2006-08-16 05:16:25 · 21 answers · asked by tcahsahuansey 1 in Cars & Transportation ➔ Other - Cars & Transportation
If you don't have the money to pay off the past due debt...walk.
Keep in mind that if they repossess the car and they cannot sell it for all that you owe on it, they can continue to come after you for the difference. Your credit rating will be hurt by this fiasco as well. You have messed up, big time.
2006-08-16 05:23:56 · answer #1 · answered by just♪wondering 7 · 0⤊ 1⤋
Did paying the money you owe ever occur to you? I never understand why people enter into contracts they cannot keep. The damage that it does to your life is irreparable. It is far wiser to buy what you can afford.
My nephew was given a 1992 Geo Metro for his seventeenth birthday by my father in law. He didn't think it fit his image so he sold it and bought a 1999 Chevrolet Cavalier. His mom was dumb enough to co-sign on it. He drove it for a few weeks and then decided to quit his job. Well a couple of months later the car was repossessed. He is now walking, which I guess fits his image better than the Geo. Now his credit is dead, his mom's is damaged, and the house she wanted to buy soon put off for a couple of years.
So you have a choice, figure out where to get the money to keep the car, make a deal with the lender (unlikely), or let the car go and save up for one you can pay cash for.
2006-08-16 12:37:43 · answer #2 · answered by yes_its_me 7 · 0⤊ 0⤋
You can pay up (They'll probably want the full amount) or clean the car out of all your stuff and let them take it.
Had you talked to them to say why you were late on payments and work on an alternative before this happened they might've been able to work something out. You can call now but 99.9% of the time it's too late, and considering your situation, you probably don't have the money for a payoff.
2006-08-16 12:23:42 · answer #3 · answered by Alyssa 5 · 0⤊ 0⤋
Call the loan company and ask them how much is needed to get the car back. If you can pay it, you usually have less than 3-5 days to clear it up before the tow yard sends your vehicle to an auction yard. Once it is at the auction yard, you have up to the date the vehicle goes not the yard for bids (depends on the date the vehicle arrives on the lot...1-14days). After that, bye-bye credit, hello cash deposits for everything.
2006-08-16 12:27:07 · answer #4 · answered by Ronald G 2 · 0⤊ 0⤋
Find out from the finance company if you can do anything. Do you have any money you can give them as a good-faith gesture? Can you pay them with a credit card?
If not, then start putting togetehr a plan on how you can get around and how you can save to buy a new car. Don't get depressed... life is full of ups and downs.
2006-08-16 12:22:35 · answer #5 · answered by Sir Greggath 3 · 0⤊ 1⤋
Make your car payments. Oh, wait, too late for that.
Try living within your means when you make your next purchase. Also, get ready to pay the difference between what you owe and what the re-sell your car for. It's still your loan, even if it isn't your car anymore.
2006-08-16 12:22:46 · answer #6 · answered by Anonymous · 2⤊ 1⤋
Either pay up, or hand over the keys. Better luck next time.
2006-08-16 12:21:26 · answer #7 · answered by ? 6 · 0⤊ 0⤋
u can try to negotiate with the lender for a longer repayment term but u will need some money up front i am sure.
2006-08-16 12:21:50 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Let them have it since you are too ghetto to pay. OMG imagine that!!!! The bank wants the car back that THEY paid for!!!! Crazy!!!!
2006-08-16 12:23:02 · answer #9 · answered by Mike Hunt 5 · 1⤊ 0⤋
just help them out dont fight it, the car is gone, some of them guys got guns
2006-08-16 12:40:40 · answer #10 · answered by Anonymous · 0⤊ 0⤋