I have a car with a small balance owing ($1600) and my contract has expired. The company never wanted to allow me to make payment arrangements but wanted it in full. Now they are trying to offer settlement (600) which I don't have right now. They are saying its charged off effective today but I am not trying to give it back when it can be paid if given time. They are talking about taking me to court and how somebody will pay 700-800 for a real nice car (the car isn't looking real pretty after three growing boys & 190,000 miles). Also talking about wage garnishment - the car could be paid off by the time they do all of that can't it? Also thought about hiding it. Can anyone offer any suggestions?
This is not a strong subject for me, but I can give you some links to look up further information. I do know you can redeem a repo I have seen it done. It will show redeemed on the credit report. IndependentDealer.com - Finance - Defaults and Repossessions in Motor Vehicle Transactions Your Repossession Rights. What happens after the car is gone and what rights do you have to protect your wallet and credi record.
I've experienced an auto repo almost eight years ago. I managed to pay the full amount due and got the car back. This was through a major bank. Maybe your situation is with one of those "Buy Here, Pay Here" lots? I don't know if I could be of any help telling you how I handled my situation. And I don't understand what you mean by "contract expired". How can it expire when you still have an outstanding balance? FYI...you might consider hiding it since repo fees and towing fees could possibly add up to more than the $600 you could pay to be over and done with it. And don't be surprised if it's repoed from your place of employment or any other location that you might stop at. Good Luck!
I am not driving the car and its inside my garage, but I'd like to move it. I am driving my other car. My car was suppose to be paid off a few months ago and at some point, I became sick pushing the payments to the end. It was through Triad Financial. The rep said that it was going to be "charged off" by COB today and that they would take me to court. I am not sure how long that will take them to have me served or whatever the procedure is, but I am thinking it will be paid off before then (depending on time line of actions).
