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I have not made a car payment in over one year. I have gone through the phase of the reposession company making threatning phone and now they have all together stoppes calling me. I have ot made my payments because I was out of work all last year. I kept the car becasue it was all I had and at times I had to kive out of it. Now my question is that I have now been working for the past eight months and if possible I would like to start making payments or reestablisihing a deal with the car loan company. Is it possible for someone to negotiaite with the bank at this point?? If not can I return the car and start a new loan elswhere?? I am now working in my career field and just received a promoion and I would really like to get out of this running fro the repo situation. Thanks:
I working in banking for over 10 years and it is weird that you still have that car!
Call the bank and tell them that you want to keep the car and restablish the relationship with them. Is the bank where the car loan is a local bank or one from the car dealership?
If you "give the car back' you are still liable for any amounts still due from your loan. When you give a car back, they send it to auction and then pay that amount towards your loan and you are still responsible for the difference. They don't want to do that! So give them a call and see if they can work with you. The best thing to do is to offer to pay a little more than what your regular monthly payment was.
You can try negotiating a repayment deal with them. But if you did not communicate with them at all during the year that you were not making payments due to being out of work it may be too late.
I was in this situation myself- or at least on similar.
The car loan was charged off, sent to collections (never came after it for a repo, guess it wasn't deemed to be worth enough for the expense of that)- called the bank after the loan having been charged off for a year (and no payments made for a year and a half) and I was able to work out arrangements with the bank (which I've since defaulted on, of course, so not sure where that leaves me now! lol)
Basically, they took payments on it as a closed loan account- not reporting my payments to credit agencies, just taking payments from me to get it paid off asap- though the rep I spoke with said that it's something that 'never really happens' (taking the loan back from collections)-
But I'm an employee of the bank the loan is through, so that might have played a part. Give it a shot though- you never know if you don't try!
You must truly be hiding this car, moved and not give them an address or something. I don't know any company that would not have hired good repo people after a few months.
But you call them up and work out a deal, if not one day you will come out from work and the car will be towed away.
If you let them take it, (repo) you will still owe them the difference between what the loan is, and what it sells for, so you will still pay.
After that, you need to clear this up to get another car.
It'll probably take some time to qualify for another loan. I'm sure it won't be possible to go through the same financial institution you had this loan with anyway! haha
I'm looking around myself- there are companies that will give you a loan, or places that are 'buy-here-pay-here' that are more lenient- a place here advertises 'if you have a job and a phone, you have a loan'... so they're out there. The interest is bound to be extremely high, though.
You might be best to wait until your credit situation improves- or, if need be, go to one of those companies that guarantee everyone a loan. Just be sure to read everything thoroughly.
You and I are in the same boat right now, apparently- still have this car to pay off, it's worth way less than I owe, and it'll probably crap out on me any day now and at that point I'll need to figure out how to get another loan of some sort.
I will keep you posted as I get more specific info on that one!
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