Possibly repo'ing of car? Help!

Quzy · ‎10-19-2016

Long story short, my husband and I are separated. We split up the bills left over when we split in may, and he was supposed to pay the car payments. He's Canadian so both cars are in my name. Basically I just found out he's been paying not even the bare minimum and kept putting in payments to a closed bank account that take 5-6 days to shoot back to BMW. And once it would he would pay them the same way again.

I've spoken to BMW financial and the guy was very nice and reassured me my cars were not going to get repo'd but I'm afraid he may only be reading off of a screen. He told me they would start calling me and would contact me which they haven't yet, but that's because of my husband putting payments through to closed bank accounts.

Obviously I've since removed those accounts from my payments and locked him out of the car loans. But what can I do? Are my cars going to get repo'd? Does anyone know more about this?

One car is "30" days late and at $1129 for the balance.
The other is "60" days late with a balance owed of $1800.

Obviously I'm going to buckle down and put each check I have towards the balances, I definitely think I'll be able to pay the $1800 one before the next billing cycle of my cars. But the other I don't think I'll be able to get down more than $600 or so.

If anyone has any insight on how to deal with this properly so I don't lose my cars (my mom is now driving one) I'd love to know.

Thank you!

Anonymous · ‎10-19-2016

@Quzy wrote:

Long story short, my husband and I are separated. We split up the bills left over when we split in may, and he was supposed to pay the car payments. He's Canadian so both cars are in my name. Basically I just found out he's been paying not even the bare minimum and kept putting in payments to a closed bank account that take 5-6 days to shoot back to BMW. And once it would he would pay them the same way again.
I've spoken to BMW financial and the guy was very nice and reassured me my cars were not going to get repo'd but I'm afraid he may only be reading off of a screen. He told me they would start calling me and would contact me which they haven't yet, but that's because of my husband putting payments through to closed bank accounts.
Obviously I've since removed those accounts from my payments and locked him out of the car loans. But what can I do? Are my cars going to get repo'd? Does anyone know more about this?
One car is "30" days late and at $1129 for the balance.
The other is "60" days late with a balance owed of $1800.
Obviously I'm going to buckle down and put each check I have towards the balances, I definitely think I'll be able to pay the $1800 one before the next billing cycle of my cars. But the other I don't think I'll be able to get down more than $600 or so.
If anyone has any insight on how to deal with this properly so I don't lose my cars (my mom is now driving one) I'd love to know.
Thank you!

All I can suggest is to keep BMW Financial fully informed of whats going on, and as long as they see that progress is being made to bring both accounts current you should be OK.

Anonymous · ‎10-19-2016

I'd agree, as long as you are openly communicating with BMW and making progress on paying them, they are unlikely to pursue repossession. You are really not that badly behind, at this point - and lenders would almost always rather work with the borrower to get the money coming in, even if it means payment arrangements and deferments to get it caught up, than go through the repo process knowing they likely won't get all of the contract value back in the end that way.

Quzy · ‎10-19-2016

Thank you! I did call them and I told them how much I would be paying back within the pay period and she noted my account and was very kind and understanding. She told me they would not be pursuing repo but she wouldn't know for sure. She just knows they would always call me before it happened and if I ignored the call then it would be a different story. But she thanked me for calling and getting everything up to date and told me to bring papers to the next loan I want to get so that I can show what happened during this time frame with my husband and I's separation.

RobertEG · ‎10-19-2016

They likely have the legal right to repo, so you are living on oral promises.

I would send a formal request that stipulates your repayment plan, and agrees to their written acceptance of the plan and the condition that they will not initiate any repo attempts provided you continue to meet the agreed repayments.

The payment plan then becomes a legal modification of your loan agreement.