Repossestion

Proud Momma,
You're in our prayers, I hope everything goes well with your son.
Like other posters have said, if he doesn't know yet the car has been repossessed, then he @ least know it will be soon. I deal with repos in my work (hvac units, who would've thought you can repo those??) Anyway, what I suggest (and the only thing I can think up you can do), is call the financing company and try to rework the loan, even though you're not on the loan, as the spouse, they might help you. (It depends on the type of loan, and the financing company). Not because of the car, but because of your credit, a good credit know a days can be worth millions!!.
If you can't afford the reworked rate then, you'll have to let it go, but I suggest you do that as a last resort, because it can seriously hurt your credit.
I can't imagine how hard your situation is, we are all struggling as it is. Please keep your faith, its the only thing that'll get you through. Good Luck!

Hi Proud Momma,

What a terrible position for you to be in!! How stressful. I hope everything works out well for your son.

Having said that..... Your husband ABSOLUTELY knows his car is repossessed - unless he has not opened any mail from the bank or the loan company in 6 months (assuming he has his payment auto-debited and didn't open any letters from the bank that the auto-debit stopped). If he's supposed to pay each month witha statement then he knows he is not current on the loan. The bank will have sent at least one certified letter that they are turning the car over for repossession.

I'm not sure YOU can do anything - since your name is not on the car loan. I think that your husband will have a certain amount of time to get it back, but I'm not sure how that works. When your hubby gets back have him call the repossession company and the bank and figure out what he is going to do.

You and your husband need to get on the same page with your finances - especially now that you have additional medical debt, as well as a sick child who will need additional follow up medical care. You and he need to be up front and honest with the other one about what your individual situation is. Also - if he owes $28,000 on the loan and the car is not worth that then you are going to get a bill for the difference once the respossessor sells the vehicle. You will have to figure out where to get that money.

Are there things around your house that you could sell to get the money to pay the difference between the value of the car and the loan? Can you pick up extra hours at work while your husband and son are out of the country and you have some extra time? Even though it is HIS debt, you are a family and you will need to work together to resolve this issue.

Good luck!

You can call your auto insurance agent for guidance. And there should be paperwork left there somewhere...door, mailbox, etc...that should have instructions from the repo company. Yes--most likely they will charge you a storage fee per day at the impound lot.

I think they can repossess a car if the payments have not been made for 2 months (not sure)?

The thing is--even if you let it go--you will still owe the difference that you owe on it, so it's in everyone's best interest to get the car, make a payment and THEN sell the car and pay it off if you can't afford to keep it.

Good luck and prayers for your little O.!

Call the car loan company and ask what the procedure is for the repo'd car. If you can't afford to pick it up, you can't. I wouldn't even tell your husband till he returns, what he is doing is so much more important and he had to know whether he drove it or not that non payment would catch up with him. Personally if the car isn't worth the balance I'd let it go, you are definitly putting your money in a better place. I hope all goes well with your son.

You can try and call the loan company, and ask them what they would settle for to abolish the loan. You won't have the car anymore, but at least the payments would be lower and you can pay it off over time.

If you are planning to keep the car, then I would get it out asap, since the fees involved will be higher the longer you wait. Whatever company holds the title to your car may be willing to work with you, as they will get not nearly as much money if they try to re-sell the car.

Sorry your going through this, good luck with your son

I'd always prioritize health over other material possessions or even one's credit rating. But are you afraid of the damage to your credit (from the repossesion) might affect your ability to pay for the (now and future) health care? I have no idea...but it might be worth investigating future reprocussions rather than just end up being surprised by them. If you can't afford to get the car back...you can't. End of story.
Good luck with the medical care! I have heard of medical care abroad concrning stem cell transplants etc!

Let the car go! You can't afford to put out a ton of money for a car you don't even need. Let it go and forget about it. If you had any personal belongings in it you can call the impound lot and they will give you access to those belongings.

The bank will sell the car and apply what they get for it to your debt (don't count on that being very much, because they will also tack on a ton of fees). Then the bank will come after you for the rest. That means a few annoying phone calls before they write it off. It will be on your credit report as a bad debt, but that is the least of your worries right now.

Focus on the rest of your life and don't worry about the car. You may want to let your husband know and ask him if he has anything in it that you need to go collect.

I am sorry you are going through difficult times right now. I had to turn in my $30K RAV 4 to Toyota for repossession because we bought it when I was in what I thought was a very secure job but I got in a car accident when I was pregnant, almost lost the baby, went back to work after 3 days at home with a sprained back and THEN got FIRED because my boss thought I was too stressed out and didn’t think it “looked good” to have a stressed out pregnant woman running his restaurant (yes- nice- I know but the baby was fine and that is all that mattered to me). Needless to say the fact that we were able to hold on to the RAV4 for 1 + years after our income was reduced by my $1200 a week take home was nothing short of a miracle. Toyota did very little at all to try to help us keep the RAV even though I called them every week to see what they could do. One time they put our payments that we were behind by on the end of the loan but wouldn’t refinance to make the $568 payments less so we could actually keep up on them until I got a job. They also wouldn’t let us give in our two Toyotas and get a less expensive used Toyota and put the rest that we were upside down on onto the new loan. We really tried to work it out but they wouldn’t budge. So we got further & further behind on our RAV payment and after I think missing 3 months they sent out repo letters and demand thousands right away or they would take it and take our other crappier Toyota which is what probably happened to your husband. Once you are that behind on your car payment it goes on your credit report. Then they will get the vehicle cleaned out and notify you in a letter about it going up to auction. They will deduct the amount they get from the amount you still owe plus they charged me about $1K for reconditioning it & the auction & towing fees (I asked them to pick it up at my house) etc but they got A LOT more $ for it on auction then I could have if I sold it myself. Then they sent me a letter saying I owed them the difference which was about $8K, (I thought it would be $12K) waited less than 1 month and sent it to a collection agency. We were looking into declaring bankruptcy so we didn’t respond right away (and didn’t have any extra money to do so) but I just checked my credit report and it is listed as a write off so I think declaring bankruptcy would be pointless as I do not think it takes write-offs off a credit history. I have been able to keep up with our second Toyota’s payments (which is also worth less than I owe). They did not take it away as they threatened for so long when I was trying to renegotiate over the 1 + years. We do not own our house or anything of value that they could have gone after. I hope some of this helps. Good luck and I hope your son’s treatment is full of light and healing!

At this point, since you really can't afford the car and it has already been taken. Let it go. You may be able to pick a used car for a good deal but get it checked out mechanically.

I'm sorry you are having such a difficult time. If you had been upfront with your lender prior to the repossession, you may have been able to work something out.

You may try giving them a call but they hear all kinds of sad stories.

At this point you may even need to ask around with friends if anyone has a car they would be willing to give to you or have you pay a low low price for.

My heart goes out to you at this difficult time.

I own an insurance agency in Gilbert (so we are neighbors!) and Denise P said to contact your insurance agent but really, there is nothing we can do. It has to do with your loan not being paid, not your insurance. That being said, you are still paying for insurance and now you don't have the car. So depending on what your insurance coverage is and depending on if you are going to keep it or not, then you have to contact your agent so they can help you. Sorry you are going thru this but it's an unfortunate sign of the times. Please let me know if I can help. Good luck!

F. Heck
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Holy Cow Momma, I looked at your profile and some of your other questions, and you really have A LOT on your plate!

I think you need to discuss this with your husband before you do anything at all!

Having a car repossesed crushes your credit. Although for it to actually happen in the first place, you'd have to be WAY behind on payments. Which on a big loan like that is what, about 600 a month?

You mean you generally physically pay the bills not him, so he would have no idea you were that far behind? Ouch.

Or you mean HE pays the bills, so YOU had no idea you were that far behind?

So on top of financial struggles, about a thousand kids, and one very sick child, you have BIG communication issues.

In spite of the fact he is currently out of the country, and even considering the circumstance, I still think it'd be better to discuss him with him now, today, rather than when he gets home.

I will send you much strength, although you must already have a GREAT DEAL of it just gettin' through any given day.

In a perfect world, you would come up with the back payments and monster fees, get the car back right away, and sell it immediately!

If you are married, his credit is your credit, doesn't matter if your name is not on the loan.

I'm so sorry you have to deal with this at a time when your mind is completely with your son and your husband.

Good Luck, keep us posted on your son's condition.