Comments on: What happens if my car gets repossessed? http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/ How to get an Auto Loan with Bad Credit - Auto Credit Express Sat, 07 Nov 2009 21:31:29 +0000 http://wordpress.org/?v=2.6 By: Steve Cypher http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-3523 Steve Cypher Tue, 13 Oct 2009 17:00:25 +0000 http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-3523 Lynn, It really depends upon how your finance contract is worded. You might want to look over the contract and then take it to a lawyer to see if you have any recourse at this time. Lynn,

It really depends upon how your finance contract is worded. You might want to look over the contract and then take it to a lawyer to see if you have any recourse at this time.

]]> By: Lynn http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-3519 Lynn Sat, 10 Oct 2009 03:38:50 +0000 http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-3519 My car was repossessed 5 days ago. I called the finance company and was told that I had 10 days to pay it up current and they would release it and I could get it from the lot after I paid their fees. I paid the finance company today. I called the repo lot and asked how much i owed them. they gave me the amount and told me the car was in phoenix az (I live in Mesa az) and they would give me the address when the paperwork was final. They told me to call back in 20 min and they should have everything done. I called back and was told I was misinformed, the car was shipped to new mexico for auction. (Right after I paid the finance company no less) I was told I had to go to new mexico if I wanted the car back. The finance company told me they ALWAYS ship cars for auction between 24 and 72 hours of retrieval. But it took them 5 days to ship mine. Do I have any recourse here? Any options? Because going to new mexico isnt possible for me, and I can't afford to pay for a car I don't even have. My car was repossessed 5 days ago. I called the finance company and was told that I had 10 days to pay it up current and they would release it and I could get it from the lot after I paid their fees. I paid the finance company today. I called the repo lot and asked how much i owed them. they gave me the amount and told me the car was in phoenix az (I live in Mesa az) and they would give me the address when the paperwork was final. They told me to call back in 20 min and they should have everything done. I called back and was told I was misinformed, the car was shipped to new mexico for auction. (Right after I paid the finance company no less) I was told I had to go to new mexico if I wanted the car back. The finance company told me they ALWAYS ship cars for auction between 24 and 72 hours of retrieval. But it took them 5 days to ship mine. Do I have any recourse here? Any options? Because going to new mexico isnt possible for me, and I can’t afford to pay for a car I don’t even have.

]]> By: aracely http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-3393 aracely Fri, 11 Sep 2009 00:29:23 +0000 http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-3393 Hi Steve thanks for your advise but today they came and took our truck. We are going to look for a lawyer now but i just wanted to say thank you... Hi Steve thanks for your advise but today they came and took our truck. We are going to look for a lawyer now but i just wanted to say thank you…

]]> By: Steve Cypher http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-3389 Steve Cypher Thu, 10 Sep 2009 18:35:21 +0000 http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-3389 Aracely, You have a few questions and I will attempt to answer them all. First let me begin by saying that we are not lawyers and we don’t give legal advice. That being said, I don’t understand how the bank can threaten to take your house if you don’t make your car payments. Normally a car loan is secured only by the car and by nothing else. I would suggest that you contact a lawyer regarding this issue, since threatening to take your home is a serious issue. As far as the second issue is concerned – the other car loan you took out with a much lower payment – that was actually a very smart move on your part. Since it is a separate loan, the bank cannot take it away from you since I am assuming you are making the payments on time and to another lender. My final suggestion is that, once you get the whole house thing straightened out with the help of a lawyer, you then call the bank and tell them you are going to do a voluntary repossession of the truck (the first loan with the high payment) and ask them where you should return it. That way, you can avoid some of the fees associated with repossession. Aracely,

You have a few questions and I will attempt to answer them all. First let me begin by saying that we are not lawyers and we don’t give legal advice. That being said, I don’t understand how the bank can threaten to take your house if you don’t make your car payments. Normally a car loan is secured only by the car and by nothing else. I would suggest that you contact a lawyer regarding this issue, since threatening to take your home is a serious issue.

As far as the second issue is concerned – the other car loan you took out with a much lower payment – that was actually a very smart move on your part. Since it is a separate loan, the bank cannot take it away from you since I am assuming you are making the payments on time and to another lender.

My final suggestion is that, once you get the whole house thing straightened out with the help of a lawyer, you then call the bank and tell them you are going to do a voluntary repossession of the truck (the first loan with the high payment) and ask them where you should return it. That way, you can avoid some of the fees associated with repossession.

]]> By: aracely http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-3384 aracely Wed, 09 Sep 2009 22:43:21 +0000 http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-3384 hi my dad can no longer pay for his truck payments. we have called the bank several times to try to resolve the problem but all they say is that they are going to repossessed the truck and threatened us saying that they are going to take the house away from us.. can they do that even though we are still paying for it? My dad took out another car with much lower payments before we called them about coming to pick up the truck can they do anything to the new vehicle? like make my made surrender that car also? please give me your opinion..thank you hi my dad can no longer pay for his truck payments. we have called the bank several times to try to resolve the problem but all they say is that they are going to repossessed the truck and threatened us saying that they are going to take the house away from us.. can they do that even though we are still paying for it? My dad took out another car with much lower payments before we called them about coming to pick up the truck can they do anything to the new vehicle? like make my made surrender that car also? please give me your opinion..thank you

]]> By: Steve Cypher http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-3314 Steve Cypher Mon, 24 Aug 2009 16:05:14 +0000 http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-3314 Krystal, We are not lawyers and do not give legal advice. But with that being said, it is always a good idea to keep in contact with the lender when you fall behind in payments. You should call them as soon as possible and seen if they can work with you to get current. You might also want to ask them about their procedure for a voluntary repossession (as this can differ with each lender), as it seems that in four months from now you will not have much of an alternative - unless they can help you with a refinance which, depending on how long you've had the loan, could significantly lower your payment and possibly let you keep your vehicle. Krystal,

We are not lawyers and do not give legal advice. But with that being said, it is always a good idea to keep in contact with the lender when you fall behind in payments. You should call them as soon as possible and seen if they can work with you to get current. You might also want to ask them about their procedure for a voluntary repossession (as this can differ with each lender), as it seems that in four months from now you will not have much of an alternative - unless they can help you with a refinance which, depending on how long you’ve had the loan, could significantly lower your payment and possibly let you keep your vehicle.

]]> By: Krystal http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-3313 Krystal Mon, 24 Aug 2009 08:17:58 +0000 http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-3313 Hi, I was wondering if you could tell me what the process is for voluntarily turning over my car. I havent had a job in over a year and a half, and I have fallen behind in my payments by two months. I still make my payments every month, but they are behind. For example, I just made June's payment a couple of weeks ago. This is the trend that I have been going with for about 5 months now. Do I need to call the bank and see if they will work with me to get me "current" on my payments, and just add the 2 months that I am behind onto the end of my loan, or should I just ask them what I need to do to turn in my car. I just can't afford it anymore. Also, I go to school full time and receive military GI benefits. My benefits are going to run out in about 4 months, and that is how I am currently paying for my car, so once those benefits run out, I will no longer be able to make the payments at all... Thanks! Hi,

I was wondering if you could tell me what the process is for voluntarily turning over my car. I havent had a job in over a year and a half, and I have fallen behind in my payments by two months. I still make my payments every month, but they are behind. For example, I just made June’s payment a couple of weeks ago. This is the trend that I have been going with for about 5 months now. Do I need to call the bank and see if they will work with me to get me “current” on my payments, and just add the 2 months that I am behind onto the end of my loan, or should I just ask them what I need to do to turn in my car. I just can’t afford it anymore. Also, I go to school full time and receive military GI benefits. My benefits are going to run out in about 4 months, and that is how I am currently paying for my car, so once those benefits run out, I will no longer be able to make the payments at all…

Thanks!

]]> By: Steve Cypher http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-3196 Steve Cypher Tue, 11 Aug 2009 18:29:40 +0000 http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-3196 Ken, We are not lawyers and do not give legal advice. That being said, Chrysler Financial cannot place a lien on any of your four cars and it cannot remove any funds from your bank account. On the other hand, it can request an order of garnishment from the court and attach a portion of your wages to satisfy the deficiency balance and it can continue to do so until the balance is paid in full. Ken,
We are not lawyers and do not give legal advice. That being said, Chrysler Financial cannot place a lien on any of your four cars and it cannot remove any funds from your bank account.

On the other hand, it can request an order of garnishment from the court and attach a portion of your wages to satisfy the deficiency balance and it can continue to do so until the balance is paid in full.

]]> By: ken http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-3193 ken Tue, 11 Aug 2009 02:24:03 +0000 http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-3193 hi i am in michigan and recently did a vouluntary repo and have a deficency ballence of 12800 owed to chrysler financial that i have atempted to make payment arangements to pay monthly. i own 4 cars outright can the company put a lein on them and can they reach into my bank account to take money the car that was repo was in my name bank account is in mine and my wifes what can they do should i put everything in her name hi i am in michigan and recently did a vouluntary repo and have a deficency ballence of 12800 owed to chrysler financial that i have atempted to make payment arangements to pay monthly. i own 4 cars outright can the company put a lein on them and can they reach into my bank account to take money the car that was repo was in my name bank account is in mine and my wifes what can they do should i put everything in her name

]]> By: Steve Cypher http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-2964 Steve Cypher Thu, 23 Jul 2009 12:45:21 +0000 http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-2964 Amber, We are not lawyers and we don't give legal advice. We are also unfamiliar with the laws in Tennessee. That being said, the lender can go to court to seek a judgment against you for the $6,000 deficiency balance. Once they receive this judgment, they can obtain a court order of garnishment and attach a portion of your paycheck. However, we have never heard of anyone going to jail for failure to pay a deficiency balance on a repossessed car. Amber,
We are not lawyers and we don’t give legal advice. We are also unfamiliar with the laws in Tennessee.
That being said, the lender can go to court to seek a judgment against you for the $6,000 deficiency balance. Once they receive this judgment, they can obtain a court order of garnishment and attach a portion of your paycheck. However, we have never heard of anyone going to jail for failure to pay a deficiency balance on a repossessed car.

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