can your finance company tell you they don't want the car just the money?

Question

if your finance company didn't pick up your car when you asked them to cause you lost your job are they allowed to tell you that they don;t want the car they want the money in full ? waht if you don't have the money in full

Answer 1

They didn't ever want the car but if you don't pay they will have to come repo it and sell it then try to get the money out of you with all the fees. Sell the car and pay them off rather than let them repo and sell because they won't even try to get a good price for you and you will have all the fees and a repo on your credit record.
What made you think they wanted the car back?

Answer 2

What will most likely happen is, eventually they will come and repo the car, then tack on the repo fees to what you already owe, then they will auction or sell the car, and they will get way less for it then what you owe, then they will come after you for the balance. Your best bet is to call them and make the best deal you can, either way your credit is going to be trashed!
The new bankruptcy laws do not wipe away your debt any more, they restructure it, so you will still owe, but the terms will be different.
Also, it is illegal to change ones name to avoid debt, you can change your name all you want, but it will follow you.
If I were you, I would work extra hard at finding a new job, and once I had one I would begin making payments again, a few missed or late payments do look as bad on a credit report as a repo does!
When you have a car, or other item repossessed, it tells any future creditors that you do not pay your bills, and they don't care why it happened! You will then find it EXTREMELY hard to buy another car or get a mortgage or a credit card or a loan, and at some banks, a checking account!

Answer 3

Whatever you still owe on the car, your liable for that amount. If they do pick up the car and you still owe, lets say $5,000 on it, they will auction off the car and whatever they get for it will go towards the $5,000 you owe them. Whatever isn't paid off, you still owe them.

If the car got $2,000 at the auction, then you will still owe $3,000.

You see, here's the thing: they borrowed you the money specifically to get you to pay the full amount back with interest. It is in the interest amount is where they make their profit. They are naturally going to want the money instead of the car.

Besides, a car's value depreciates in value over time, usually quicker than a person can pay off a loan. So while a person may buy a car for $20,000, by the time he has the loan paid off down to $10,000, the car may only be worth $5,000. So if the person gave the car to the bank that gave him the loan, financially speaking, he would still owe them $5,000 because of the difference in value of the loan and the car. This is called being "upside down" on a loan.

So now you can see why a company would instead take the $$$.

If you don't pay, your credit gets mauled.

Answer 4

I recommend you touch the finance company that your automobile is financed with the aid of in case you have a good credit status and a good paying activity then extra effective than probable they'll refinace you to purchase yet another automobile so as which you will then use modern-day automobile as a commerce in. in case you have not got a good credit status then you definately won't have the skill to refinace for yet another automobile or will would desire to choose for a private loan with the aid of somebody else to pay latest automobile out and refinance with them to get yet another automobile

Answer 5

Sure they can do that. Stupid of them, but yes they can.

That doesn't mean you have to pay. It's not like they can send some goons over to get the money out of you.

Just communicate with them more forcefully that you are unable to pay. Period. They can either take the car back or they can leave it with you and let you drive it some more for free.

In either case they aren't getting paid and your credit rating will be trashed.

Answer 6

just keep stalling and they will break down and come for the car and sale it as quickly as they can and than tack on about a 1000 different things on top of the difference between what you owe and the amount receive from the car -- turn that amount over to a collection agency and they will bug you to death till they get there money!!!

Answer 7

file bankruptcy and move then change your name to re-establish new line of credit. :)