Okay, here's the deal. I have been paying on my car since 2001, and only owe $1600. They want to repo since I haven't paid a full pmt since aug. I live in TX, what are my rights. The finance co refuses to work with me. Do they have to? Can I sell my car even though I don't have the title. They, of course, want the full amount. If I can send them the amount past due & one extra month, do they have to work with me & accept those payments? I can't send the full 1600, but I can send 1/2. Any ideas?
2006-11-04 09:01:49 · 8 answers · asked by lizziesmom 1 in Cars & Transportation ➔ Buying & Selling
Yes, the bank can take your car even if you owe 1.00, you signed a contract and are now behind in payments, you can still sell your car to someone as long as you pay the bank with that money..Once you do that the bank will release the title to you..Plus, whoever you sell the car to will want the title so make sure that when you receive funds from buyer, you pay the bank...
2006-11-04 09:06:32 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You can sell the car as long as the payment is made to the bank to release the title to the new buyer.
Try to get a high risk loan from American General (or other such place) who will give you the money to pay them off and make lower payments to AG.
I would send them the $800 you have certified mail with a letter that states it represents all past due payments. Then they cant repo!
Also, you might check with a 'buy here-pay here' car lot to see if they will finance the balance - they will charge you to do this but you get to keep the car!
2006-11-07 02:10:57 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you havent made a full payment for 3 months, they can repo the car, if you call them and pay the past due amount, they should let you keep the car depending on your payment history or they may come repo the car and sell and and you cannot do anything to stop them form doing so since they have the liena nd title.
2006-11-04 17:07:21 · answer #3 · answered by scottb03gt 4 · 0⤊ 0⤋
I can't believe that the bank would rather repo than let you become current with them. That is very unusual. I would try to borrow $1600 and pay it off. If they do Repo it and they sell it for more than your payoff and repo costs, they will owe you money back.
2006-11-04 17:10:06 · answer #4 · answered by typhon1991 3 · 0⤊ 0⤋
since it's only $1600 call them. when you reach the rep ask for a supervisor. Explain to them that you are willing to pay but can't make that large of a payment. All they want is the money..all you want is your car. say that to them. As long as you are paying something then you should be ok. Just make arrangements with them...but do ask to speak to a supervisor.
as long as you are paying them something...they can not reposess the car.
2006-11-04 17:08:41 · answer #5 · answered by Kenneth S 5 · 0⤊ 0⤋
The bank won't budge once repo proceedings are commenced! Go get another loan from another source and pay off the previous loan. That way you keep your car, the equity, and thumb your nose at the bank! Just make sure you put the car in a garage, don't answer the phone, and do your business! They cannot touch the car in a locked garage! I once hid one for my wife's friend for over four months and the bank had discovered I had it. I informed them they step one foot on my property and they find themselves in jail and with a lawsuit. Believe me, they heeded the message!!!
2006-11-04 17:16:33 · answer #6 · answered by Anonymous · 0⤊ 1⤋
You have no rights if you don't pay, the bank has every right to reposses your car. Your best option is to sell it for more than $1600, and pay off your bank.
2006-11-04 17:05:15 · answer #7 · answered by Anonymous · 0⤊ 0⤋
U have the right to pay your bills!!!
2006-11-04 17:14:38 · answer #8 · answered by wildpalomino 7 · 0⤊ 0⤋