I finaced a car 4 years ago and had some financial problems and stopped paying for the loan. That was 3 years ago the company knew where to find the car but I never heard from them after a few promises that I I would pay.The car was finaced in Virginia and I had moved to ohio. I was told that the loan was discharged how long do I have to worry about them coming after me?
2006-09-26 10:40:38 · 2 answers · asked by sueblue47 1 in Cars & Transportation ➔ Other - Cars & Transportation
How long do you have to worry about them coming after you?Until the loan is paid back. Sooner or later, the loan will be turned over to a collection agency, or if the loan company locates you, the car will disappear as the repo man comes to town.
But in the meantime, you are ruining you credit report. THAT can haunt you for years. Don't even think of taking out another loan, or applying for a home mortgage.
You'll have to work through the DMV of the state where the car is registered to get a clear title. Without it, you can't sell it or trade it in.
Do yourself a favor and pay the car off.
2006-09-26 10:47:45 · answer #1 · answered by Bob L 7 · 0⤊ 0⤋
The only way to get the title from the lien holder is to pay your debt. Since the loan is charged off, your credit is being ruined by the charge off. Since you have a car that you have not paid for and still have in your possession: that is called stealing. So, you are better off surrendering the car back to the lender, and just having a repossession on your credit. OR you can pay it off. The charge off and a repossession on your credit are both pretty bad. ON a lighter note everyone needs a car, and you probably can still go to FORD and get financed on a new one. You should have to put some money down and the interest payment will be high but they should be able to help you out.
2006-09-26 19:05:25 · answer #2 · answered by Anonymous · 0⤊ 0⤋