THEY TOOK IT!

iVillage Member
Registered: 03-25-2003
THEY TOOK IT!
4
Thu, 06-05-2003 - 1:07pm
AAAAAHHHHHHH! I came out of work yesterday to go home and my car was gone! Yup, the repo man came and took it and I ended up having to take the bus home. At first I was devistated but then kind of relieved cause no stressing about making the car note....if I have the money, I do. But now I am worried that they will garnish my check if I dont make payments. I wish I had some money!
iVillage Member
Registered: 07-11-2001
In reply to: darma2002
Thu, 06-05-2003 - 5:04pm
Darma-

I don't want to stress you, as I know you are going through a lot but having your car repossessed does not mean your car note has disappeared. You have a contract for a loan, and that loan somehow needs to be paid. You need to read very carefully the contract that you signed for the car loan tonight and see what the clause says for repossession. After doing that, I can only suggest that you contact your attorney and find out what your next step is. Repossession is a very serious issue and collectors only do that when it's their last option.

The following scenarios can happen: You can possibly get your car back, if you are able to make the payments on it. That you will find out from reading your contract or speaking to your attorney. That's the best case.

Or, the lender sells your car through auction. If this happens, say for example the outstanding loan you had is for $12,000 and the car only sells at the auction for $8,000 - you still owe the lender $4,000. The lender could get this through wage garnishment and/ or garnishing your savings and checking accounts. It will be in your contract.

Look in the contract to see if there is a clause for wage garnishment or savings/checking account garnishments after repossession, the collection agency can do that if it was in your contract.

Please don't let this fall to the wayside. You need to look into this as soon as possible. As I haven't seen the contract you signed, I don't know what the collection agency can do in order to retrieve their money back. I don't wish to frighten you, but I just wanted you to know the car note has not gone.

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
In reply to: darma2002
Thu, 06-05-2003 - 6:03pm
Excellent advice "at the beach" - thank you very much!

Danni

All my best,
Danni

iVillage Member
Registered: 07-11-2001
In reply to: darma2002
Fri, 06-06-2003 - 11:49am
Thanks for your compliment Danni. I'm glad I was able to give Darma good advice. I hope she can solve this soon, and take the worry a little bit off her shoulders.
Avatar for zaboz
iVillage Member
Registered: 03-26-2003
In reply to: darma2002
Fri, 06-06-2003 - 12:02pm
I'm so sorry to hear that! What a tough situation to be in.

I don't have any words of wisdom but I hope it works out for the best.