Okay. Last year was not a good year for me! My husband left me and I lost my job. On top of that my auto finance company has been looking for the car (they have been calling my mother's house and everything!) They don't know where I am. The transmission is not working well on the car and they know it. But I am still able to use the car to search for work and take the kids to school. Well, I got my free credit report and saw that they have a charge off on that account! What does that mean??? Does it mean they are sewing me? Should I still pay the car off or give them the car back? Please help!
2007-02-05 14:25:07 · 6 answers · asked by Hoppskotch7 1 in Business & Finance ➔ Credit
Keep the car on locked property, its against the law for repo men to enter your property or block it with another car.
2007-02-05 14:34:05 · answer #1 · answered by david 4 · 1⤊ 0⤋
Your belongings will be returned to you, the repo company is responsible, could lose their license if they took your stuff. Go and talk to them, this whole situation could have been avoided if you were up front with your lender, and talked to them. By the way a repo does not mean your financial obligation is over and that you are done with the lender, depending on the lean amount and what the car will be wholesaled at you still owe the difference plus all the repo and storage fees.
2016-05-23 22:14:32 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The same thing happened to me. Except my mom told them where I was to stop the phone calls from coming to her house. LOL ( Still pissed for that ) Anyways, First ask yourself how long it has been since you made a payment. If it hasn't been that long then just call them and tell them your situation. ( But don't call them from your own phone. Tell them you don't have a number) However be honest, and if you can make a payment then make it right then and there.
When they took my car, I had already gotten in a little accident in it. So when they sold it they got less then what I owed. So I still owed.
Find out how much you owe. If you are going to be paying on the car dispite whether or not you turn it in, you might as well keep it and start to make payments somehow. But be honest and see what they say. Maybe they can work something out for you. Don't let the fear over come you and your situation. Its nothing that they havent seen before.
2007-02-05 14:39:14 · answer #3 · answered by Anonymous · 1⤊ 0⤋
It means they sold that debt - your car loan - to another company to collect on. That company can either attempt to collect the collateral on that debt, or take you to court to attempt to collect. They will find you, eventually.
You should call your old lender, find out where the debt went, and call that new agency. See if they are willing to settle on that debt for a lesser amount. Or wait it out until you get a court notice. If you file taxes with your new address, they will find you.
I understand your problems, I've been there too, I'm just telling you the process, not trying to be mean.
Good luck!
2007-02-05 14:35:59 · answer #4 · answered by amy23 3 · 2⤊ 0⤋
It means they wrote it off as a bad debt and sold the account to a collection agency. Yeah, they can still take the car though.
2007-02-05 15:07:52 · answer #5 · answered by nursesr4evr 7 · 0⤊ 0⤋
any chance your husband's name is on the car too
if so, it might be a good time to call him and see if he can help
If he is not paying support it might be a good time to get that ball started too
I know that does not directly address your question but it sucks that he left you in this situation and he should be responsible to see to it that his kids get to and from school safely.
Call a lawyer and see if they can get an emergency support order for you so that he can pay you child support
IF the order is high enough you might be able to snag his taxes if a judgement can be entered before he files.
GOOD LUCK!
2007-02-05 15:23:47 · answer #6 · answered by lisa s 6 · 0⤊ 0⤋