Auto Repossesion

tush_52 · #1 07-12-2006, 11:21 AM

We own a 2005 Ford focus. We haven't made a payment since december of last year. The finance company is threatening repossesion, they are also threatening with jail time if we do not surrender their car.. Can they do this or is this just their way of getting their auto back. This car is the only transportation we have, we're both unemployed, no money and are staying with a friend. What can they really do. not only are they saying jail time but legal action as well. PLease advise asap.

Mr. Knowitall · #2 07-12-2006, 11:33 AM

If you intentionally hide your car from repossession, it is possible to be charged with a crime. It's not the lender's concern, but if you have no jobs, you don't really need a car (and you probably aren't insuring it - are you?)

Happy Trails · #3 07-12-2006, 11:52 AM

In addition, you don't OWN a 2005 Ford Focus.

They will repossess and sell it (most likely at auction) and you will be on the hook for the difference of what they receive and what you owe.

closurdo · #4 10-02-2007, 08:52 AM

Well, it has happened. The repo guys came at 12:30 a.m. We were 60 days late on our car. We have had issues over the last year but we always have made up the payments. The credit rep said today that she made a decision and we would have to come up with the full $13k still owed. Do we have any recourse; we have been trying and talking to them regularly. And making payments. We had talked to them just 3 days before this with a payment schedule/promise.

aaron · #5 10-02-2007, 10:50 AM

In California, you generally have the right to reinstate the loan after repossession, but one of the exceptions to that general rule is where you hid the car from lawful repossession. See if the lender will allow you to reinstate.

closurdo · #6 10-02-2007, 01:11 PM

Thanks for reply. We didn't hide the car; as a matter of fact, far from it.
Very discouraged since we had arranged to make payments this week.