I need advice, and I'd like to know both the pros and the cons. Will be getting married soon, and I have an urgent choice to make. I haven't ever had my own car, but my fiancee got hers new in 2005, after several years and several missed payments she still owes 9,000 on a car that is only worth 1,500. Consequently her credit has fallen to the low 500 range. The car has transmission problems that cost $700 to fix, only the latest in recent mechanical failures. It's a Suzuki Forenza.
My credit score is 715 and steadily climbing. Once married I'll be the sole provider, she'll stop working. Assuming–please, just go with it–we have no interest in salvaging her credit, what would be my best choice and why?
I'm leaning toward taking it back (voluntary repossession), have her file for bankruptcy or something, and just get a newer certified used car under my name and credit. Remember, we're assuming that there is no interest in saving her credit...
Excuse me for any misconception, I'm quite illiterate in these matters, thanks, any advice will be greatly appreciated.
My credit score is 715 and steadily climbing. Once married I'll be the sole provider, she'll stop working. Assuming–please, just go with it–we have no interest in salvaging her credit, what would be my best choice and why?
I'm leaning toward taking it back (voluntary repossession), have her file for bankruptcy or something, and just get a newer certified used car under my name and credit. Remember, we're assuming that there is no interest in saving her credit...
Excuse me for any misconception, I'm quite illiterate in these matters, thanks, any advice will be greatly appreciated.