2007-08-19 02:53:49 · 6 answers · asked by denise b 1 in Cars & Transportation ➔ Other - Cars & Transportation
You have failed to react after at least three months of non-payment notices of your installment and intention of reprosess by the bank.
To get your vehicle back prepare to pay up all the installments that is due plus interest for late payment and payment for all the expenses for the legal procedure and the repro man and others.
If you still fail to meet up for the payment, the bank has no choice but to force sell your vehicle - most probably landed in the hand of the second hand car dealer.
The bank will still go after you if the the money from the sale of car is unable to cover the amount you owe. However, if there is a balance, the bank will return you.
The very 1st principle - if can't afford don;t drive!!!!
2007-08-19 04:27:28 · answer #1 · answered by Passo L 6 · 0⤊ 0⤋
You can walk-- ride the bus-- call a taxi--- ride a bike.. But you will not be driving the car. You must make all the payments and pay on time. If you want the car back -- go and pay off the loan or make arrangements with the creditor to get the car back... You will not be getting any more credit... You may not be able to rent an appartment with bad credit...
2007-08-19 10:08:16 · answer #2 · answered by Gerald 6 · 1⤊ 0⤋
Reposesion sucks, period. They will take the car, auction it off and you will still owe whatever the difference is after the car has been auctioned off. Your best bet would be to try to sell it for exactly what you owe on it, talk to the bank and find out how much to pay it off completely. If not, try to talk to them about getting the loan re done for a longer term so you can afford payments. If they've already taken it, you need to talk to them asap, and see what you can do.
2007-08-19 10:05:46 · answer #3 · answered by Otis 3 · 1⤊ 0⤋
Do not try to stop the repo man. He's doing his job, and he's paid to repossess cars whose owners are so far behind on the payments that the car loan is considered in default. If you fight, argue with, or try to trick him, the odds of minor damage to the car during repossession go up.
All you can do is pay what you owe, in full, with any interest or late fees, and vow to keep up your payments. If you can't keep up, sell the car and make your payments with the proceeds. If you can't pay what you owe, wave bye-bye to the car.
2007-08-19 10:02:40 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Sounds like it is a little late to do anything. Typically, the vehicle will now be sold and you will still owe the difference between the sale price and what you owed on it. Your credit will take a big hit also.
2007-08-19 10:00:09 · answer #5 · answered by sensible_man 7 · 2⤊ 0⤋
Try dealing with the loan institution, they may lower the payments so you can afford it. They really don't want it back!
2007-08-19 10:27:41 · answer #6 · answered by singapores 3 · 1⤊ 0⤋