Car Repossessed

jeland27 · #1 01-31-2006, 01:02 PM

My car was repossessed last night. I gave it up willingly. I could not afford to make the payments anymore, so I left it in the street and they came by and took it last night.

The finance company called me today to see if I wanted to make arrangements to get the car back. I told them that I could not afford the payments. They then tell me that I could restructure my account and get my payment about $200 cheaper per month. I can afford the lower payment. Is this typical or are they trying to get info on my job and such to go after me in court?

I asked them why they did not ask me if I wanted this before and they guy told me he had no clue. They could have offered me this service a year ago. That is when I lost my job and had to take a job where I could not afford to make this payment

aaron · #2 02-01-2006, 09:48 AM

I don't know what their motives are, but if you want to keep the car and they are offering refinancing it seems reasonable to assume for now that they actually intend to permit the refinancing.

bstein62812 · #3 02-03-2006, 09:39 PM

I had this problem a couple of years ago and our loan company did the same thing, except I called them to see if I could make any arrangements to get the car back. The did a loan modification, dropped the interest to like 4% or something, and we just had to pay the repo charges and I think half of the amount past due. They added the remainder to the end of the loan and that was it. And the repo charges were just added into the loan also. I don't know who your loan company is, but that is how ours did it and we still have the car. Suprisingly, it seems like they may actually do it to help out their customers. Maybe they finally learned that people who can't make their car payments also can't pay the difference of the price at auction and the remainder of the balance of the loan!

jeland27 · #4 02-04-2006, 10:56 AM

Well my ex wife will not sign the re-mod. She is still on the loan. They will not take my ex off of it. They do not refi vehicles that are in repo. I just wish they would have told me this 6 months ago.

aaron · #5 02-04-2006, 11:47 AM

Isn't this going to affect your ex-wife's credit rating as well, given that she is on the loan? Why wouldn't she want to minimize the damage?

jeland27 · #6 02-04-2006, 01:02 PM

Because at the divorce the judge placed a stip on the decree that I had to refi the vehicle 90 days after the divorce was final. I told the judge that this was not possible. The loan was upside down and no one would give financing for it. I had been trying for 3 months prior to that. 1 month before the divorce was final, and 2 days before the refinancing of the house was complete, I got a call from her attorney stating that my ex would be seeking full custody of our son. I asked why and he stated "that she feels it is on our sons best interest to be with her and for her to have full custody" We had agreed on joint legal and physical and we would each have 50% custody I live in Michigan and most judges do not care about the father and I would get everyother weekend. When we did get in front of the judge, the judge was pissed that we were doing 50/50 custody and tried to get my ex to change her mind. Lucky for me she didn't. My attorney was real pissed that I agreed to the equity and even brought it up in court what my ex did and the judge could have cared less. I raised my son while my ex was out partying. I asked her what she wanted and she said for me to sign off on all rights to the house and she gets all the equity in the house. I said fine. The equity was about 25k and need less to say, I would have used my portion to pay off the vehicle.

Now seeing I never refi'ed the vehicle, my ex will be taking me back to court and filing paperwork to to say that disregarded the courts order.