I don't want my Car Repoed by the repoman?

Question

I'm an Engineer who lives in California,
and I Design ComputerChips.
I lost my job a few months ago.
I have been looking very hard to line-up
more work and I have some possible jobs in the works.
Right now I am about 2months behind
on my car payments.
I have been talking to the creditor every week
to keep them in the loop on my job status.
I have-not been blowing them off in any way.
Yet I recently received a letter from them
saying that my failure to make payment arrangements
could result in my car being repoed.
Is there anything I can do to prevent that from happening
while I'm looking for another job?
Thanx!

Answer 1

Ignore answer from webcop33.

Danger: hiding the car is illegal. Don't add a criminal complaint and the resulting legal bills to your already difficult situation. Employer background checks might find this and then getting a job in your field might become impossible.

Answer 2

The only way is to make payments, since you can't make payments, you could consider selling the vehicle and let someone take up the payments, to prevent your credit from being ruined. The second alternative is if you have a 401k now is the time to dip in it and pay off your vehicle or make monthly payments until you find employment. You can also be underemployed to keep on top of your finances until an engineer position is offered to you. The fourth is apply for position out of your area maybe relocate to another city or state, more and more job seekers have to go that route to be adequately employed. The fifth is you can voluntariarly return the car and it will show a voluntary repossion instead of a defaulted loan car reposseion. Don't let the repo man get it. If worse comes to worse return it. Control your situation don't let the situation control you. Let it be your choice not theirs learn to turn the tables on any siituaiton.

Answer 3

Not too much unfortunately. No matter how much you keep the agents in the loop, at some point, they are going to come get the car or call the loan. My general sense is that two or three months is about as long as they give.

If I were you, I would find any job for now. I know it's demoralizing to lower your pay drastically, but find something that will bring in any income to cover bills. You have already damaged your credit by missing payments. Don't go over the "edge" to save some pride.

Answer 4

As Dave Ramsey would say, you need to go get two or three jobs while you look for a job in your field in order to pay the car note. Deliver pizzas. And if you are upside down in the value of the car, then you may need to sell it and go buy a clunker to get around in.

They are going to come get it, and they have every right to do so, your good intensions do not pay their bills. That's how they look at it.

Good luck with your job search.

Answer 5

Take a job, any job that will pay you, even if you feel it’s far below your skills and get your creditor some money.

Answer 6

Hide the car.