If you have a car that isn't paid off, & you ask them to come get it, is it considered a reposession?

Question

We have it 1/2 paid off & put more money in repairs than payments. We bought it used from a dealer. (2001 PT Cruiser) The warranty expired 60 days after we purchased it. In the warranty period there were transmission problems & they fixed it for free. Since the warranty expired, the timing went. The water pump went. The alternator went. Now this car is overheating & we can't find the problem. We tried everything. It's not the high speed or low speed relay. Not the fuses. Not the thermostat. Not the fan motor. We want the problem gone. We have already sunk almost $4000 in repairs into this car. I am afraid of it going on our credit record.

I forgot to mention that the fan will not go on at all. so it seems like an electrical problem. I will check into arbitration or the lemon law. Thank you all.

Answer 1

you might want to check into the lemon law first to see if it covers your car.

Answer 2

Yes, it will be considered a voluntary repo but maybe you should think about trading it in. I would also like to offer a little more advice , maybe when you purchase another vehicle from a dealer you should explore the option of an extended warranty. yes they can be pricey but sometimes in the end they pay for themselves depending on the amount of coverage you select. Another thing you should look into is insurance through the bank that you finance your vehicle. I am in Massachusetts so I don't know if you could get it where you are but , I financed my vehicle through the credit union that I do my regular banking with. When you finance a vehicle through them they offer what is called GAP insurance for a flat rate of $247.00 no matter what the amount of your loan is. With this insurance if your car is ever deemed a total loss or if it is not drive-able they will pay off your balance and give you $1000.00 toward purchasing your next vehicle if you finance it through them. Having it gives me piece of mind , as does the extended warranty. I think in the long run it is worth it.

Answer 3

Unfortunately the person, or entity, you owe the money to is probably different than the company you purchased the car from. Even if they "carried" the paper, they probably have sold it to someone else.

If you can't negotiate something with them, your only option is to sue them...some states have a high limit on small claims court and you can do it yourself. However, you may not win as buying a used car is always a gamble and unless you negotiated or obtained a warranty from them or another service contract provider, you may not have any recourse against anyone. Many of my car purchases have been decided over what warranty was available....I purchased a used Volvo less than three years old with less than 36,000 miles becuase it was the only car I could find where I could obtain, from the Volvo dealer, a "dealer" warranty that would extend it out for 7 years and 100,000 miles total. It cost me $3,000 to extend the warranty but it was worth it for the peace of mind.

Answer 4

Yes it is considered a repro because the bank takes a loss even when auctioned off. Yes this will be on your credit history for about 7 to 10 years. I found out the hard way. I am sorry you got caught with a lemon. I would suggest you look into the lemon law concerning you PT you might be able to envoke this rule and get out of the remainder of the payments. and have a clean bill of health for your credit record

Answer 5

Yes, it is considered a "voluntary repossession", and affects your credit history in a negative manner, regardless of the mechanical problems that you have incurred.

In the past, I have used this scenario to explain to many people:
Let's say that you wanted to buy a cow from Mrs. Murphy. You take a loan from the Bank in order to purchase the cow. You will have monthly payments for 3 years, including interest, before the loan with the Bank is paid off. For 6 months the cow is healthy and you have a seemingly endless supply of milk. Then the cow no longer gives milk. You must continue paying the Bank. In the 10th month, the cow becomes ill and dies. Do you stop paying the Bank? Of course not! It appears that YOU HAVE BOUGHT MRS. MURPHY'S COW !!

Answer 6

first off, there might be alot of sluge in your upper engine causing it to get on the oil screen fliter which will cause your engine temp gauge to show high temps and low oil pressure. this happens alot to vehicles as a friend of mine had the same problem and they took the oil filter off. blew air up into the screen and it lasted about six months before he had to change the oil and do it again. to much sludge in the upper part of the engine. your second part is even if you owe on it and give it back. its called a voluntary repossession and it will list as that. any money owed on the balance will be due as a default. the car will be sold of at auction and any money not covered you will owe unless the rare occassions its gets more, than you get the differance from the pay-off and the amount paid. but its rare. whether you give it back voluntary or they come get it, it still shows up on your credit record and not for the amount owed but rather the original amount bought for. it will stay on for seven years on your record. the only suggestion i have is check all the items you said you had repaired. were they rigged up to last a short time? most buy here pay here places sell the cars at two to three times its value. some have been known to rig cars to run and then your stuck with it. i had a friend that was once in the business and he told me they many times will rig a car to sell it. if a cylinder is bad, break the spark plug tip off and your on 3, 5 or 7 cylinders until it blows. check the car out carefully before turning it back over. if anything looks funny, take photo's of it and if you have a trusted mechanic, take it to them to check everything out. they charge a small fee if any if you have known them long. submit a letter to the company with the car why you are turning it back in with any evidence of tampering with the car and once it goes into the credit companies, submit the letter to that record so it will show why you gave it back. submitting to collection companies won't work as they ignore them and keep changing collection companies. under the fair credit act. the credit companies must put your letter in with the defaulted account. dispute the amount owed and your resons why you gave it back. it will get listed as the original amount purchased for not what is owed. that will the very least keep it in there so if you apply for something else or another car, its in your record. good luck!

Answer 7

If you choose to give the car back it is still considered a VOLUNTARY REPOSESSION, which will still scar your credit report and show reposession. It sounds like you honestly have tiny, pin hole leak in one of your hoses. My vehicle did a similar thing, so since we couldn't see the problem we replaced the hoses, flushed the radiator to make sure nothing was clogged, an dit actually helped out, I also snatched out the thermostat.

Answer 8

Write letters to Chrysler or the dealer who sold you the car. Threaten them with telling everyone you know about the lack of service or numerous costly repairs.....the lemon law may apply.
A voluntary repo will go against your credit.

Answer 9

I don't think so, but who knows.

I would just say, tell them you can no longer afford payments and want to voluntarily turn the car in, instead of causing problems.

They might do that for you since you paid 1/2 off already.

But it was used, so I don't know, used car dealers are such theives. I got ripped off so many times buying from dealers.

Answer 10

I do believe when you default on your payment loan that is a repossession.And it certainly will hurt your credit .In think you should talk to some experts before you make your decision.End your debt.com seems to be pretty informative.I most certainly talk with some one there. I sincerely hope this helps.Sorry about your loss.

I would also make certain in the future to do more home work before buying used or new cars as well as take a good look at contracts before signing on the dotted line.http://auto.consumerguide.com/Services/New-Car-Quote/?aid=613167&pop=n&WT.srch=1&SOURCE=GOTO&Keyword=buy+car+guide
Good luck in the future.

Answer 11

Yes it is considered a repo.

Better off trying to sell it and eat the loss or trade in for a better option.

And next time, stay away from:
Chryslers
Used Car dealers.

Did you have YOUR mechanic inspect the car befor you bought it? Next time, DO!