car repossion
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car repossion
| Thu, 05-21-2009 - 1:24pm |
just wondering if anyone has knowledge about car repossion. my husband hurt himself at work and is collecting workman comp. We have had to chose between making the mortgage payment or the car payment and we made the house payment. Just wondering if anyone has been through this and how it works.
If it is true that you have to pay the difference if sent to auction.
thanks for your help
colleen

If you simply turn the car into the bank, and say I can't pay for it, they sell it to the highest bidder and tack on any cleanup cost.
Norma
"Patience is the best remedy for every trouble"- Plautus
Thanks for answering... What mess we have gotten ourselves in.
We really have no choice at this point. I am just wondering how long until they come and get it.....any ideas?
Think the question here is how long will your husband be out of work?
Maybe you should call the lender who has the car before you jump on the repossion thing. See if you can make an interest payment on the car for at least a month until he can get back to work.
Then if that doesn't work try to sell it for what is owed on it and if that doesn't work hide the car at a friends house or somewhere the lender doesn't know about
First off, have
We ended up selling a few things and making two payments yesterday. now we are not behind and we get to keep the car-but we still can not afford it and will end up not paying something else just keep it......guess we are just trading on for the other:(
thanks for all of your suggestions and comments
I am grateful for your support
have a good weekend
take care
colleen
Now that you're caught up (for now at least) it's time to figure out what you'll do next.
Call and ask them if you can skip a payment (this will give you a one month reprieve from having to pay it). Explain to them what is going on with DH - will he be able to return to his job or is his injury something that won't heal well enough to return? Let them know what is going on. A lot of lenders will work with you (though I can tell you Capital One and GMAC are JERKS) -- give them a call.