Yes, I got behind unfortunately due to loss of previous job. Tried working with the bank, but you know the saying 'you can't get blood out of a turnip.'
Right now, I am playing hide-n-seek with the repo company because I do need my transportation to get to work and make sure my kids to and from school (to far for them to walk...).
I am hoping to stall this process enough to get a little money under my belt to bring my loan current but need to know how long can I go before what?....
will a sheriff show up at my door? Will they stalk me all day long? What can I expect?
Please dont be mean...I'm not a bad irresponsible person. I just need some further information so I can plan...
2007-12-20 14:23:04 · 7 answers · asked by Beachbumminblonde 3 in Cars & Transportation ➔ Buying & Selling
All they have to do is find the car and they'll take it wherever it may be...home, work, or in the grocery store parking lot. Usually, they'll come to your home, though. Sometimes, they'll come in the middle of the night and you'll wake up the next morning and your car will be gone. Usually, they'll start repoing after the third missed payment, sometimes, they'll wait until the fourth.
No, the sheriff won't come to your door. It's between the bank and the repo company.
When they pick the car up, you'll get a letter in which you can get your car back if you pay the loan off. At that time, you cannot make payment arrangements or bring it current. You have to pay the whole thing. If you cannot pay it, they sell the car at an auction and you are still liable for the difference. For example....if you owe 10,000 on the car and they sell it for 5,000, you are still liable for the 5,000 difference even though you have no car.
2007-12-20 14:30:29 · answer #1 · answered by First Lady 7 · 2⤊ 0⤋
the best thing you can do is contact the lender,,,,let them know that you realize you are behind on payments ...if they have already started the repo process...then you may be s.o.l. but its always best to ask for forgiveness and hope you get a sympathetic person on the phone that will try to help you. Banks are not in the repo and re-selling business, they are in the collecting money business. They go to repo when you ignore the payments and have no contact.... Call them, if that fails, hide the car a few blocks away, switch the tags at night and pray.
2007-12-20 14:37:22 · answer #2 · answered by budfreak00 2 · 0⤊ 0⤋
This may get very complicated. Pay for the vehicle what you can. Why didn't you update the life insurance for god's sake... There are primary beneficiaries and there are secondary beneficiaries. Why were you not named as secondary ? If the primary was dead, then it would of defaulted to secondary. You will probably need to go through probate... All our accounting and financial data was triple signed. I was the third owner. When my mom died, I just got everything automatically. The life insurance took about a month, at which time, I still had to pay the bank. The bank returned the excess when the life insurance company paid them the difference for the car, usually within a month...
2016-05-25 06:10:51 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I know a guy who is a repo man. He very seldom does not get the car. They will find out where you work and where you and your family members and friends live. In the rare case they don't get the car they will file suit against you.
2007-12-20 15:10:15 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Night or day, any place at any time they will pick up your car. Without warning. They usually back up their truck to the front of your car, hook it up, and drive away with it in tow.
Before this happens, try to borrow the money because it sounds like you badly need your car. Remember that your home and your car are necessary. Always pay these two bills before you do anything else.
If you lose your car, see if you can rent one. You will need a credit card.
2007-12-20 14:31:11 · answer #5 · answered by Anonymous · 1⤊ 0⤋
The repo company will find the car and tow it. They work 24/7. Thats all they do is look for cars and trucks.
2007-12-20 14:28:37 · answer #6 · answered by Kurt W 3 · 1⤊ 0⤋
No on the sherriff. Once they get the vehicle, and they will, they will allow you to catch up on the payments. OR they will send it to auction, and you will be responsible for the difference between the auction amount and what is left on your loan. What I suggest is contact them and try to make arrangements to get caught up so you can keep your ride.
2007-12-20 14:27:03 · answer #7 · answered by von.wilhelm 1 · 1⤊ 1⤋