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What if your car got impounded for 30 days and your bank won't defer a payment or work with you so you can afford to get the car out?
Wiki User
∙ 14y ago
Then they are going to repossess your car. The bank wants their money. Who's fault is it the car got impounded and has been so for 30 days all the time running up more storage fees. Man up, get to work and earn the money to get the car out of storage and make the payment. Sell something if you have to. If you can't then you will loose the car and learn a hard lesson. You should have gotten the car out of storage ASAP. You did not, so now you will pay for that and pay dearly.
???/ The thing is i did work and had a good job but a couple of years ago i got a wet and wreckless,then i got all that taken care of and got my license back after 6 months. then i went and got pulled over by the same cop and got another DUI. and this time didn't take care of it because of the year i had to wait no matter what to be able to take out my license and the 18 month program i have to do.2 years is now and i get pulled over on my way home from work. they take my car for 30 days. i have money for my car payment but no more money coming in since my job is out of town and have no way of going. so i tried to get the bank to work with me cause this is not my first car loan its my 3rd and the other banks would work with me no problem cause like in this situation i always paid on time and every month. i totalled 1 car that was paid off and well the other my ex got the court to take it away from me for his use. I am thinking of taking out a loan so i can get the car out because it will only cost 1300 but again I'm not working and are very worried. I was wishing the bank will defer 1 month payment so i don't have to take out a loan but they wont. what should i do???????
OK, I understand a little more. Take the money you now have and get the car out of impound immediately. It is just sitting there costing you more and more money each day. Once you get the car out you will be able to drive to work and earn money. Send the bank as much as you possibly can ASAP. This just may give you some extra time. If they repossess the car they will not sell it immediately. This will give you some time to earn enough to then settle up with the bank. If you know they are coming to repossess the car do not wait for them. Take the car to the bank and hand it over to them in a voluntary repossession. This will save you the repossession fees which you will end up paying. If you cannot get the car back they will sell it after notifying you of the sale and you will be responsible for the difference in what the car brings at sale and the balance on the loan. Be sure and remove any private property from the vehicle as they may repossess it at any time. You could get your property back but better to just not store anything in the vehicle. If you have someting you can sell to earn the monthly payment then sell it. Borrow the money from a friend of family member if possible and make darn sure you pay them back just as soon as possible. You may need that friend again. You have created a mess for yourself but all it not lost. You can get through this and even if you loose your car, it is not the end of the world. Keep your head up, learn from this mistake, and for God's sake stop drinking and driving or you may kill someone and end up spending the rest of your life in jail. Another option is to get a second job working a few hours to earn extra cash. Work at it and you will be successful. Good Luck.
??????????/Thank u for the advice i really do appreciate it. It did help I'm glad for the fast response i stayed awake hoping for it. Ive learned my lesson 2 years ago for drinking and driving its the heavy foot that still gets me in trouble. Thank u.
Wiki User
∙ 14y ago
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When is payment due after buying a car?
Generally a month. Sometimes if you ask your bank or finance company to defer the first payment for an additional month they will.
Can a bank demand payment in full on an auto loan if the vehicle was repossessed for no insurance?
Yes. A bank repossesses a vehicle for nonpayment. If your vehicle was taken for being on a public roadway and not having insurance, it was impounded. When a vehicle is impounded, a lien is placed on it by the agency which ordered the impound. The interests of government agencies override those of the bank, and they can sell your vehicle to recoup impound costs if you do not reclaim it within a specified period of time. In this case, the bank receives nothing from the sale, and you still owe the bank the remaining balance.
Where can I find a free online mortgage payment calculator?
There is online calculator you can work on to make sure the mortgage payment you are afford to pay, or you can go to the bank, they probably figure it out for you as well, here is the site: www.mortgagecalculator.org/
Where can I get a simple home payment calculator?
The Bank of Nova Scotia has an easy to use home payment calendar on their website, as do the websites of most major banks. They are simple and convenient to use when trying to figure out what size of payment you can afford before shopping for a house.
Can a vehicle be impounded of forfeited?
It can be impounded by the police, a repo man, or for being parked illegally on private property. It can be forfeited if you fail to make payments on time and the bank repossesses the vehicle.
What is an irrevocable bank payment undertaking and what are its benefits to the seller?
And your revocable bank payment is a bank payment that cannot be rescinded. The advantage to the seller is once the payment is issued, it cannot be canceled.
What is meant by Payment by documents through bank?
Payment by documents through your bank is how you have made your payment. The document could be your check.
Can a bank go into your checking account and take out my house payment?
If you have authorized your bank to do so by arranging a scheduled payment, then the money will be drawn out and applied towards your mortgage payment. However, if you did not authorize a payment beforehand then a bank will not take money out for the payment.
How do you defer a car payment?
First you need to call your financing company. Once you call them they will let you know whether you qualify based on the company's guidelines and terms of your contract. if you do qualify, they will let you know if you need to sign and agreement and pay a fee, on most cases with car loans they will mail/fax you an agreement that you need to sign and send back with a fee (some companies don't charge a fee). after everything is completed one of your payments will be defer until the end of the loan, for example if you are due for November and your loan ends in october of 2010, after the deferment your next payment will be in December and your loan will end in November of 2010. Also keep in mind with some loans only your regular payment is deferred not the interest, so your interest will continue to accrue so the next time you make a payment they will take the interest for your deferred payment plus the interest of the current payment, therefore less money will be applied to your principle. If you defer too many payments and don't pay more to make up for the interest you will have a balloon payment by the end of the loan. So don't defer payments unless you absolutely need it. and lastly on a car loan it will need affect your credit unless you go over 30 days past due. I'm collector for a bank in Southern California.
Is it possible to postpone student loan repayment?
It is possible to defer your payment. However I think it is best to talk to your bank and to your school about this loan for further information. They would have the necessary information, plans and guides.
Stop Payment on Check?
Get StartedIn the Stop Payment on Check letter, the "drawer" is the person who writes the check (or share draft, etc.). In nearly all states, a drawer may, by order to his or her bank, stop payment of any item payable on his or her account, but the order must be received at such time and in such manner as to "afford the bank a reasonable opportunity to act on it." This means that the stop payment order must both: (a) identify the check with reasonable accuracy, and (b) be received "in time."
Can you put a stop payment on a check after it is cashed?
No. A stop payment can be issued only before the check payment is made by the bank. If you try a stop payment after the bank has paid for the check, the bank wont accept it because the stop payment instruction is useless now and cannot be executed.
