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  1. #1
    Join Date
    Nov 2006
    Posts
    3

    Arrow Car charged off, what can i do to save it?

    well due to some very stressful family problems i had to go out of town, and i got behind on my car payment, 4 months in the amount needed supposidly to charge my account off.

    i know in most cases they put out a repossesion on the vehicle, but they stated that the repossesion on the vehicle was taken off?

    i wonder why? they are also telling me even tho i have paid the past due amount as of yesterday that i was behind that it cant be reinstated. they said that i had until nov 13th and it is too late, but they had the wrong number on file.

    she said i have 30 days and that if i show them that i am going pay enough in the next 30 days that she will give me more time, they basically want the balance owing, which is only 8k, if that. now what i am trying to figure out is if honda finance when they charged it off, threw it into the recovery place, and then they wait 30 days with no contact to go further threw court to get the car back. at least thats what i think.

    what i need help on, is now that i contacted them to try to arrange payment, if i place my car in self storage where they wont find it and cant get in and leave it there till this is paid, and as long as i keep sending a good amount of money every couple of weeks can they force to give the car back, or go to court? or also can they send a sheriff with an order to my house and for me to return the car?

    or will most likely they just keep it in their best interest to keep collecting money as long as i dont **** up? cause when i told her i was gonna sell the car she seemed like "why dont you keep it and pay".

    what do you guys think? any advice what can i do?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Car charged off, what can i do to save it????

    You can either catch up on your payments, turn the car in or let it be repossessed (with serious credit consequences and liability for the difference between the low price they get at auction and the amount you owe), or sell the car and pay off the loan, covering any shortfall yourself.

    If you pay small amounts but don't catch up, you're going to hurt your credit and in all likelihood they will decide to repossess the car.

  3. #3
    Join Date
    Nov 2006
    Posts
    3

    Default Re: Car charged off, what can i do to save it????

    Quote Quoting Mr. Knowitall
    View Post
    You can either catch up on your payments, turn the car in or let it be repossessed (with serious credit consequences and liability for the difference between the low price they get at auction and the amount you owe), or sell the car and pay off the loan, covering any shortfall yourself.

    If you pay small amounts but don't catch up, you're going to hurt your credit and in all likelihood they will decide to repossess the car.
    but they wont let me catch up, they have stated that they are holding it and i have 60 days to come up with the rest or they will refund anything i have sent in the 60 day period.

    i am looking into arbitration. also, i have sent the the 4 months i was behind and i am thinking if i send them this months and next months payments wouldnt they have to reinstate my vehicle?

    what if i place my vehicle in my self storage and when the 60 days expire just keep sending money when i have it, a lawyer seems to think as long as i am paying they cant really do anything

    is this true?

  4. #4
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Car charged off, what can i do to save it????

    If you fall behind on a loan, you're subject to having your loan accelerated or your car repossessed. If you are getting advice from a lawyer, that's the person you should be listening to.

  5. #5
    Join Date
    Nov 2006
    Posts
    3

    Default Re: Car charged off, what can i do to save it????

    Quote Quoting Mr. Knowitall
    View Post
    If you fall behind on a loan, you're subject to having your loan accelerated or your car repossessed. If you are getting advice from a lawyer, that's the person you should be listening to.
    in your opinion do you think i can store the car and take as much time as i want to pay it off?

  6. #6
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Car charged off, what can i do to save it????

    No. That's not how loans work.

  7. #7
    Join Date
    Sep 2006
    Posts
    211

    Default Re: Car charged off, what can i do to save it????

    Quote Quoting craven
    View Post
    in your opinion do you think i can store the car and take as much time as i want to pay it off?

    absolutely not. and in some states, hiding the car they are trying to repo from you is a criminal offense.

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