finace company wont repo car?

Question

I have a car with a blown engine that I dont want and will cost more money than the car is worth to fix.I still owe 2600 on the car but the finance company wont repo it.Is there anything I can do Ihave not droven car in 2 years no calls or letters from finace company either for more than a year.Tow companys wont pick up with no title.I am sick of looking at car in driveway.Was thinking of putting car in tow away zone close to my house figureing that the car is in there name in title so their responsible.any suggestions

Answer 1

Yes - don't have it impounded. You'll wind up paying towing and storage fees, plus interest and penalties.

My advice? Fix the car, drive it, and pay off the loan. You'll be miles ahead in the long run.

Answer 2

I do not think you will save yourself any trouble if you abandon the car. Where I live, it would be towed and stored, and the owner will be responsible for all associated costs. Storage fees are high and sometimes charged on a "per day" basis. You can also be issued a citation for vehicle abandonment. (Again, I do not know your local laws.)
If your finance company is contacted by the agency responsible for towing the vehicle, it is not likely that they will be willing to pay any related expenses. They will probably provide your name and contact information to the inquiring party, and since the vehicle has been in your posession for over two years, the burden will fall back upon you.
As for the eyesore in your driveway, there are a few options that may be more appealing. Find out if you have a wrecking yard in your area. I have sold my undriveable junk cars to a place called "Pick-a Part," and they came to my house, towed my car away, and paid me $200.00 cash for it.
There are also charities that will remove your junk car. Although you won't get any cash for it, it is a tax deductible donation. However, if your name is not on the title, I don't know whether they will accept it. (If I can remember the name of the charity, I will post it later.)
Whether my suggestions are feasible or not, I recommend thinking twice before dumping the car on the side of the road. It is just too easy to trace it back to you, which may result in even more expenses. Whatever you decide, good luck to you!

Answer 3

Things to consider-although the lein holder has the title to the car-it is registered to you. So any towing or inpound fees will be assessed to you. You will find that out when you try to purchase plates on another car if you leave it out to be inpounded. Contact the lender-work out a win win deal-they might not be willing at first but-they will work with you. Something you did not state in your question. Was it a as is car when you bought it-would the lemon law cover the car? Did you ask the seller to help you with the car, if this happened not to long after purchase? Why did the engine go-normal wear or was it driver fault? Did you check with your local laws regarding this? Check with the BBB-see if other buyers had this trouble with other purchases from same dealer-if they did BBB might have some good suggestions. One last sound advice-do not do a brash move-it might come back to haunt you.

Answer 4

So you have borrowed money to buy a car, driven it into the ground, and want to give it to the finance company to settle your obligation? It doesn't work that way. If they repo it, repair it, and sell, it you get the bill for any part of the loan not covered by the proceeds anyway, and have a repossession on your credit record. They really don't want the car, and you really don't want the hassle. Pay them off, and either fix and sell the car, or donate it to charity.

Answer 5

You do realise that if they repo the car, you can end up oweing more money than you do now???

They repo the car, they sell it, they then add the cost of the repo and deduct the sell of the car. Then you stillowe the banlance to them anyway, You need to have been paying on it to pay it off and then sell it yourself.

Answer 6

i work in the rental property business and have to deal with cars that i don't have title for all the time when people move away and leave vehicles behind. i tow them out of the yard and park them in the street someplace where eventually the city will tow them away. i've never had to deal with a car of my own like that though.

Answer 7

Try donating it to one of those nonprofit organizations that will take cars working or not working