topic Re: Need Help!!!!!!!!!! in Auto Loans

Need Help!!!!!!!!!!

Anonymous — Fri, 31 Dec 2010 17:43:46 GMT

My car is 60 days late . My payment is 400 but I have only been sending 200 since I cannot afford it . Can I continue sending only half of the payment? Remaining balance is $5600 This is the last year to pay it off since I bought it for 19000.What to do??

Re: Need Help!!!!!!!!!!

llecs — Fri, 31 Dec 2010 18:22:12 GMT

Unfortunately they can take the car if payments are less than what is owed. Have you tried calling them to work out a payment plan (if they're open to that)? What steps are you taking to cover the other $200?

Re: Need Help!!!!!!!!!!

Anonymous — Sat, 01 Jan 2011 02:39:03 GMT

you need to call them immediately

not paying as owed "on your own" is asking for a repo.

had you called before being late you could have been able to arrange something.

You need to get current. consider promising your income tax refund

Re: Need Help!!!!!!!!!!

Anonymous — Sat, 01 Jan 2011 19:52:12 GMT

if you car goes unpaid for the full payment 3 times 90 days your car will be repoed. call them, with the current economic situation they may and usually will help you out since you are making an effort. but if you do not call they will keep taking your payments and still repo. CALL!!!!

Re: Need Help!!!!!!!!!!

llecs — Sat, 01 Jan 2011 20:34:42 GMT

@Anonymous wrote:
if you car goes unpaid for the full payment 3 times 90 days your car will be repoed. call them, with the current economic situation they may and usually will help you out since you are making an effort. but if you do not call they will keep taking your payments and still repo. CALL!!!!

It's a YMMV based on lender. I also had a repo and after re-reading the contract, the default clause was set at 10 days. In other words, they can take the car after 10days. In my case, I was only 30 days past due when they took the car. They let me redeem it by paying the past due, the current month, and towing and storage fees.

Re: Need Help!!!!!!!!!!

Anonymous — Sat, 08 Jan 2011 06:58:54 GMT

Definitely try to work something out with the bank...my cu extended my terms for an additional 12 months + this gives me time to look for a refinance since they did not lower the interest rate.