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  1. #1
    Join Date
    Oct 2009

    Unhappy Voluntarily Repo or Wait It Out

    My question involves an auto loan or repossession in the State of: California

    I'm late on my loan with Drivetime. They gave me an extension in August, but I was laid of the very next week. I managed to make by August payment, but I missed September's because I was still out of work.

    They told me yesterday that if I didn't come up with the total past due including late fees by 5pm, they would have to forward my information to their supervisors where the decision could be made to either pursue legal action or a reposession.

    Refinancing isn't an option, my credit is lousy (Would I be with Drivetime otherwise?) and I'm still unemployed.

    Private sale would just leave me upside down, and pretty heavily so. (At least $8000 still left and that's being optomistic about the selling price).

    So at this point it looks like my only options are to either voluntarily turn in the vehicle or just keep paying whatever I can pay and adopt a wait and see attitude.

    The major problem with just turning the car in is that the Drivetime dealership I bought the car from went out of business. They sent my loan to another location in Texas. So, I can't take the car back where I got it from and if I could afford to take the car all the way to Texas I wouldn't be behind on my payments in the first place.

    As for the wait and see...I haven't gotten a call today, but these guys love to call everyday Monday-Saturday. And they often call not only me, but my friends as well. ( They even call my friends after I've spoken to them the day before. I'm lucky they still are friends.) It's aggravating as hell having to explain everyday, sometimes multiple times a day...yes I'm still unemployed, no I can't borrow the money, no I don't have anything I can sell to get the money...I already sold everything of value to pay you in August and if I could borrow money I already would have.

    Any advice would be greatly appreciated. Thank you.

  2. #2
    Join Date
    Sep 2005
    Behind a Desk

    Default Re: Voluntarily Repo or Wait It Out

    About the best legal answer for you is to consider consulting a bankruptcy lawyer.

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