Question about our vehicle

[aces67]

We plan to let dh's truck go back. We owe $10K on it. It books at $9k.

Anyway a friend of ours would really like to buy it but he has horrible credit and can't get it financed. He does however have $6500 in cash.

Should we even see if they might make some kind of deal with him? He has a single cab truck and they are a family of five. DH's truck is an extended cab. He's been a very good friend of ours for years so we were just wondering if we should try to help him out or would it hurt us too bad in the long run?

I know we need the truck to make it through the means test.

[JRScott]

I don't know if they'd work with you.

You could wait and see if the lender offers a better reaffirmation or perhaps redemption value?

Don't sell it to your friend for 6500 if its worth 9k though as the trustee could undo that. However if the redemption amount is such that he could buy it for that I'd take it.

[CH33 Paralegal]

The guy is going to HAVE to give you FMV for the car....or else the court will perceive you as destroying equity you had in the asset. If the car could move for 9 and you only took 6.5, then there is 2.5 that was lost into the nether regions, you only have 6.5 for the car creditor, and they have to take a 2.5K bath.

if you're planning on letting the car go, you should just let it go. Your friend's situation is not your responsibility, especially when you're looking for relief yourself.