I owe $10,000 on a repo'd car?

Question

I owe 10 G's on a car I no longer have. And the crazy thing is now a creditor is calling although I've tried numerous plans to pay them here and there. But its like if I didn't have the money to pay that high car note, how will I have a lump some of $10,000. I really wish i hadn't bought a car so young, sheesh!

Answer 1

You bought a car you couldn't afford. Probably had a bad interest rate and financed for a real long period. When you couldn't make the payments, you allowed the car to be repo'd.

You would have been much better off to have sold the car or gotten someone to take over the payments. Now you are just plain stuck with that $10K balance. A very expensive lesson.

Try to work out a payment plan. They are not going to accept a small amount. Think more along the lines of paying it off within 2 to 3 years. You may need a second job.

The sooner you get this settled, the better for your credit history.

Answer 2

relies upon on the words of the settlement you signed. If the motor vehicle became repo'd, then which potential it became interior the works an prolonged time in the past. sure they might repo your automobile in the adventure that your charge became late, it is why you many times call the finance organisation and communicate with them approximately your difficulty. you pays the repo expenses plus towing and storage expenses to the repo organisation. The economic enterprise would not could provide help to have the motor vehicle back considering the fact which you paid them what you owed them. good success to you!

Answer 3

You're going to have to pay off the loan. This situation sucks but having it in collections is going to trash your credit score and the best thing you can do is settle the debt and move forward. Try to negotiate a payment plan with them or ask them to settle the debt at a smaller amount say $5,000 or $7,000

You can take out a loan to pay off the debt. Try the bank even though they may not lend to you since you have outstanding accounts and probably poor credit since you must have not been paying on the car for it to get repoed in the first place.

Try to get a person to person loan from Prosper http://www.prosper.com/join/TheFinanceGirl
Loans at prosper have lower interest rates than you will get at banks and from credit cards and they are paid back on a 3 year schedule.

Answer 4

Most likely they'll take the car to auction and sell it. If it sells for $8k, you'll owe the remaining $2k. There's no getting out of this, unless you file bankruptcy, which I definitely DO NOT recommend!

Try to work with the collector on a settlement. Ask if they will accept reasonable monthly payments, and then PAY IT!

Answer 5

legally your responsible for the car......at least you learned your lesson. they can sue you in court and get a judgment against you. they can take 25% of your wages or go to your bank accounts to get the money. you can always file bankruptcy and have that and all your other bills wiped out to get a fresh start.