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My husband is in denial with car loan

Frequent Contributor

My husband is in denial with car loan

Hi all,

 

I am three months behind on my car loan and they are going to repo my car. My husband told me to hid it at my sister's house so they don't find it, I am never going to get caught up on the payments and he just can't understand. Of course he is worried about ruining his credit Are late payment just as bad as a repo on the credit report or close at least.

 

   

Message 1 of 13
12 REPLIES
New Contributor

Re: My husband is in denial with car loan

Witnessed first hand.

 

I had a girlfriend who's mother could not afford to pay her car loan.  So she instead gave the car to my girl friend to hide.  My girlfriend lived at a friend's house and they thought they could hide the car at my girl friend's unregistered address.  They were right.  The autolender and the repomen could not find the card.

 

But a few months later, my girl friend's mom got arrested.  I do not know the exact charges, but it was related to the car they were hiding.  I think it may have been for grand theft auto. Not really sure.

 

This happened in Florida back in 2008.


Starting Score: TU 749 02/02/2014
Current Score: TU 749 02/02/2014
Goal Score: 850


Message 2 of 13
Frequent Contributor

Re: My husband is in denial with car loan

His credit is gonna be ruined either way. 

Message 3 of 13
Contributor

Re: My husband is in denial with car loan

A repo is worse from a score standpoint.

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

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Message 4 of 13
New Member

Re: My husband is in denial with car loan

Hindering a secured creditor (hiding the car)  is a felony in some states.  Not worth it.  Let it go back.

Message 5 of 13
Frequent Contributor

Re: My husband is in denial with car loan

 Last night I took everything out of my car and will call them today to come pick it up. Thanks so much for all your help.

Message 6 of 13
Valued Contributor

Re: My husband is in denial with car loan

Good for you....no need to make a bad situation worse... Take the hit and when things get better for you start rebuilding. 

*8/10/13
Message 7 of 13
New Contributor

Re: My husband is in denial with car loan

 
There are two kinds of repossessions. Voluntary repossession and involuntary repossession.  Both kinds of repossession will have the exact same negative impact on your credit score. However, you will end up owing less with the voluntary repossession because there are less fees involved. I do not know the exact names of the fees are off the top of my head. But if you get your vehicle involuntarily repossessed, you have to pay extra for the cost to hire for a repoman, the cost for towing, and legal fees for paperwork that was required to be filed for the repoman to legally repossess your vehicle in that county.

Starting Score: TU 749 02/02/2014
Current Score: TU 749 02/02/2014
Goal Score: 850


Message 8 of 13
Established Contributor

Re: My husband is in denial with car loan

Could you afford the payments going forward if they didn't reposesses?  If so, many lenders, including Capitalone have a hardship program.  I'd call and see before letting it go.

Message 9 of 13
Frequent Contributor

Re: My husband is in denial with car loan

When I bought my vehicle I was making double than what I am making now. I lost my job and it has been rough on us. We are barely getting by now on what my Husband and I are making. It was hard but I know I am making the right decision for us. At least now I can save money so I can pay cash for a car, no more car payments for me. With what I was spending on gas and insurance will go to saving. Riding the city bus will have to do for right now.

Message 10 of 13