how do I protect myself from repossession of a car? The finance people have reported the car stolen.?

Question

I am 6 months behind on car payment. The payment is 600 per month. I am behind 3600. I have sent a 2000 payment. They are still asking for the car and have said they will report it stolen.

Answer 1

The car is not yours. It belongs to the bank until it's paid for. You are shite out of luck.

Answer 2

The first step in terminating your lease is to consult your leasing contract for early termination penalties and conditions


Option 1: Return the vehicle – Simply returning the vehicle to the dealership before the end of the lease is an expensive option. Why? Because you are financially responsible for all remaining payments as well as early return penalties.

Option 2: Rolling payments into a new vehicle – You may decide to return the leased vehicle early and roll the remaining payments into a new vehicle. This will allow you to forfeit the old lease without financial penalties. But remember, your new payments are likely to be high since they will include the payments for both vehicles.

Option 3: Voluntary repossession – In this situation, you request the lessor to pick up the vehicle prematurely. This might seem appealing because it won’t directly cost you any money. However, it does damage your credit because this is a form of repossession.

Option 4: Find someone to assume the lease – You can also find another buyer to assume the lease in a “lease assumption” transaction. This would transfer the contract and liability to someone else.

The eBay of Car Leases – Lease Assumption

Because of the accessibility of the internet and purchase protection via cyberspace, lease assumptions have become a popular option for early lease termination. Think of it as the eBay of car leases. Online services like leasetrade.com, leasetrading.com or swapalease.com allow you to advertise your lease to prospective buyers. People who are looking to get out of their lease are matched up with people who would like to pick up a similar vehicle for the short term. But show a little caution and check the monthly “advertising fees” and any other out-of-pocket expenses.

Also, keep in mind that not all leasing companies allow lease assumptions. This takes us back to step one – consulting your lease contract. You must examine your specific lease stipulations before going through a lease assumption or any other lease termination process. After all, you’re only trying to break a lease, so don’t endanger your future and your finances at the same time.

Answer 3

That is awful. You should call the Police, and if you are willing to press charges on him, do so. If you want to use another approach, report him as a "Missing Person". In the meantime, get those cards and bank account in order. Also, I'd change the locks on my door, and look into a Lawyer. I am sorry to say this, but, this would turn me away in the Faith of my marriage. I am so sorry to hear about this. Those credit cards need to be eliminated, or reported as stolen. Get a trace on the Credit Card Usage before eliminating this, too. Since this Bank Account is joint, you have every right to see where any checks are being written, also. I'd start a new Bank Account with only your name on it, too. Good luck & Take Care!

Answer 4

You can keep you car by keeping the terms of contract. Until the car is paid off it belongs to the lein holder, ie. Bank Lender. Since you have faulted the contract you in way have any legal standing for keeping the car. On top of that, they will take the vehicle, resale it at an auction and you will still be liable for the rest of the loan amount not received in the auction. I suggest you find a really good bankruptcy attorney, and return the car ASAP before you get in trouble for stealing a car. Good Luck and hope this helps.

Answer 5

Yea right they will. That is a scare tactic employed by bill collectors. If you don't want to loose the car, pay what you promised to pay on it when you purchased it. Otherwise sell the car or let them take it and buy transportation that you can afford to drive.
But don't believe a word of what a bill collector says he is gonna do. They just want you to pay the bill. They don't want the car, they want the money honey! And no, bill collectors do not call me.. I have golden credit. I just happen to know how bill collectors operate because my company has to employ a few of the lowlifes.

Also, if they want the car, they won't tell you. They will just come and get it.

Answer 6

I would think that they would have to go to court in order to repossess it first...not sure........Contact a bankruptcy attorney to see what your options are. Remember a partial payment is still not good enough.......you must send all or none in most cases....You can send them partial payment and they still take the car. The partial payment just reduces the debt that you owe after they sell your car and apply that to the debt you owe them, less their expenses like paperwork, towing, finance charges and selling it.

Answer 7

600 dollar car payment??!!! What were you thinking?

Pay the rest of the money is all you can do. Unless they are willing to make a deal.

Answer 8

if you got the receipt then show them you sent 2000 dollars and reinsure them you will send more when you get payed or you could go to the bank or where ever you got it financed at and talk to the people there,what they figure is your trying to get out of paying,who knows maybe they will even lower your payments for you.just go and talk to them,all they want is their money,and when they didnt receive it,they just thought you are trying to get out of it......do yourself a favor and talk to them and explain your situation and iam sure they will work for you....good luck.

Answer 9

the only thing you can do is pay what you are behind and get current. Other than that, they have every right to get it, and most banks would have already repo'ed it months ago.. You're lucky!!!

Answer 10

Send them a payment of 1600.00 fast.