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2006-07-13 04:02:37
2006-07-13 04:02:37

i'm not an expert but the best thing to do would be to call your creditor and try to make some payment arraingements to catch up, because it costs them money to reposes and resell so they really only want to repo as a last resort. another option would be to contact another creditor to loan you money to pay off the loan and stop the repossesion. be carefull witht this as it might cost you a little coin so make sure you read what you sign. you could try to reach a relative or friend for the money but remember in doing so you will have to pay them back and the result of not paying a friend or family member can be drastically more devastating than a bank. a third option would be to file chapter thirteen bankruptcy which will require you to pay back all or a portion of your loan but you will keep your car and could reduce your payments and lengthen the ammount of time to repay. which ever solution you decide on you must act immidiately or your property can be repossesed and you will still have to pay for it. as a word of caution do not attempt to destroy the car and claim insurance because your delinquency on the loan would automatically through a red flag and you will be suspect. so if you creditor will not work with you to help you catch up ask them if you pay off the loan in full if they will stop the repo, if they will seek financing from another institution. another trick that sometimes works is trying to settle a pay off price that is substantially lower than the loan balance. you will be suprised at how much they are willing to negotiate just to get a delinquent loan off of their books. works great with credit cards too. hope i helped. good luck


Related Questions

if i get my car repossessed, can they put a llien on the house?

Your car was probably repossessed by the lender who owns the car until you pay for it. Call your lender and they will be able to tell you how to locate your repossessed car.

No, a car can not be repossessed due to having no registration. A car can be repossessed for non payment. The police can have a car towed to an impound lot if there is no registration.

No, you must surrender the vehicle in the condition you received it in.

No, but your car can be repossessed if you don't make the payments.

They will call you to pay the bill and after you ignore it for so long and do not turn your car in willingly they will come get it.

if the car dealership does not pay for the car in full or pay their bills then the car would most likely be repossessed

When a car has been repossessed the person paying the insurance should cancel it.

I wanted to add to my original question...Our car was repossessed by the finance company because they said they found out someone else was using the car because of car payments being sent from a different address. AND, they stated that they wanted to see the condition of the car. I thought a car would only be repossessed if you were late on payments? I have never heard of this, so I don't know what is going on.

No you will not be arrested. Turn the car in if you are not going to make the payments. Having you car repossessed is a horrible idea, if there is any way you can avoid it. Talk to the lender and see if you can work something out. Remember you will still owe the balance on the difference in what they sell the car for and what is owed. Plus you credit is ruined for 7 years.

No. Your car gets repossessed, it's on you. You don't get to pass that on to someone else.

Your car can be repossessed if you miss one payment. Not likely they would do that but it is possible.

call the LENDER and get it straight. If you are current, they need to CLOSE the acct. with the repo co.

I have a welding machine on the truck they repossessed can they keep that?

Yes, a car can be repossessed even if another car is in front of it. The person in charge of repossession the vehicle can call the police to help them get the car.

If you have had a car repossessed, you have not kept up with the payments. You probably still owe money on the repossessed car. In these circumstances, the fact is that you can not afford to purchase another car and would not be able to obtain the finance to do so.

Neither is very good, you lose your car either way. However I would recommend waiting for it to be repossessed because they may not take it. If you know for certain that they are going to take your car you should surrender it because it might make them slightly happier with you.

You do not owe money for a car if it has been repossessed, so your wages can't be garnished for that reason.

The car isn't damaged, the debtor's credit rating is. There is no permanent record of the car as a repossessed vehicle like there is for a salvaged title.

If you don't make your car payments.

A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.

The only way to hide a car in Georgia if facing being repossessed is by filing chapter 13. If you have filed for chapter 13 it is legally ok to hide your car from being repossessed.

A car can still be repossessed if it has scratches or some slight damage. The current value of the car is normally used when netting off the debts.

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