would’ve been already done. I don’t know but they are smart. I had to get blood tests done to get a half-million dollar coverage and I got approved.I did this like 10 years ago. Now my wife was diagnosed with cancer, she is covered because she did not have it when I was approved for the policy. If I die, she gets life insurance, and if she dies, I get it. It is not much of a consolation prize, but we would be able to pay our bills if the other person accidental died. Talk with your agent and be truthful. No use lying and buying it and then your wife finding that the policy was voided because of subterfuge.

Iffy November 27, 2010 at 8:07 pm

The lender will foreclose on the home. His vehicle is safe

Janet P November 28, 2010 at 7:34 am

I doubt you will get the short sale, just as with the modification, you are in your situation by choice.Your wife could work.You could sell some of your assets.since you think you need 5 vehicle’s and your wife likes not working foreclosure would be your only option.

Jewelzie November 28, 2010 at 7:11 pm

Wow, you sound like a sad soul ~ Sorry to hear you dilemmaI would suggest that you take those test on line that describes your personality as well as the ones that tells you what career best suits your personality I have done these and they are very accurate. You most likely don’t want to go back to school as you already owe moneyAlso, I suggest that you get out and walk for at least 1 hour during your favorite part of the day ~ I happen to not really like leaving my home while people are out and about but love to leave when it is dark either late in the evening or early in the morning. I walk in a safe lighted place and it gives me motivation and clarity One last thing just go to a staffing co for now and you may have to go to several since the economy is not at it’s best right now there are a lot of people using them but don’t get frustrated they will find you something even if you just do temp stuff.Good Luck~

Bostonian In MO November 29, 2010 at 7:50 am

Most banks won’t allow the assumption of an auto loan. It used to be very common in the home mortgage industry but that is less common these days as well.If you decide to go for this, keep in mind that if he doesn’t make the payments, you’ll still be liable for them. You’d have to keep the vehicle in your name until it was paid off and could find yourself in trouble if he did anything.Your best bet would be to sell him the truck for the balance you owe on it, and have him get his own loan for that amount to pay off yours. If he can’t qualify for a loan, why would you want to take on a risk that a professional (banker) has refused?

leighgriffin_ie November 29, 2010 at 7:21 pm

contact your citizens advice bureau and consult them about the legalities and maybe they might have had prior experience with a similar case. They should be able to point you in teh right direction and the right course of action. Sadly most peoples opinion here will amount to nothing much, you need to talk to people who deal with things like this for a living.

Chaos_Mngr November 30, 2010 at 7:41 am

First of all let me tell you how impressed I am with what you’ve accomplished so far in your young life Keep up the good work.Your best bet is to look for a loan when you have the $ to pay it (ie now or very soon)… because once your main source of income (repo business) starts declining, then the bank’s willingness to lend you the $ will too. Unfortunately that means you’d have to run two businesses at once (at some point) and definitely will have to disclose your current business practices/income/expenses etc. (have all your paperwork audited and checked BEFORE they do). Because you have the time/credit (and obviously the drive/know-how), I would definitely suggest going through SBA…The banks will not look down on you because of your young age or the length of “time in business” if your loan is SBA approved However I must warn you that the SBA approval process is lengthy (and paperwork filled) because they’re technically “cosigning” the loan with you and will be liable if you defaulted (or your business failed). If you start soon (while you still have a decent income) your chances would greatly improve since you won’t seem “desperate” and you’d have the time for all the “revisions” you’d have to make to your plans. They will require formal business plans that their counselors will be more than happy to help you write. And by that I really mean “formal”. There are 5yr projected income/expenses involved, market research etc. Go see the them. Get the process started now (or very soon)… it will be worth it.

Todd November 30, 2010 at 8:08 pm

This is a huge mess and I’m sorry you have to deal with it. If everything you have written is true and correct, you are a victim on more than one occasion and won’t be held accountable for much at all.You desperately need to seek the advice of legal council on your base and let them help you sort it out.

Pi R Squared December 1, 2010 at 7:13 am

Hi,268,800 – 130,880 – .12*45,000 – 660*52 – 780 – 110*52 – 500*52 – 1040 -55*52 – 80*52 = $57,640 < == Net ProfitI would advise him to pay off the $45,000 loan completely and be debt free.$100/($1.359/liter) = 73.58 liters of unleaded x 100 km/15 liters = 490.56 km$100/($1.469/liter) = 68.07 liters of diesel x 100 km/13 liters = 523.46 kmThe second truck can go 33.08 km more than the first truck on $100 <==ANSWERI hope that helps!!