I offered to make payment arrangements and they said that it was not suitable. Please tell me what the law is regarding this problem. The bank sold the vehicle at an austion for a lot less than the original loan. I owe about 9,000. for the balance of the loan - the reason why it was repossessed in the first place was because I couldn't afford the the payments (which was extremely over blue book value)..what can I do????
2006-08-11 07:29:07 · 9 answers · asked by ? 6 in Cars & Transportation ➔ Buying & Selling
You had payment arrangements (the original loan payments) and failed to keep those arrangements. The company does not have to give you another chance at making payments.
Since they sold the vehicle, you do owe them the money they have lost. Your options at this point are to borrow the money to pay them, let them get a judgement against you (and cease your assets now and in the future), or to declare bankruptcy.
2006-08-11 07:36:48 · answer #1 · answered by Mama Pastafarian 7 · 0⤊ 0⤋
You can sell other assets to pay the balance. For example, you can sell your computer, television and anything else you own. If you do not pay the balance the bank is going to file suit against you, attempt to seize any bank accounts you have, and garnishee your wages.
You borrowed the money, the bank is well within their rights to want their money back!! You did not live up to a previous agreement to make payments (if you had, the car would not have been repossessed) It is easy to understand why the bank will not want to try for another payment agreement!!
2006-08-11 07:37:38 · answer #2 · answered by fire4511 7 · 0⤊ 0⤋
I know its too late now, but when a bank tells you its going to repossess a car, if the owner gives them the car and keys they can legally make you pay the difference. If you would've made them come and take the car, you do not have to pay the balance of their low resale. stupid law, i know but if you give them the vehicle you are saying you give up on the loan. This is going to sound bad, but since your credit is already shot, you may want to consider bankruptcy, it sucks at first but then it will get better faster then you can pay the bank back (I'm only assuming this because you stated the loan payment was unaffordable) good luck and keep head butt'n kid!! :)
2006-08-11 11:07:12 · answer #3 · answered by spoinker 1 · 0⤊ 1⤋
While you are still working with the bank is the best time to negotiate - once it is with a collector it is much more difficult. Attempt to save your financial profile (credit history).
Also, sit down and review what money you are making and what money you are spending. Determine what you can afford to go without and what is not a necessity (coffee shop drinks, cell phone, extended cable, etc). Work with what you have and pay off the loan. A little sacraficing now will save you money in the future - as you will be able to get better rates for a better credit history.
2006-08-11 07:38:45 · answer #4 · answered by JT's Mom 2 · 0⤊ 0⤋
i hate to tell you this but, there really isn't much you can do. You were in a contract with the bank to pay for the car and you broke that contract. It really doesn't matter what they resold the car for you have an original obligation. Most of the time, banks are willing to negotiate with you because you couldn't afford the payment but not always. maybe a credit counselor can help you the best. good luck, hope things turn around for you!
2006-08-11 07:37:49 · answer #5 · answered by Passionfire 3 · 0⤊ 0⤋
well they gotcha buy the balls... the real deal is they are supposed to try and get as much for the car as possible and you still are responsible for their loss which is the difference... not allowing you to make payments sure seems stupid cause how else you gonna pay? no bank will loan you the money and if your like me you just cant open your wallet and find it... What will probably happen is they will get a court order to garnish your pay and your bank accounts.. so get prepared for the big weenie... next time get a car you can afford.
2006-08-11 07:40:28 · answer #6 · answered by monie99701 4 · 0⤊ 0⤋
The law is that they sold it and you owe the deficit. There was no way they were going to get what you owed on it. When you drive it off the lot you lose a large amount of equity. This is not uncommon at all.
2006-08-11 07:35:01 · answer #7 · answered by Lex 7 · 0⤊ 0⤋
You're f*cked.
You have to pay it or they'll sue you then garnish your wages, selloff your personal property, etc. The only way to stop them is to file bankruptcy but that'll mess up your credit for an additional 10 years.
2006-08-11 07:38:16 · answer #8 · answered by Go Baby Baby 1 · 0⤊ 0⤋
Change jobs every two or three months and move into a different apt every 3 months. Maybe they wont be able to find you, or you could pay what you owe and learn a lesson.
2006-08-11 09:04:42 · answer #9 · answered by Trump 2020 7 · 0⤊ 2⤋