I'd been paying for my car for a year now, however financially things got bad lately. I became one payment behind. The lender kept calling me for payment and wanted me to send payment in to them right away via western union, well I told them I didn't have the payment at this time. I tried to arrange payment with them, but they refused and told me that if I didn't come up with the past due amount and this month too they would take the car. Well, a couple days later it happened. They repossed the car. I don't know if I should try it get it back or risk paying the difference. I still owe $33,000 on that damn truck. Do you think they will still work with me? why? why not?
2007-06-11 03:45:28 · 9 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
The only way they will usually work with you is if you can pay the vehicle off in full, so you need to contact others lenders and banks to see if you can get a loan for the $33,000 against the vehicle and pay the first loan off. I wouldn't tell them what happened just that you want to refinance the truck.
But you need to do this now!!!!
If you can't do that then you may want to go ahead and buy another vehicle before the truck is reported as a repo on your credit, which usually takes 30-90 days depending on the lender.
10 years in auto biz
2007-06-11 04:14:37 · answer #1 · answered by misty m 4 · 0⤊ 0⤋
Well as you are about to discover, silence is costly. Consider the following
1) You still owe the $33k
2) You now owe the repo and bank charges
3) If you do not act quicky they will sell the car and you will owe the sales, storage, and transfer charges those will really eat away at the sale price.. especially when storage costs are $20 a day and the sale takes a month or two.
(all of this is a part of a typical contract)
4) When they sell the car you will get credit for the sales price applied to what you owe, but the car will never sell for that so..
5) You will still end up owing a slab of money but not have ANY car to show for all the payments
Bottom line: Don't spend to much time here... we are prob. telling you what you already know. Get some money and satisfy the arrearage and costs and get your car back. Once you get it back, if you can not afford it you can still make arrangements to sell it with the bank at YOUR pace and time.
good luck....\
.
2007-06-11 04:00:22 · answer #2 · answered by ca_surveyor 7 · 0⤊ 0⤋
Repoing after one month past due is a bit unusual. If you still owe 33,000 after paying for a year, I got to ask whether you either got more vehicle than you could afford, or got an extremely high interest rate. Either way, you are probably better off cutting your own losses and getting a cheaper vehicle.
2007-06-11 04:00:52 · answer #3 · answered by New Dog Owner 4 · 0⤊ 0⤋
You will owe for the car regardless of whether you pay it or not, your credit will suffer. The company doesn't really want the car either, because it will cost them more money to resell the thing and cut their losses, and collection fees and the whole legal mess. I suggest you try to come up with what is past due and come to an agreement with them to get you vehicle back and pay them. If you can come to some sort of agreement, stick to it as best as you can, and it will pay off for you. Some finance companies report to credit bureaus monthly, so if you lose your vehicle permanently, you may not be able to finance another one.
2007-06-11 03:55:06 · answer #4 · answered by Janice Dickinsons' Shrink 6 · 1⤊ 0⤋
what you should have done was try to negotiate something with the bank that financed the car because in reality they really dont want the car back they want their money. Call the bank and try to work out something with them but make sure that you have something to offer them as far as money is concerned, because in the end either you continue to pay for a car you dont have or you take the big hit on your credit report.
2007-06-11 04:03:20 · answer #5 · answered by tender 1 · 0⤊ 0⤋
My sister had her car repoed. There really isn't much that you can do about it. Call up the bank and see what can be done. You do still need to pay off the car I think (I'm pretty sure my sister did too). It sucks but I'm not sure that you can get it back. Sorry...
2007-06-11 03:53:37 · answer #6 · answered by devon 5 · 0⤊ 0⤋
the tow company will say it wasn't their fault. they had to do it to get the vehicle repoed. The finance co won't care because of fact they're going to sell the vehicle for what they are able to get and then come when you for something. I doubt which you will get any delight, and it would be greater value-effective to easily placed yet another axle on in and pass on with your existence. time you get a criminal expert, you're money in the back of already, the criminal expert will value you greater and you nonetheless won't have a automobile you may rigidity. that's assuming which you're making plans on getting the vehicle returned.
2016-10-08 23:40:14 · answer #7 · answered by ? 4 · 0⤊ 0⤋
The only way to find out is to call them.
2007-06-11 03:54:52 · answer #8 · answered by Sweet Suzy 777! 7 · 0⤊ 0⤋
if everything else fails,, get an exorcist..
2007-06-11 04:09:56 · answer #9 · answered by Feisling 3 · 0⤊ 0⤋