Is starting something like this even possible?

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I was just brainstorming today, and haven't got a clue how to start this, or even the legalities. But, I'm going through a repossession, and I owe $12500, but they said today that if I could sell the car for $6800, then they would write off the rest. So, that's a really good deal, I would love to keep the car, but can't afford to. So, here's what I was thinking: There are those chain letters going around, give 5 people 5 dollars, and put your name at the top of the list, then send it out. I know those are generally illegal, but what if I made a blog and had people donate $5 each to 5 people to get them out of repossession. Then they put their name on the list. And when we get to their name, then the money goes directly to their paypal account. But, only the amount that needs to cover the repossession. So, this is how it would go: My name: $6800- donate $5 (with a donate button from paypal) Other name: $8000- donate $5 (counter to show the people that have donated?) Other name: $12000- donate $5 Other name: $9000- donate $5 Other name: $7500- donate $5 after 1 week (or 1 day?) turn in an earnings report from paypal, and move any names off the list that need moving, and add more. So, those 5 people have only spent $25, and they get to keep their car. For instance, for me, that would only be 1360 people, and in turn, those people would would be on the list. Even if those 1360 were the only one's I could find (wouldn't that be great) then that would be 1360 people getting out of repossession. Like I said, I don't know how feasible that is, or even if it would work, but does anyone have any ideas about it? Please let me know. Thanks