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No advice on the car, but definitely apply for food stamps, & also look for food pantries in your area. People, with families to feed, with little or no money is why these food pantries exist. Go for it.
Be a responsible adult, take charge and "fix" the fiasco by getting a legal job or even two legal jobs and make an honest attempt to make the payments as you originally contracted. This would set a very positive example for your kids that would stick with them for decades.
Plan B is become a "Someone Else's Fault Loser" blaming anyone and/or everyone other than yourself thereby setting a very negative example for you kids.
As far as the punishment . . . "hiding" from the Repo Man and/or the Cops, working "under the table" and ending up with a horrible Credit Score that not only negatively effects your purchasing power but your chances of being hired will last for years . . . possibly even worse than jail.
Good Luck and I hope you take the responsible approach.
My wife worked as a bank repossesser for 20 years.
Here's what they did. The first few months they would let the owner turn in the vehicle in after calling them. If this didn't work they would contract a repo company that specializes in doing the physical repo. If they can't get the car then the bank would sell the car to a company that handles distressed vehicles only. When this happens all bets are off, they will do anything they can to get their car back. This is where the slimly stuff happens. This means calling your friends, bosses, neighbors, etc.. They will ask if they had seen them lately and have you seen their car, the caller won't say why they are calling, but a smart person would know why.
Any expenses that are accrued by any repo company will be added to the bill and will eventually be charged to the original purchaser. If the purchaser doesn't pay then the bank issues a 1099 to the IRS that the original purchaser was deficient and received money as regular income and requires that tax be paid.
Locking the car up is a brain dead thing to do. If you lock it up you can't use it. To use it you have to drive it and most repo companies will follow you around and grab the car where ever you go.
By far the best you can do is to voluntarily turn the car over and walk away. They will sell it at auction and then charge you the difference.
i dont get this. unless he is homeless and living in it; why does one need a car ?
Regardless he needs to pay off the loan to repair his credit record. Also in most cases, not having a car will limit his employment opportunities. Which he is already having issues with.
My wife worked as a bank repossesser for 20 years.
Here's what they did. The first few months they would let the owner turn in the vehicle in after calling them. If this didn't work they would contract a repo company that specializes in doing the physical repo. If they can't get the car then the bank would sell the car to a company that handles distressed vehicles only. When this happens all bets are off, they will do anything they can to get their car back. This is where the slimly stuff happens. This means calling your friends, bosses, neighbors, etc.. They will ask if they had seen them lately and have you seen their car, the caller won't say why they are calling, but a smart person would know why.
Any expenses that are accrued by any repo company will be added to the bill and will eventually be charged to the original purchaser. If the purchaser doesn't pay then the bank issues a 1099 to the IRS that the original purchaser was deficient and received money as regular income and requires that tax be paid.
Locking the car up is a brain dead thing to do. If you lock it up you can't use it. To use it you have to drive it and most repo companies will follow you around and grab the car where ever you go.
By far the best you can do is to voluntarily turn the car over and walk away. They will sell it at auction and then charge you the difference.
So you lose the car, and still have to pay for it. You take a hit on your credit report, and blow any chance of rebuilding your credit. That sounds like a smart plan to me.
Yeah but bro hear me, screw them they treat me like a dog when I asked for a 60 day extension. I spoke to 2 managers/sups and they basically said **** you.
They are in business to make money, not be your friend. They do not care what circumstances you are in as that has nothing to do with them. Your transaction with the lender is very simple. They paid for a vehicle for you with a contract that you would make agreed upon monthly payments to them on time until it is paid for. They hold the title as collateral. The contract says they will get their money back regardless either through payments until payoff or repossession/auction/etc... I doubt the contract says you will pay for the car unless something else comes up or unless you fall on hard times at which point you will pay when you can.
If you overextended yourself and don't have the means to pay for the car that they have already paid for on your behalf, they still want their money or the vehicle. By giving you a loan the company risks the potential to lose their money. This is why people with bad credit have a higher interest rate. You're more of a risk to them because of situations just like this. These companies HAVE to get their money back and make a profit, or they can't stay in business. Same as any other business. It's not personal.
Turn the car in and find something you can afford. Not trying to be rude, but honest. This is how it works.
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