www.carpayment.me can help you perform loan audit on your auto loan, stop repo, avoid repo, lower car payments, lower interest rates, stop repo man, refinance, purchase a new a car and more! So if you are having auto loan problems, give our office a call today at (302) 725-0640
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Question by Angela: Auto Repossession laws and advice?
Hello! I have a question regarding a vehicle repossession in Georgia. My car was repossessed in November of last year (2009) after I was 3 months past due on my loan. I lost my job and was in college full time and was unable to pay the payments. I tried everything that I could to avoid repossession, however I failed at all attempts. Anyway, I received a letter from the bank shortly after they got the car back that told me that they were going to sell it at a public auction unless I requested a private sale, etc. I did not respond to the letter because I had already tried to sell the car to no avail. I got a letter today telling me that they sold my car on June 30th at an auction for 1800, which leaves a deficiency of ,352.30 that I owe in full within ten days or they will take further action against me. I was wondering what I should do, as I obviously can not pay them. I can barely pay my bills that I currently have. My husband and I are living with his parents, we share a car now and I do not work as I am in college. I graduate in three weeks (Nursing) and will get a job shortly after that (providing that I pass the boards). Would the bank be willing to wait until then? And even then, I can only do a payment arrangment. Also, I thought that the bank was required to tell me when and where the car would be sold so that I could come to the auction if I chose?
Thanks for all help in advance!
I go to school 5 days a week. On Mondays, Tuesdays and Fridays, I work at hospitals, nursing homes, drs offices, etc. doing clinicals. I work from 6:30 am until 2:30 pm. On Wednesdays and Thursdays, I go to school from 8:15 am until 2:30 pm. I then go to my husbands job and sit in the parking lot until he gets off work at four and then we drive 30 mins home. The only job I would be able to get would be a part time job, which would be hard working two different shifts with only one car. My husband has one job. We live in a very small town, population less than 10,000 and with an unemployment rate 9% above state average. You think we’re the only ones without a job? I didn’t ask for your criticism, only your advice. You were too busy being judgemental to even answer the question.
And anyway, did I ever say that I was not going to pay the debt? No, I did not. My question was asking if the bank would likely be willing to work out a payment arrangement with me, as I can not pay the lump sum right now.
Thank you, Spock for your answer. To the second poster: This is an example of advice.
The reason I got the car in college was because the original loan was in my dad’s name. My dad got the car for me and made the payments. He later got sick and underwnent open heart surgery and since I had a good, stable job, I told him that I would take on the payments. I then took out a loan in my own name and took over the payments. Had I known then what I know now…. lol
Best answer:
Answer by Common Sense
No, they do not have to notify you of any sale. You still owe them and they will make your life miserable until they’re paid. Sorry, but that’s the facts.
Know better? Leave your own answer in the comments!
Question by craZy LoCa: Is it possible to get a new auto loan on a used vehcile after repossession 2 years ago.?
My husband had stopped working and wasn’ t receiving Unemployment for 6 months due t denial, After he won his unemployment it took an additioal 20 to 30 days to start receiving unemployment checks, which his car had a prior repossession and two week after he received his first unemployment check his car was repossessed and car was sold.
Best answer:
Answer by remarkabow
Yeah, there are companies out there that will give anyone a loan for a used car. One of you has to be working and unfortunately it won’t be for the best rate.
What do you think? Answer below!
Question by Angela: Auto repossession laws and advice please?
Hello! I have a question regarding a vehicle repossession in Georgia. My car was repossessed in November of last year (2009) after I was 3 months past due on my loan. I lost my job and was in college full time and was unable to pay the payments. I tried everything that I could to avoid repossession, however I failed at all attempts. Anyway, I received a letter from the bank shortly after they got the car back that told me that they were going to sell it at a public auction unless I requested a private sale, etc. I did not respond to the letter because I had already tried to sell the car to no avail. I got a letter today telling me that they sold my car on June 30th at an auction for 1800, which leaves a deficiency of ,352.30 that I owe in full within ten days or they will take further action against me. I was wondering what I should do, as I obviously can not pay them. I can barely pay my bills that I currently have. My husband and I are living with his parents, we share a car now and I do not work as I am in college. I graduate in three weeks (Nursing) and will get a job shortly after that (providing that I pass the boards). Would the bank be willing to wait until then? And even then, I can only do a payment arrangment. Also, I thought that the bank was required to tell me when and where the car would be sold so that I could come to the auction if I chose?
Thanks for all help in advance!
Best answer:
Answer by rick29148
No way to tell what the bank might do unless you ask them. They did what they were required by law to do, that they were going to sell it. They don’t have to tell you when & where, because they themselves might not know when.
Know better? Leave your own answer in the comments!
Question by Jackstarks: How bad would the repossession by ‘we finance auto’ affect my credit?
I had to buy a used auto from ‘we finance’ like early this year due to no credit establishment. And I have been sucked paying over 200% of the blue book price. And I don’t want to keep paying that because financial situation these days is not really good. If I stop paying monthly payment and they repossess the auto, how would it affect my credit and what else is expected to happen?
Best answer:
Answer by wartz
It would depend if the dealer reported you to credit reporting agencies. If you don’t want to continue with the deal, contact the dealer and offer to bring the car and the keys back without badmouthing him. Maybe he will call it square if you are cooperative.
Give your answer to this question below!
Laws of Auto Repossession
Laws of Auto Repossession
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Home Page > Finance > Loans > Laws of Auto Repossession
Laws of Auto Repossession
Posted: Apr 23, 2010 |Comments: 0
| Views: 172 |
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Repossession is basically categorized in two types; voluntary and involuntary repossession. A voluntary repossession is a situation when the borrower decides to contact the lender/ bank that he is unable to make any further payments for the car loan. The car is voluntarily handed over to the lender which saves the cost of repossession which if incurred will be borne by the borrower. On the other hand, involuntary repossession is a decision taken by the lender when borrower misses out on payments. The lender has the authority to repossess the vehicle after a single non-payment. Usually the lender will call up a repossessing company to tow the car from the borrower’s place and all expenses have to be paid by borrower. There is not much difference on the credit score for both types of repossession. It will ultimately lower the credit score of the borrower and will remain there for at least seven long years.
Following is the standard process for auto repossession:
In the first step, a lender sends a mail warning the borrower regarding the delayed payments. It does not always happen as there is no such law to send a warning mail before repossessing the vehicle. However, if the contract contains such terms then a mail will be sent.
A follow up call will be made to the warning.
The borrower then generally requests for grace period to make those delayed payments.
If still the payment has not been made, the borrower will once again receive a warning mail from the bank/ lender.
After this second warning, the car will be repossessed. It will be taken away from your office, home or where ever it is.
After repossession, the lender will send a document stating that the vehicle has been taken and what will be the procedure to get back the vehicle.
The borrower has to find ways to make payments. If he does find then he has to pay the delayed fees, repossession fees, towing charges, impound charges, storage fees and various other fees incurred by the company that repossessed the car.
If there is no way where borrower can pay the fees, then he loses the car completely. The lender then will have complete right over the vehicle and will search for a new buyer.
The borrower’s credit card report will be updated on account of the repossession of vehicle.
Some contract agreements allow the car owners to reclaim their vehicle even after repossession. For this, the borrower has to pay all the delayed installments/ payments with additional repossession fees and any other miscellaneous charges which may have occurred during the process of repossession of vehicle.
The repossessed vehicle will be under the lender and the borrower will have to pay monthly payments till the date it is sold. For example – if a car is repossessed in the month of March and gets sold by December, then the borrower or the previous owner of the vehicle has to make the payments for 9 months. Suppose, the lender is not able to pay this amount after repossession, it will be debited to his account after the vehicle has been sold. Also if the car is sold to another buyer at a price lower than the actual price, then the balance amount will have to be paid by the borrower. Hence, there is no way to escape from these payments and it must compulsorily be paid to avoid any further harm to your credit standing in the market.
To avoid repossession, people opt for loan modification. Apart from automobiles; boat, trucks, SUVs and RV loan modification can also be done to increase savings and reduce monthly payments.
Auto loan payments if avoided can be a pain in the neck for many years. Thus, be careful when you pay your bills on priority basis. Keep your auto loan bills at the top of the list.
About Auto Relief Group (Author):
Auto Relief Group was founded to help customers deal with their auto loan payments in time of need. Over the years each member of their team has developed a stellar reputation, and industry connections, allowing the company to quickly identify opportunities and act to assist the clients in their efforts to reduce their payment and keep their car, SUV or truck.
For more information on Auto Relief Group and its scope of services,
Visit: http://www.autoreliefgroup.com/default.aspx
Contact:
877.216.7203
877-259-3559
877 842-7667
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Anthony Giudice is a president and CEO of 5 international companies.
Question by Amy: Legal assistance on car accident: Prior or current auto insurance company?
I was involved in a car accident last year. The other party filed a claim against me last week . I switched auto insurance company in May this year. When seeking legal assistance, should i reach my prior auto insurance company or the current one?
Best answer:
Answer by Bill
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Know better? Leave your own answer in the comments!
Avoid Repossession through Auto Loan Modification
If you are struggling to make monthly payments on your auto loan and you are way behind on your payments, try considering the possibilities of auto loan modification. Auto loan modification companies help negotiate your auto loan with lenders to lower the interest rate and reduce your monthly car payments. They are skilled individuals who can help you save money and avoid repossession.
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About Auto Relief Group
Auto Relief Group offers Car Loan Modification service, we assist car owners in renegotiating their car loan or lease, avoid repossession and maintain ownership of their vehicle by working directly with lenders to restructure loans, extend terms or reduce payments.
We provide our clients with customized reports, expert advice and negotiation assistance when restructuring their car loans.
Website : http://www.autoreliefgroup.com
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Linkedin : http://www.linkedin.com/in/autoreliefgroup
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