Need advice on my car being repo'ed

Discussion in 'Credit Talk' started by onebadbird, Dec 24, 2010.

  1. onebadbird

    onebadbird Member

    Ok I have had my loan originally it was through roadlaons they sold it to Santandier consumer. I ended up lossing my job about a year ago. I was out of work for a couple months I managed to stay a float barely but I did. The job I took is for a lot less pay and things have caught up to me. this last year has been a battle trying to keep a float. Any way My car was repo'ed last night. I can not file a bankruptcy cause I filed a chapter 7 about 5 years ago due to mediacal bills from a car wreck I was in. I know I cant afford for them to garnish my wages or I will literally be homeless. what are the chances they just write this off or do they generally come after you I dont really know how this works. thanks in advance for your help and advice I am just trying to keep my head up this Christmas for my kids sake.

    Thanks and Merry Christmas all
  2. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    I'm sorry to hear about your situation, and I do hope you were able to have an enjoyable Christmas spending time with your kids in spite of these problems.

    So, the repossession process works a little different in every state, but in most states creditors have the right to sue you for the remaining amount you owe. This will often happen after the vehicle is sold at auction and they have determined the total deficiency plus repo and attorney fees.

    I guess the answer to your question really depends on what that final number is. Of course, the bigger the amount, the more likely it is they'll come after you for it.
  3. JMason

    JMason Well-Known Member

    Sorry to hear about this. In most states it just becomes a judgment on your credit report. Once they sell the vehicle they should send you a letter stating how much the car was sold for, and what your portion is. Give them a chance to auction the car. In most cases it could remain a charge off or a judgment.

    Let us know what correspondence you receive.
  4. onebadbird

    onebadbird Member

    Just to clearify and help I am in ILLinois. Today I just recieved a letter from the lender certified mail.Stating that I owe them $11,200 that includes repo fee's ect. The car is prob worth about $2000 only and the letter also states they are going to sell it to a private party around january 15,2011 So I am wondering what this means to me? I thought they had to auction the car I am obviously wrong my main concern is that they come after me for the remaining balance. they have never contacted me to let me take my personal stuff out of the vechicle as of yet either. I hope this helps and your advice is very very very apreciated with this. Thank you and I look forward to hearing more advice and recomendations. thanks again
  5. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    They will likely come after you for whatever the difference is between the $11,200 and what they eventually sell the car for. Also, they should have contacted you after the car was repossessed to give you an opportunity to pick up your personal stuff. Are you sure the letter they sent you didn't reference anything about that? If not, I would contact them about it right away.
  6. onebadbird

    onebadbird Member

    no it doesnt state anything in the letter of were the car is or for me to get my stuff out of it. How will I know if they are going to come after me for the money will I just get a summons that I need to go to court because they are sueing me? Or will they tell me this is what you owe and we want it. Also if it goes to court and they get there judgement I would assume they would try to garnish my wages do they have to notify me of this as well? Or will they tell me if they decide to just write it off?
  7. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    They should send you notification indicating how much you owe them right after the vehicle is sold. If you ignore it, the next thing they might do is sue you and try to obtain a judgement.

    And yes- if they win, they could start garnishing your wages, but they would have to get approval to do that as well. That doesn't mean they would tell you what they were trying to do though. They could just write off the loss and forget about it too.
  8. onebadbird

    onebadbird Member

    Thanks again I really really apreciate your input with this. What do you think I should do or tell them then. I mean I am praying they right it off because I can not afford to have them garnish me but I can also not afford to pay them either. I basically got into this mess because I was living fine at a job for 13 years paid my bills no problems except for medical bills a few years back. but was able to afford what I had then lost my job due to CUT backs. I found another job right away but for a lot less money. But I figured hey I am working not mooching and trying to hold everything together. I am even trying to get a night shift job as a second job. Sorry for rambling just very nervous and dont really know what to do. So your opinion is definatly greatly apreciated. what should I do once they sell it and send me the notice?
  9. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    I would personally try to work my butt off and save as much money as possible between now and then so I could pay the difference before having to deal with lawsuits and judgments. Believe me, you want to avoid that situation if at all possible. Chances are better that they will come after you for the deficiency, so I wouldn't bet on them just writing off the debt and leaving you alone.
  10. jshimmer

    jshimmer Well-Known Member

    If you owe them $11,200 and (you say) the car is worth about $2,000, I can all but guarantee you that they'll be filing suit and (eventually) garnishing wages or going after any savings you may have (if you don't work things out with them prior).
  11. Desdemona

    Desdemona Well-Known Member

    I had my vehicle repo'ed in 2009 - it is not the bank/CU responsablility to contacted about your personal stuff - take it from me I know. It is your responsablility to contact your bank/CU - they will then tell you what your what you need ($) to get your balance current - what the repo costs are and how they want the payment processed. They will then tell you what repo company was used - they will be local, how to contact them to make arrangements to pick up your personal stuff. I went the next day as I had kid's car seats that I needed for that night, they gave everything in the car that was mine including the plate. There is a usally a very small window that the car is at the repo company's yard before they send it to the auction house as they don't get paid till that car is at auction. Once it gets there - kiss your stuff goodbye it's as it's a free for all - dumped or taken as unclaimed.

    Trust me - it's like credit repair you can't rely on creditors to "do you right" you need to take things in your own hands.
  12. onebadbird

    onebadbird Member

    UPDATE: the bank called me today and told me they auctioned the car off were as the letter they sent me said they were going to sell it to a private party is this relavant to anything? secondly they sold the car for $1100 the balance was $10500 they said thy would be wlling to settle this for pennies on the dollar and asked if I would be interested. I told them that could be possible then their first offer was $4500 to be paid over 3 years at $150 a month. should I try to further negotiate with them? because that is still going to be pushing me very very close to the edge of having to do a Bankruptcy. look forward to hearing your advice and thanks again.
  13. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    The bank can auction the car or sell it to a private party- it's generally up to them how they want to get it off their hands. Not much you can do about that.

    Now, I would never take a bank's first offer. You can always negotiate further. If they're willing to take about half of what you owe over 3 years, I think the chances of you negotiating something close to 30% might be good. It's worth a try. If you have the funds to pay up front instead of over 3 years, that should give you even more leverage to negotiate a lower settlement.

Share This Page