Returning a Repo-ed car !?!?

Question

My friend hasn't paid a car note in four-five months. She was having really hard times and really expected them to repo it (which Im sure was a plan at some point) but never was a called received from the finance company to her or any references. She still drives the car. It is on her credit of course, though. She wants to clean her credit and get rid of this car finally, but what should she do. Should she get a lawyer to negotiate taking the car back without affecting her credit? What are the odds? Why haven't they called on their investment. What should she do??

Answer 1

Why doesnt she just start making payments again?
her credit is already toast and if they come and get the car it wont help her at all! Infact she will be in worse shape?
why you ask?
well he here is what happens
They will take her car and sell the car!
THen they will make her pay the difference between what the car is sold for and what she owes
so say she owes 5k and the car sells for 2k then your friend will have a 3k bill with this lender that she still has to pay... and worse, she will have NO car.
If she gets a diffrent car (which I can only assume she needs for work and to pay off the old car) the only thing she will be able to get is a buy here pay here loan (which are horrible in terms of credit reporting and in terms of a decent car).

If this is your friends, be careful to NEVER loan her any money

Answer 2

Sometimes there is a clause in the agreement that states if you have payed half or more of the credit back you can return it without charge and it goes on the record as satisfied so no probs with that but if this isn't th case she will need to pay up to half of the value if that is in the agreement or the full amount on acceptance of the finance company this is the case in britain i know as i have fell foul and had bad credit in the past hope this helps a solicitor or citizens advice might be able to help you it's worth a try hope this helps and all the best to your friend hope she gets it sorted

Answer 3

I am not sure why they haven't called to take the car back. One thing is for sure no matter if she brings the car back now or starts paying it again her credit will be affected for 5-7 years if she clears up all her issues.

I would call the financing company and make payment arrangement ASAP.

Answer 4

Its no longer legal yet you cant practice something. Im extremely particular that such does no longer take position on a primary foundation. Repo organizations make some distance too a lot money from repoing to possibility it by potential of stealing stuff out of automobiles.

Answer 5

My best friend bought a car in California and then moved back here to indiana. He didn't pay for 9 months before the sheriff showed up at his door. he told them wrong house and they believed him with no other questions asked. anyhow, after another 2 years he sold the car to a parts yard and reported it stolen. insurance paid the balance of the loan.

Now, with that stupid story out of the way, she's screwed unless she catches the note back up and sells it or pays it off. Otherwise, her credit is in serious trouble.

Answer 6

2 chances, slim and none. When a car is repossessed, if they report it it goes on your credit report. And it doesn't matter if they came and got it, or you brought it in, it's still a repossession. You promised to pay, and didn't. If you return it, they will sell it, and subtract the sale price from the amount owed, and she will still owe whatever balance is left and have no car. I'd suggest she call them and see what her options are. Perhaps they will extend the loan if she starts paying.

Answer 7

I would negotiate a deal with the finance company.
Ask if the payments are caught up would they remove the lates from the credit report. That would be a win-win, worth a try.