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  1. #1
    Join Date
    Feb 2008
    Location
    Live in the middle of the Pacific Ocean... Hawaii!
    Posts
    2

    Default Can They Force You To Pay The Loan Balance

    Aloha everyone... I'm a newbie here, and I hope to make some friends while here.

    My vehicle recently was repossessed, and I was just wondering if anyone here would know the answer to my question...

    Can the finance company force me to obtain a load to pay off the balance due on the repossessed vehicle?

    Because of my current financial crisis, I'm not able to obtain a loan from any bank. So I was thinking of paying what I could each month ($200), until I find suitable employment. By the way, I did talk to the finance company, and the amount I stated wasn't suitable to them. It was either at the pre-determined monthly payment ($400), or the entire balance. Well, I can't meet their demands, so am I wrong to do what I intend?

  2. #2
    Join Date
    Jul 2006
    Posts
    5,437

    Default Re: Can They Actually Force You???

    Q: Can the finance company force me to obtain a load to pay off the balance due on the repossessed vehicle?

    A: You borrowed money. You put the car up as collateral. You still owe the money; it is irrelevant whether you have the car or not.

  3. #3
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Can They Actually Force You???

    They can't make you take out a loan, but they can pursue you for the rest of the money you owe.

  4. #4
    Join Date
    Feb 2008
    Location
    Live in the middle of the Pacific Ocean... Hawaii!
    Posts
    2

    Default Re: Can They Force You To Pay The Loan Balance

    I am not avoiding the situation, I am aware of my obligations towards the finance company. It's just that if I can't meet their demands of meeting the monthly payments, I was just planning to pay what I can afford for the time being. Giving something is better than nothing, right? And if I could afford to pay the monthly amount that the finance company wanted, I'd still have the car, since my monthly payments before the repossession was almost the same amount.

    I am working only part-time currently, and have actively been pursuing better employment. But jobs are hard to come by when you live in Paradise, and I'm not one to make a big move elsewhere. All I can do for now is do what I intend, and if they take me to court because I'm not meeting their demands, hopefully the judge will see that I am making some effort to remedy the situation, and that I'm not avoiding my obligations.

    As far as wanting the car back... that is not my intention.

  5. #5
    Join Date
    Mar 2007
    Posts
    9,096

    Default Re: Can They Force You To Pay The Loan Balance

    While some companies may decide to work out a revised payment plan, they do not have to.

    You do not have the option to tell them what you will pay.

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