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 Moms View Message Board: General Discussion: Archive August 2004: Question about repossesion...
I'm posting anon because this is terribly embarassing and stressful, but I need some advice. I have a vehicle that I'm behind on payments, and considering repossesion. We have another vehicle in our household, and I've been struggling with the second one's payments for about 6 months now. I've done everything I can, but still can't get it caught up. I know that a repo will stay on my credit for 7 years or so, but I'm at a point where I'm ready to cut my losses. My credit is ok other than the vehicle, and the longer I drag this out the worse it gets. We can't afford to keep it, due to some changes in the household in the last year, and we can't sell it. It's not upside down, but I still can't find a buyer that will give me the payoff balance. If I did sell it for less than payoff I don't have the money to pay my loan off and clear the title for the new owner. Depending on how much the difference is, it might take me a few months to do so. Is there anything I can do to avoid a repo? Anyone have any BTDT experience, or suggestions? I've already had 2 payments moved to the end of my loan, and the company really can't do much more to work with me. TIA!!!
Have you tried trading it in for something less expensive? With the economy the way it is, lots of dealerships are willing to work with people in ways once thought impossible.
yEAH THEN YOU CAN ROLL OVER WHAT IS LEFT AFTER THEY PAY YOU FO IT ONTO YOUR NEW CAR THAT YOU GET FROM THEM ND IF YOU CN GET SOMETHING WITH 0% YOU WON'T HAVE INTEREST TO DEAL WITH.
Even if it is 45 days behind? I'm not sure I can possibly get a loan to trade in. Its worth just about what I owe on it, I'll settle for selling it or trading it if I can figure out how!!
Well, I guess what you do depends on what you can afford. Can you afford to have a second car payment at all? If not, your best bet might be to just take the car to the financial institution for a volentary repo. I worked at a bank in the collections department for a little while and was amazed at the number of people that just brought the car and keys to us. That will show up on your credit report as being volentary...not sure if that is any better than a regular repo, but at least it is done and you don't have to worry about when they will come take it. If you are struggeling at this point to make two payments, look carefully at trading this in for one that is cheaper. Chances are by the time you add in what they don't payoff on this car, your going to be close in payments anyway. Your best bet to get out from under things is to let this car go and save cash for a few months and pay cash for a car until things are back under control. Good luck!
I have a voluntary repo on my credit report. It is just as bad as a repo. Shortly after we got married, I voluntarily returned my sports car to the bank. It recently dropped off my credit report! But yet, it is just as bad as a regular repo. Just not as embarrasing as having the repo guy towing your car away
Do you have a car max in your area? We have recently discovered they buy back cars and give a very very reasonable offer, they are a large company so the know how it all works. They have a website..carmax.com. They buy ALL cars, my dad just recently sold them a truck with 200k miles and 12 years old.
You need to remember that you are still responsible for the late payments. Also if they sell the car for less than you owe you are responsible for the remainder of the loan.
We had a car repo'd almost 6 years ago and it has been a nightmare on our back ever since. The company that repo'd it, resold it for much less than it was worth and they have been after us for the remaining money ever since. I have heard that each time the originating creditor try to get other collection agencies to get the money, the 7 years starts all over again, but I don't know.
Check the laws in your state. Certain debts are supposed to be taken off your credit if there has been no activity, meaning payments in a certain amount of time. In some states it is as little as 7 years in others it is 20. It depends on the type of debt as well.
http://www.fair-debt-collection.com/statue-limitations.html
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