ok, the car was a lemon- it went out-the trans- 6 months after it was 'loaned to us' from the bank, insurance would not pay- this was 6 years ago.
for 2 years now we have been paying on it- but its not going anywhere
we asked the person that manages our account to help us out, but he was very rude and did not want to help,so we told him we are not sending anymore payments until we can work out a deal, what can we do to get this resolved to look better on our credit? paying a lump sum right now is out of the question until tax time, any help?
2007-08-17 16:00:57 · 4 answers · asked by saraann24 5 in Business & Finance ➔ Credit
i just want to know what we can do to help move things along to get this paid off, we are willing to pay but the creditor won't take any offers, and i was told if they don't take an offfer, then they basically refused payment
2007-08-17 16:27:34 · update #1
i already understand about them sueing, just need help to offer them to pay this accounnt off
2007-08-17 16:34:25 · update #2
If the bank got you the financing, you do not have to make payments on the car until the problem is corrected. I do not remember what the law was called but if you know any lawyers, perhaps they can find out who to contact.
2007-08-17 19:36:21 · answer #1 · answered by Anonymous · 1⤊ 0⤋
When you defaulted on the loan, the interest and late fees didn't go away. They just contintued to accumulate. Did they repo teh car or was it just abandoned somewhere?
They aren't going to work out a deal unless you have a lump sum cash in hand. You're only choice is to make bigger payments and get the thing paid off.
And, no, refusing to give you some kind of deal isn't refusing payment. In fact, I bet somewhere in that fine print of that loan contract you signed, it says that if you default on the loan, the whole loan becomes due and payable. They don't even have to offer you a payment plan.
2007-08-17 23:48:07 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
Trust me on this. The loan will not go away at all. I know firsthand. I let a car go back in 1995. It is 2007 and I am facing 10 more additional years for default judgement. So, something I did when I was 33 will haunt me until I am almost 60. I will not ever have a way to have anything until it is settled or paid off. It will never go away at all. keep paying what you can every month until you can settle the debt and someway it is paid off and they won't pursue you anymore.
2007-08-18 01:46:30 · answer #3 · answered by Leah W 3 · 0⤊ 0⤋
6 years ago... how long was the loan term?
And no, it wont go away.... you will be sued if you dont pay.... unfortunately, you dont have much choice. :(
2007-08-17 23:22:04 · answer #4 · answered by Mike 6 · 0⤊ 1⤋