I cant afford it, Can I settle later and save my credit?
( which is going down the drain)and how do I get my stuff back that was in the car, is there a cost?
Anyone know about this..I live in texas if that matters...
Thanks!
2006-09-06 05:26:05 · 9 answers · asked by crystald 4 in Business & Finance ➔ Credit
First, contact the bank you did the financing with. They will tell you who repo'd the car, where the car is being stored and will discuss the situation with you. They will inform you that you owe fees on the repo and that in order to get your car back you need to get up-to-date on your payments. If you can't get up-to-date, they will be forced to claim the car as an involuntary repossession. You can go down to get your items after it has been determined the car isn't going back to you. After you pick up your items, they will prep the car for auction. Once the car is sold, they will chase you for the difference of the loan, plus repo fees minus the auction selling price. Then they report it to the credit bureaus as an involuntary repo and it will sit there for 7 years.
2006-09-06 05:48:41 · answer #1 · answered by dougzinboston 4 · 0⤊ 0⤋
Call and talk to the creditor (usually the bank). They should give you your personal property back. The loan was for the car not the stuff in it. There might be a nominal fee for that. As far as keeping your credit in good standing, even paying it off immediately won't help because your credit already reflects your extremely late payments and/or failure to pay. The sooner you pay the difference the better, however.
2006-09-06 05:30:34 · answer #2 · answered by michaelyoung_airforce 6 · 0⤊ 0⤋
NICE STORY MAGAHN YOU ARE TRULY A ROCK STAR HA HA that never happend she is sitting high on meth telling that wonder full story dead beat.
Ok call you bank right now and tell them you situation they should work with you, cuz they will lose money too in this.
if you let it go repossesed it will have a big negative on your credit, they will come take you car away and sell it cheap--just repo fees are 2k. lets say the diffrence is 6k now you owe them 8k they will call and call you. then file suit for the balance, again fees for court 10k. now you pay will be garnished and property will have leins on that not to mention bad bad credit.
Dude sell your car or something really get it worked out save your credit and risk of a costly lawsuit. You will pat yourself in the back in the long run
2006-09-06 08:47:02 · answer #3 · answered by Todd C 1 · 0⤊ 0⤋
Anything not attached to the car itself, you can retrieve. You should be able to find out from the bank who actually repossed the car, which is usually always someone local. As far as I know there is no fee to get your belongings, you just go where the car is and get your stuff out of it.
2006-09-06 05:33:25 · answer #4 · answered by Jen 2 · 1⤊ 0⤋
They will sell your car at an auction and you will be responsible for the balance of the car. Like if your loan balance is $20,000 and they auction the car for $16,000, you will still owe $4,000. That is what will be reported on your credit report. Even if they sell it for the total loan balance, your credit report will show that you owe $0, but it will still show as a repo.
I would contact the creditor and ask about getting my personal things out of the vehicle. They won't let you remove radios or things like that, but will usually let you get a jacket, clothes, glasses, books, etc.
There is not much you can do to save your credit, unless you contact your creditors and work something out or contact a nonprofit debt counselor to help you.
DO NOT TAKE MEGHAN's ADVICE! No offense to her, it worked for her, but like she said, she got lucky.
2006-09-06 06:56:13 · answer #5 · answered by Christian93 5 · 0⤊ 0⤋
HAHA yeah it happened to me a long time ago, but i went to the repo lot, and stole my car back in the middle of the night (because same as you my stuff was in it. (i was moving that day) there was a lot of stuff in my car lol. So after I stole it back I got arrested for grand theft auto, and i made up some bulls**t story about being high on meth, and the cops thought i was so crazy they decided to not press charges and let the dealership do it, and the dealership never did, nor did it go on my credit, nor did i owe any money. I think i just got lucky, but if you act crazy enough they just might feel bad for you!!!
2006-09-06 05:33:54 · answer #6 · answered by DnBprincess850 5 · 0⤊ 2⤋
Anything that isn't an accessory to the car and isn't bolted down can be claimed . Sound like you should have put more effort into the matter before it got out of hand ...
2006-09-06 05:30:07 · answer #7 · answered by Bobbo 3 · 1⤊ 0⤋
Call the bank that is doing your financing and ask them about what was in your car, it may have been sold to satisfy some of the debt that you have. The sooner you act the better. And good luck.
2006-09-06 05:32:55 · answer #8 · answered by Marianne 2 · 0⤊ 1⤋
I live in Arkansas and I need to know the same thing..sorry!
2006-09-06 05:30:01 · answer #9 · answered by ? 3 · 0⤊ 0⤋