cnac wants daughters car

[soapdish]

has a car loan with cnac / jdbyrider -   they got ahold of me, and I called them back to find out where the loan stands.  

csr said, oh, they already picked up the car!  well, they actually haven't, but I know they are looking for it now ....  at this point I asked if there has been any legal action, he said no.  I don't see anything filed yet on the clerk of courts website. 

so the question is, how should she go about turning the car back in, I don't want her to get a repo / judgment  on her records, enough troubles already.  she'll need to find a junker in the meantime, but how can she minimize damage to her credit record so she can buy a car when she finally gets a job ? 

any advice is welcome,

thanks in advance from a sad mom who is determined to set a better example, and help my family learn to handle money better

L

Message Edited by soapdish on 09-15-2008 09:40 AM

Message Edited by soapdish on 09-15-2008 09:41 AM

[Anonymous]

Unfortunately for her, rahter she turns it in on her own or they pick it up it will still be an I9 on her credit. I9 is an individual account that has charged off or bad debt. A voluntary surrender has the same affect as a repossession. Both say that the contract obligation was not fulfilled.

It's nest that she give it back and make some payment arrangements based on what she can afford after they auction it off. At least she won't have the entire balance charged off on her credit.

[Takunda1]

Like MrsTice said, voluntary rep & repo are the exact same thing. It'll be filed withthe CBR 's as a repo and will be on there for 7yrs, then when they sell it at auction, they'll come after her for the difference because they usually only get 60-70% of the value of the vehicle. best thing to do if you can, sell the car asap or have someone else assume the loan. Without that, I recommend calling & giving the car back. I work in the repo dpt and I can tell you it's not difficult to find a vehicle even if someone has moved out of the area.

[soapdish]

thanks, Mrs T and Takunda

I didn't realize it was one and the same

I think we'll try to call and make payment arrangements, hold them off until she gets a job and try to refi soon

so they can come get the car without filing a court Replevin action?  I suppose its all in the documents she signed ...

[Anonymous]

Yes, at some point they will have sent a notice to cure default.  Once that has expired, they can come anytime or anywhere.

They will wait for you at work, show at 2 AM to your house, etc to get your car.

[Miner]

Well, in the situation that you are sure that you will owe money on the car after they repo it, my father got out of paying the difference.  Back in the 90's when I had just left home, they had some financial trouble.  My mom's car had some differential trouble and wasn't really driveable and the repair bill was more then they could afford at the time.  They also couldn't make the payments anymore and owed more then the car was worth.  So the car sat in their locked garage with 3 large dogs who usually slept in there when they weren't out in the backyard.  My father offered to turn the car over to the bank "as is" if they agreed that he owed them nothing more, they refused (at first).  After going for several months (and having strangers asking me where my parents hid the car; they couldn't believe that it was in my parent's garage for some reason even though my father told them)., they finally agreed to my fathers conditions and he allowed them to tow the car away.  So, they ended up owing nothing on the car though their credit took the repo hit.

I can't say that it will work today where you are, but it worked back then in California.  If they aren't going to give you something for voluntarily turning the car in, then I say let them work for it.

Message Edited by Miner on 09-11-2008 07:02 PM

[cadavis0609]

This sounds like something he could be arrested for, I don't reccommend trying it because they will get the police involved.

[Anonymous]

Yes, if they know where the car is but can not get to it, they can and will get the police involved.  You need to work out whatever you can.  See if they will take a partial payemnt and then possibly offer an extension on the loan to get it all caught up (they will not offer an extension until some payment has been recieved).  Once it is caught up, if you can sell it for what is owed go for it

[soapdish]

that is a funny story ...

We will try to work something out,

she was hoping to squeak it out until she has a job, but not to get in real trouble.

Thanks for the good advice mickie