Sorry to hear about your troubles, I’ve been there- after my divorce my home went into foreclosure and my ex stopped making payments on the truck we’d financed that he got in the divorce. It was a train wreck of a situation so I can completely sympathize with where you are.
Congrats on the home loan mod- it was a lifesaver for me and my situation.
Reading through the comments it looks like you’re already in repo territory, they picked up our truck right at the 120 day mark.
Given your situation, not that would I ever advise a allowing a repo after what it did to my credit. You’re so upside down and already behind that refi likely isn’t an option and selling it will still leave you with a deficit. It may be in your best interest if you’re caught between being able to afford your home or your auto loan, sometimes you just have to pick and you’ve gotta have a roof over your head.
I’m almost 5 years post repo and foreclosure proceedings and up until last week, I drove a cash car that suited our family well enough and got us where we needed to go reliably while I worked on fixing my train wreck credit.
As far as our repo- we paid around $21k for that vehicle, owned it for 3 years and the balance owed at time of repo was $16k, including fees. We lucked out and it auctioned for $12k so I was hit with the deficit balance of $4k. At that time, WFDS was willing to work with me and settle but I had just had a baby and had barely scraped by to save my home so it wasn’t an option and now they aren’t willing to accept payment and have changed it to a charge off sometime in the last couple of years.
I’m willing to bet that once your car is taken and auctioned that CapOne may be willing to settle with you and if I were you I would heavily consider that so you don’t have them reporting every single month that you fail to pay the deficit balance so you can be on your way to repairing your credit sooner than later.
Best of luck
Congrats on the home loan mod- it was a lifesaver for me and my situation.
Reading through the comments it looks like you’re already in repo territory, they picked up our truck right at the 120 day mark.
Given your situation, not that would I ever advise a allowing a repo after what it did to my credit. You’re so upside down and already behind that refi likely isn’t an option and selling it will still leave you with a deficit. It may be in your best interest if you’re caught between being able to afford your home or your auto loan, sometimes you just have to pick and you’ve gotta have a roof over your head.
I’m almost 5 years post repo and foreclosure proceedings and up until last week, I drove a cash car that suited our family well enough and got us where we needed to go reliably while I worked on fixing my train wreck credit.
As far as our repo- we paid around $21k for that vehicle, owned it for 3 years and the balance owed at time of repo was $16k, including fees. We lucked out and it auctioned for $12k so I was hit with the deficit balance of $4k. At that time, WFDS was willing to work with me and settle but I had just had a baby and had barely scraped by to save my home so it wasn’t an option and now they aren’t willing to accept payment and have changed it to a charge off sometime in the last couple of years.
I’m willing to bet that once your car is taken and auctioned that CapOne may be willing to settle with you and if I were you I would heavily consider that so you don’t have them reporting every single month that you fail to pay the deficit balance so you can be on your way to repairing your credit sooner than later.
Best of luck
I was dealing with Wells Fargo Dealer Services, but within 2 months of picking up the truck and auctioning it (it was auctioned within 7 days off repo according to the paperwork) they offered a lump sum that I think was around $2.5-$3k or monthly installments. If I had it to do over again, I would’ve scrambled for the funds and taken the lump sum offer.
