We have a 2004 Chevy Aveo that my husband purchased last February 2005 and can no longer afford to pay the loan. We are behind 680.00 or two months. According to Wells Fargo it will be repossed in 35 days if we cant come up with the money. If we turn it in we still have to pay the same amount every month and it will apper on his credit report. Wells Fargo wont negoitate a smaller amont to pay even though we wouldnt have possession of the car. We havent decided to do anything yet. Please help.
2007-01-10 15:47:53 · 16 answers · asked by jeanlovesharrypotter 1 in Cars & Transportation ➔ Car Makes ➔ Chevrolet
Sell it if you can, or file for bankruptcy.
2007-01-10 15:52:15 · answer #1 · answered by Rowdy Yayhoot 7 · 1⤊ 0⤋
1
2016-09-26 08:24:19 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Sell it, or turn it in to the dealer as a 'voluntary repo'. They can't get money from you that you don't have, and after a few months will usually write it off. Then a bill collection agency will come after you for the debt.
Banks won't negotiate unless you threaten bankruptcy, and that is a LAST resort.
You've just learned about easy credit. It's a trap! Don't do it again. If you only have a thousand dollars for a car, get a thousand dollar car and bite the bullet! Best of luck!
2007-01-10 15:52:33 · answer #3 · answered by Dorothy and Toto 5 · 2⤊ 0⤋
The best things that I could tell you is to either sell it to someone that will pay cash or finance it on their own or take over payments, or to go to the bank and tell them that you are willing to give them say 1/3 of the payment now, another 1/3 in 2 weeks and so on and so forth until it is caught up. Legally, that is a reasonable request and a legitimate attempt to rectify the past due debt. If they refuse it, get it in writing exactly as it was stated, that you were willing to pay 1/3 at a time and have it caught back up shortly. Take that letter to a credit attorney and they will get the debt removed. The law states that if you make a proper and logical attempt to get payments caught up and the creditor refuses, the debt is NUL AND VOID.
2007-01-14 08:49:59 · answer #4 · answered by protruckdriver71 3 · 0⤊ 1⤋
Try 2 talk with them I got behind on mine but it was Chrysler & they helped me out they put my payments into a different stage which meant the buyout contract went on for an extra 2 months but if U can't afford it they can't deny you if you wanna end the contract cause I almost did that & they asked me when I wanted 2 turn my car in & no U won;'t still have 2 pay 4 it the only thing it will do is give U bad credit.Believe me I know been through that.I hope this helps U.Good Luck
2007-01-10 16:00:22 · answer #5 · answered by sugarbdp1 6 · 1⤊ 0⤋
If you are no longer able to make the payments, you have no choice except to turn the car in. If you don't, they will pick up the car anyways. They will bother you afterwards to pay monthly payments. Your credit is already ruined by that point. Don't pay the bill anymore. They can't force you. Believe me. Been there, done that. It will come to a point when they will try to negotiate with you, even lower the payment. If they have already ruined your credit, forget them. You can always improve your credit rating in the future. And why would you make payments when you no longer have the vehicle?
2007-01-10 16:01:25 · answer #6 · answered by big daddy 1 · 1⤊ 0⤋
Try selling the car on your own for the total amount due on you loan. Then pay the bank back. Or maybe you can find someone who is willing to take over the payments. Good luck
2007-01-10 15:52:17 · answer #7 · answered by Life is what it is! :))))))))) 3 · 2⤊ 0⤋
Get someone to take over the payments, but of couse they're going to want the car. Or, apply for a refinance loan from your bank. That could lower the interest rate and possibly lower your payments.
I'm in a similar situation. I hate my car. Like most people, I'm upside-down cause my loan is more than the car is worth. I could trade it in, but I don't want a higher car payment. I'm sort of stuck in it...
2007-01-10 15:55:22 · answer #8 · answered by prtybrwnskn 2 · 1⤊ 0⤋
another option is to try to refinance with a credit union they may be able to get you a lower interest rate and reduce the amount of money you owe. the term of the loan will increase but it will lower your payments. as far as getting rid of the loan... there is no way besides declaring bankruptcy, you signed a contract and you are legally obligated to pay it.
2007-01-11 08:09:13 · answer #9 · answered by scott s 1 · 0⤊ 0⤋
Sell the car and pay off the what you owe. Its really the only way unless you get lucky and come up with the money. Income tax is a good way to pay off your car loan. If you have your W2 go get your taxes filed and use that money to pay it off.
2007-01-10 15:57:48 · answer #10 · answered by Bubba 1 · 0⤊ 0⤋
That places you in an exceedingly tight spot. in case you could no longer pay the identify loan the identify loan business corporation is going to possess your motor vehicle. You the two ought to pay them the money you owe them or get waiting to lose your motor vehicle. you have no longer have been given the different concepts. examine the contract you signed. i'm particular the settlement is sparkling on what happens in case you default on the non-public loan reimbursement.
2016-10-06 23:41:38 · answer #11 · answered by kinjorski 4 · 0⤊ 0⤋