I was desperate back in March of this year and took out a personal loan through American General Finance, using my car (which was paid off) as collateral. Due to instable employment over the last 7 months things got tough with my paying my registration, and my car was impounded on October 1st. I still don't have the money for the impound fees (now around $1200) and the registration (around $650). I spoke with American General about extending my credit to pay for the fees associated with getting the car out.
American General has decided that they would get the car out, and then in order for me to get the car I have to pay them the balance of the fees, and then continue repaying the loan.
It was suggested that if I don't come up with the money in a suitable amount of time, American General will sell the car to cover the costs. I'm inclined to let this happen, because I can get another car for free and having to pay all this money isn't possible for me at the moment. yeah, it sucks to loose the car, but I can't afford it as it is.
My question is, will this be reported as a "Repossession" on my CBR? If I authorize American General to sell the car before the loan goes into defaul, then it's not being repossessed is it? I know that what ever I do, I need to get it in writing, but how damaging is the "repo" on my CBR?
