Charged Off Car Note - Please Advise (no insults)

[neoanderson1]

Hi everybody!

I won't bore you with the details but I ended up in financial calamity. I have a 2015 Toyota Camry. It is parked in a garage. Payments have not been made in a year. Car note was charged off. I ended up between homes and jobless. I have a job now and can afford to pay. How could I get the car back? It has not been repossessed (it's parked in a garage). What could I do here? Can a family member (who would also drive the car) sign the loan (we now live in the same address). I need the car for work. It has been charged off for almost a year. My credit score went into the gutter. Looking to get back on my feet. I do not have the 15 cash in hand for the vehicle as that would be considered the amount needed. Step by step, how could I keep this car? 

This is a serious topic and I would appreciate it if those who reply can offer constructive advice. I posted this in the wrong section before. So any advise would help. Please do not insult and offer solutions if possible. 

[sccredit]

Who holds the note on the car?

[Appleman]

Sorry to hear you are in a tough position. 

The lender has already written off the car, the only way I see them letting you keep the car legally is to pay them what is owed plus fees etc in one lump sum.

Have they taken you to court yet over this matter? Also, my bet is they ordered the car to be repossed and the company was unable to find your Camry. In some states hiding a car from a repossesion company is a crime and can result in an arrest warrant.

I have no advice short of discussion with a lawyer. This is not what you want to hear but I would seriously get a legal opinion.

[neoanderson1]

Hey brother (or sister), the current lien holder is Toyota. That is the issue at hand. Balance of 14k. Which really blows. I do not have that total on hand. So trying to desperately figure out how to do that. 

[neoanderson1]

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@Appleman wrote:

Sorry to hear you are in a tough position. 

The lender has already written off the car, the only way I see them letting you keep the car legally is to pay them what is owed plus fees etc in one lump sum.

Have they taken you to court yet over this matter? Also, my bet is they ordered the car to be repossed and the company was unable to find your Camry. In some states hiding a car from a repossesion company is a crime and can result in an arrest warrant.

I have no advice short of discussion with a lawyer. This is not what you want to hear but I would seriously get a legal opinion.

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So the only way is if the total amount is payed off as one lump sum? What if say my mom wanted to obtain a loan to buy the vehicle. Is such a thing even possible? Like if me and her were to both share usage of the car but she becomes the primary owner sort of thing. Is that even remotely possible? 

They have tried to reposess and I live in NYS. I do understand that. I've payed more than half of the vehicle of said vehicle. So just trying to figure that part out. No, they have not taken me to court over the vehicle (thankfully). 

[ls2016]

You would have to "sale" the car to your mom, she would have to obtain financing for it. Since you are not the lienholder and since the relationship with Toyota is strained (late payments/charge-off), I doubt if the sale could take place. Are you able to renew the car tag annually? I have a niece that is doing something similar to what you have done, but she can't even renew the tag since the VIN number has been reported to the DMV.

I encourage you to turn the car over to the rightful owners and start anew. I'm sure you may think that's hard to do, but you'll feel much better afterwards.

[Appleman]

I hear you, you want to make things right and continue to have the car you need. That is why I think a lawyer needs to be involved in this situation. 

Lenders will work with people on late payments and even to avoid repossession but once they write off the vehicle, I believe that ship has sailed. 

I do wish you luck.

[916networktech]

Ok a friend I know had something similar, he lost his job couldn't pay the $550 monthly fee, had an order of repossessions, however he moved left no forwarding address, he was still able to renew the tags, drive, and insure the car, after 4 years he said heck with this got tired of looking over his schoulder, he Called the bank , the had charged off the car, and told them the car was parked in a church, a week later they picked it up, sold it at auction sent him a remaining bill, look up your states statue of limitations, he didn't get sued, and it's off his credit report, he learned a valuable lesson finance something cheap not to show off 

[AZEsq]

So your best bet is to look for a lender who won't require an equity interest in the vehicle, such as LightStream to do a direct loan to whomever has credit good enough to qualify. Then, you would have to try to pay it off quickly or get your own loan to pay it off. Know that with a charge off/repossession on your credit, even if it's corrected to paid in full and closed, you won't be able to obtain prime financing for a while.

I would sell the car and get something you can afford to pay outright. I know it's crazy considering the amount you've paid down, but unless you think you could AGGRESSIVELY pay it off in 8-12 months, it could create ill-will with the person you got to refinance it for you. Just be honest with them and yourself. If it's a parent or spouse and they're willing to keep it in their name you can get clear.

This happened to me about 13 years ago, my dad bought it from me and I paid it off, BUT they hadn't already charged it off and it was still only about 4 months delinquent when he bought it from me. It makes a difference because he could just refinance, whereas your person will have to buy it outright. Good luck!

[Anonymous]

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@916networktech wrote:

Ok a friend I know had something similar, he lost his job couldn't pay the $550 monthly fee, had an order of repossessions, however he moved left no forwarding address, he was still able to renew the tags, drive, and insure the car, after 4 years he said heck with this got tired of looking over his schoulder, he Called the bank , the had charged off the car, and told them the car was parked in a church, a week later they picked it up, sold it at auction sent him a remaining bill, look up your states statue of limitations, he didn't get sued, and it's off his credit report, he learned a valuable lesson finance something cheap not to show off 

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Yes you can do that. It happened to me about 22 years ago. I was still able to insure it and tag it with no problem (N.Y.). But after two or three years I also got tired of it and had them come and get it. But the point is yes you CAN drive the car legally until you decide what to do but there is always the possibility you come out one morning and the bank would have found it and it will be gone.