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So long story short, I screwed up. Things happened, some I could control and some I couldn't, but I didn't do anything until now, and now my car is repossessed. It's not an option to get it back, as I honestly can't say that I can afford it if I did. My question is:
What do I do now?
I know the bank is going to make sure they get their money, if it means I get screwed a little or a lot doesn't matter. I was just wondering if anyone had any knowledge or personal experience that could help me on this. Thanks.
So long story short, I screwed up. Things happened, some I could control and some I couldn't, but I didn't do anything until now, and now my car is repossessed. It's not an option to get it back, as I honestly can't say that I can afford it if I did. My question is:
What do I do now?
I know the bank is going to make sure they get their money, if it means I get screwed a little or a lot doesn't matter. I was just wondering if anyone had any knowledge or personal experience that could help me on this. Thanks.
The bank will sell the vehicle for what they can at an auction, and legally you will be liable for the banks losses..
Most likely they will eventually write off this amount if you are unable to pay, but they can obtain a legal judgment and come after you.
One thing to remember, banks are about minimizing losses, not throwing good money chasing bad debts.
Not to be negative, but the bank or finance company could very likely sell the debt to a collection agency. They are much more persistent with their collection action.
pghquest is correct. Since I had 2 cars repossessed back in the 90's, this is what will happen. They will put it on your credit report, and sick multiple collection agencies on you. However, you can ignore them. I never did give any money for either repossessed after they were taken, and both fell off my credit report in 7 years.
Sorta like mortgages, if things look like the going south you can sometimes get the lender to forgive some part of the debt or agree to new terms before they repossess / foreclose. If the deed is done you really are stuck with the legal issues in your state, most of which give borrowers not much recourse.
If you can work out a deal to pay back some of the missed payments in exchange for them not torching your credit that is remote possibility now.
Unless a miracle happens you will almost certainly fit into the "bad credit, no credit, no problem" category and the next time you finance a car your will be paying loan shark rates...
Done it, not proud of it, but it will drop away but you will have a hard time getting a loan for anything as long as it appears on your credit report.
Quote:
Originally Posted by chet everett
Unless a miracle happens you will almost certainly fit into the "bad credit, no credit, no problem" category and the next time you finance a car your will be paying loan shark rates...
You can get around that by paying cash for a car and not dealing with a middleman.
Keep a low profile and do not contact the lender unless absolutely necessary, but keep EVERYTHING they send you relating to this repo. Hopefully they will not follow the proper steps set out by your state law and as a result they will lose any rights to come after you for the deficiency.
Ok I live in Oklahoma...I'm in the crap whole of this repo as well...got a truck repoed...it was worth$31k...they sold it for $20k and some change....I got my income tax in last year....and decided to try and get another car....while I still was paying on the truck they sold. I didn't want payments because I was already paying on the truck...but 3 dealerships said the same thing to me and I brought it up to them that other dealerships said the same and they all agreed they said...not that they like to agree with other dealerships but they all said this"I don't owe them anything!!!" Why am I paying on it they said...they said stop...it's already been sold. After finally getting that threw my head...I bought a used car with payments...because I didn't need or have to pay on my repo truck anymore...well my truck got repossessed in 2011....about 3 days ago 7/27/13...or so....I get court papers saying im getting sued for almost $10,000!!!!!! TTowards the truck!!!
Please anyone anyone at all please help me with this. I honestly have no idea what to do I'm a parent of 3 and one is just now getting potty trained....I'm up s creak with no paddle..and a whole in my boat. Please anyone give some advice please contact me at email..or even text..or Facebook I don't care anyone please just help me. 15803418408 or Orionestrada@hotmail.com my name is Tarron Estrada.I live here in Oklahoma. I hope to hear from someone very soon.thank you
O.............. I honestly have no idea what to do I'm a parent of 3 and one is just now getting potty trained....I'm up s creak with no paddle..and a whole in my boat. Please anyone give some advice ..........
You want some advice that will fix your problems? Stop buying things on time payments when you don't have the money to make the payments.
Just because someone will loan you the money does not mean that you can afford it.
Also, your kids are worth nothing at all when you are talking about your debts, unless you are thinking about selling the kids and using the money you get to pay off the debts. You do not get special treatment just because you have kids, so get that idea out of your head.
Ok I live in Oklahoma...I'm in the crap whole of this repo as well...got a truck repoed...it was worth$31k...they sold it for $20k and some change....I got my income tax in last year....and decided to try and get another car....while I still was paying on the truck they sold. I didn't want payments because I was already paying on the truck...but 3 dealerships said the same thing to me and I brought it up to them that other dealerships said the same and they all agreed they said...not that they like to agree with other dealerships but they all said this"I don't owe them anything!!!" Why am I paying on it they said...they said stop...it's already been sold. After finally getting that threw my head...I bought a used car with payments...because I didn't need or have to pay on my repo truck anymore...well my truck got repossessed in 2011....about 3 days ago 7/27/13...or so....I get court papers saying im getting sued for almost $10,000!!!!!! TTowards the truck!!!
Please anyone anyone at all please help me with this. I honestly have no idea what to do I'm a parent of 3 and one is just now getting potty trained....I'm up s creak with no paddle..and a whole in my boat. Please anyone give some advice please contact me at email..or even text..or Facebook I don't care anyone please just help me. 15803418408 or Orionestrada@hotmail.com my name is Tarron Estrada.I live here in Oklahoma. I hope to hear from someone very soon.thank you
Here's an idea: Don't buy things you cannot afford. If you do buy something, pay for it as agreed. Then you won't have these problems. All of your problems could have been avoided.
What does the fact that you have three kids have to do with anything? Except that maybe you have more than you can afford to support. And why mention that one is being potty trained? Are you under the impression that there is some sort of financial exemption for people with children who are being potty trained? Take responsibility for yourself and your choices. Your financial screw-ups make everything cost more for everyone else.
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However, you can ignore them.
I never did give any money for either repossessed after they were taken, and both fell off my credit report in 7 years.
