I had been paying steady for two years. I missed 4 payments due to other financial obligations. I had just moved to a new place and it took some time to get settled in, only to move again within 4 months. I received note that they were going to repo my truck in two weeks unless I payes $x,xxx. I came up with $200 less than what I owed them and called them a few days before doomsday. They said they needed the full amount and 3 days later, they took my truck, added another $500 for tow/repo fines, and told me that needed to be payed within so many days before they shipped my truck form TN to OH for auction. Now they want over $5k for the truck, and I'm left with nothing. What are my options in this matter?Bancruptcy? Thanks for any intelligent advice.
2006-10-30 15:03:03 · 4 answers · asked by Chris H 2 in Business & Finance ➔ Other - Business & Finance
Yeah, if you end up paying all that you accrued with the late payments and fees, and everything, you're going to be out more money than the truck is worth.
Bankruptsy is an option, but only if you're also thousands of dollars in debt, other than with your truck. No need to just file bankrupsy over a couple thousand dollars.
Not only that filing chapter 13 will cause you to have a horrible credit score for 7 years. And a lot of places won't rent to you even if you've had a bankrupsy and everything is paid off.
So just pay the truck off little by little. Or just dont' at all... :)
up to you.
2006-10-30 15:12:29 · answer #1 · answered by MissT 3 · 0⤊ 0⤋
If its on the contract then they have a right to make those demands. If there is nothing fully binding to there actions you could take it to court for unfair busniess even though you missed some payments
2006-10-30 15:08:19 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Sorry friend...the only option you have is the one they gave you. If you have your original contract it will become obvious. Finance companies are in the business of making money...if they accepted all the hard luck stories from their customers they would have a hard luck story of their own.
2006-10-30 15:10:41 · answer #3 · answered by Robere 5 · 0⤊ 0⤋
That's tough. Is there legal aid where you live? They may be able to tell you your rights.
Good luck
2006-10-30 15:07:47 · answer #4 · answered by concernedjean 5 · 0⤊ 0⤋