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I can't afford to pay my car-note to keep my car, and there going to take it away. The motor mound doesn't work so it can't be drive. Where is it going to go? Is there anyway I can get it back?
The vehicle will go to some tow yard(usually the tow company that picked it up).
As for getting it back, that is possible, but you will have to work that out with Santander.
They may want full payment, or you will need to catch up on the payments you are behind, before they will release the vehicle.
If you do neither, they will auction the vehicle, and if they didn't get the amount that is still owed on it, you will be responsible for the balance, even though you no longer own the vehicle.
I can't afford to pay my car-note to keep my car, and there going to take it away. The motor mound doesn't work so it can't be drive. Where is it going to go? Is there anyway I can get it back?
Usually
Bank sends a repo notice to a repo company.
They go look for the car and pick up
Take it to their yard where they hold it
You need to
Contact your bank and pay the owed money to be current on payment
They tell you where the car is
You go to the tow yard and need to pay the tow and storage fees
You can now pick up the car
If you don’t
The bank will sell the car at auction for whatever they can get.
The leftover money if any (less auction and tow fees) go to paying the loan balance. Anything that the sale of the car doesn’t cover you are liable for. You will owe the balance and most likely get a big fat black mark on yiur credit.
Bank sends a repo notice to a repo company.
They go look for the car and pick up
Take it to their yard where they hold it
You need to
Contact your bank and pay the owed money to be current on payment
They tell you where the car is
You go to the tow yard and need to pay the tow and storage fees
You can now pick up the car
If you don’t
The bank will sell the car at auction for whatever they can get.
The leftover money if any (less auction and tow fees) go to paying the loan balance. Anything that the sale of the car doesn’t cover you are liable for. You will owe the balance and most likely get a big fat black mark on yiur credit.
Correct you will be liable for any remaining balance after it’s sold at auction and most likely it will not sell for what is owed against it. And you’re credit report will show a repo on it for 7 years even if you pay off what is left after they auction it off. Santander is a secondary automotive loan company that deals in bad credit buyers if you can’t pay them you will have to pay cash for another vehicle because you can’t even pay a bad credit lender no one is going to finance a vehicle for you except a buy here pay here and those are loan shark dealers with junk vehicles charging high interest because they know you can’t get financing anywhere else. They are like a payday loan company.
Anyway, OP if you're having trouble paying now I highly doubt you can get it back...the fees alone will be huge. *They're going to tack on additional stuff.
I can't afford to pay my car-note to keep my car, and there going to take it away. The motor mound doesn't work so it can't be drive. Where is it going to go? Is there anyway I can get it back?
"Motor Mount"
According to the type of car, size of engine, these can run $200 to $600 to replace.
Secondly, as mentioned, normal lending companies will let you get your car back, after all "collection fees" have been paid. Statistically a car isn't repo'd until the debtor is 3 or more payments behind.
Average car payment being $300 = $1000, plus fees, late charges, probably around $1,500, then the $600 repair bill, you will need between $2,000 and $2,500 to get the car back and operable. Do you have that kind of money? If not, then you will have the repo on your credit report, as well as the late payments, and when they auction it off will most likely sell it for whatever it brings. If you owe $10,000 on the car, it brings $7,500, you will owe the "default balance" plus any fees over what the auction sells it for. YOu could easily be responsible for $5,000 and not even have the car.!
"Motor Mount"
According to the type of car, size of engine, these can run $200 to $600 to replace.
Secondly, as mentioned, normal lending companies will let you get your car back, after all "collection fees" have been paid. Statistically a car isn't repo'd until the debtor is 3 or more payments behind.
Average car payment being $300 = $1000, plus fees, late charges, probably around $1,500, then the $600 repair bill, you will need between $2,000 and $2,500 to get the car back and operable. Do you have that kind of money? If not, then you will have the repo on your credit report, as well as the late payments, and when they auction it off will most likely sell it for whatever it brings. If you owe $10,000 on the car, it brings $7,500, you will owe the "default balance" plus any fees over what the auction sells it for. YOu could easily be responsible for $5,000 and not even have the car.!
Time to talk to a bankruptcy lawyer. Might be your only way out if you owe thousands you do not have. Just think hard before you decide to take that action. For some, its their only option.
Does bankruptcy allow you to keep a car that you owe money on?
that depends on if you can make a deal with the lender, and get it approved by the judge. that said, other creditors will want their money, so in the end unless you have only the one car, it will be taken and sold at auction anyway.
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