3 months due,lender is not willing to work with me at all and is asking for the total paid in full.I dont have that,but i got 50%and he said no!
I read a few Q & A's and dont think Ch.13 is for me,so any advice would be welcome.Thanks.
2007-07-26 12:02:05 · 8 answers · asked by R P 1 in Cars & Transportation ➔ Buying & Selling
Do you have 50% of the 3 months due, or 50% of the total due? If you are three months behind, make those payments. If the lender refuses to accept the payments, then you're obligated by the contract to pay what the lender wants, in full. Were you late a time or two in the past, before the 3month period? If your credit with the lender is less than stellar, you're either going to have to accept the repo and move on, or try to get that final 50%. Try selling off things you don't need, pick up a second job, if you have half, it's worth the effort to try to get the rest, and spare your credit being further damaged. What really sucks about repo's is that you still have to pay the loan, and don't get to keep the car! Good luck.
2007-07-26 13:06:55 · answer #1 · answered by fisherwoman 6 · 0⤊ 0⤋
After your vehicle has been repossessed, the lender has reached the end of their rope usually, and for good reason. You have been at least 90 days behind and refusing to talk to or work with the lender before they even start repossession proceedings.
To get it back now you would have to make them whole, pay off the full balance of the loan against the vehicle, and pay the costs they are out for finding and getting your vehicle back. If you don't have that they have an absolute right to tell you no and to offer your car for sale at auction to recoup some of their losses. If the sale doesn't cover what you owed plus their expenses, you will still be responsible for any balance owed. Read the contract you signed with them when you got the loan, it will cover what they can do if you fail to live up to your agreement.
Sorry, you should have kept the payments up, or worked with them when you didn't pay.
2007-07-26 12:13:14 · answer #2 · answered by oklatom 7 · 1⤊ 0⤋
The lender has the right to ask for all monies due if you are in default. The only thing I can tell you is to come up with the money that is owed and get the car back. Try and find some way of borrowing the money. Go to your bank and see if they'll work with you on this.
I believe that you have 30 days to pay the amount or the lender can sell the car and get his money. good luck.
2007-07-26 12:08:05 · answer #3 · answered by Fordman 7 · 1⤊ 0⤋
Okay, first call the lender and they will tell you what you need to do to get the unit back. They have a right to refuse anything but the full balance past due and in some states they can request the payoff for you to get it back.
If you can redeem your unit I would recommend it. The unit will sell at auction and if there is a balance on the loan you may still be responsible for paying that and you will have nothing at all ..
Good Luck!
2007-07-26 16:38:17 · answer #4 · answered by Miss Know It All 6 · 0⤊ 0⤋
The loan has been called in for cause. Sorry, but the lender does not have to negotiate further. The fact that 3 months are overdue, but you have 50% of the amount on hand now begs the questions: what happened in those 3 months, and why do you have so much money now?
2007-07-26 12:11:49 · answer #5 · answered by Fred C 7 · 0⤊ 0⤋
Chapter 13 won't get your car back. Sounds like you have one of two choices to me. Pay the lender what he's asking or go without the car.
2007-07-26 12:09:58 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Take your 50% and get to a dealership fast before they are able to report a reposession on your credit report.
If they want the all the money now, and will not budge. Then unless you have the money to pay off the note then you should just accept that it is gone.
2007-07-26 12:10:41 · answer #7 · answered by Anonymous · 0⤊ 2⤋
you won't get the car back until you pay what you owe.
2007-07-26 12:08:32 · answer #8 · answered by mister ss 7 · 0⤊ 1⤋