Vehicle Loan Charged off, but NOT Repo'ed NEVER Signed Promissory
Okay, my situation is very loopy, so please pay careful attention. And no judgment please, just answers. Thank in advance.
- First I reside in Louisiana (our laws are usually different than most states).
- I purchased a brand new car in May of 2007. I did not use the dealer to finance, I used my national credit union, that has maybe four or five locations in the state.
- It was a "check" type of loan.
- The original approval was for a USED vehicle, but since I purchased NEW, they had to send a new promissory note to be signed.
- The first payment was supposed to be made in July '07
- I have NEVER made a payment.
- A repo company left me notices at my old address, and after they found out i relocated to another city in state a new repo company came and left notices.
- I have gotten many letter from the credit union, the last of which stated that the loan has been charged off as a bad debt, but that they could pursue legal actions if they choose, and giving me three payment options, to "help" me restore my credit, all of which are impossible for me at this point.
- The credit union NEVER recieved title to the vehicle from the state, and neither have I. They sent me notices telling me that if they didn't get the title by such and such a date (all of which have long passed) that they would covert my loan to the signature loan rate, but I have never gotten notification that it was done.
Now I will state everything that went on, and would first like to say that I am not a deadbeat, and understand that most times banks, wouldn't give such leeway.
Now when the vehicle was purchased I was gainfully, employed and actually could have afforded the vehicle. In June, I had a fall, was in the hospital for two weeks (it exacerbated a disability that was pre-existing). After leaving the hospital, I could not immediately return to work, and with my saving could only afford, rent, electricity, water, and some groceries. I couldn't make the car payment. The bank let it slide for two months. Then I was sen a notice saying that it would be repo'ed, and that I needed to contact them which I did. I told them when I would be returning to work, and would be able to pay, I was told that if I didn't make payment in full in 5 days, they were taking it.
In the midst of this the bank had sent three more promissory notes which I never signed. Also, they never got the title, from the state and thought that I got it which I didn't. They sent a few letters saying that if they didn't get it by a certain date they would convert the loan to the signature rate. Now it that means converting it to a signature LOAN or not I don't know. I also don't know if it has been done. As far as I know they have never received the title. But do know that lien holder info IS listed on my registration
Anyway, so what did I do? I hid it at first (I know). But I returned to work three weeks later. I then traveled to another city, to visit a specialist about my pre-existing disability. Driving back home that day I got hit, by a person running a red light. I was in a coma, for a month and in the hospital for a total of 6 weeks. When I got out I had been evicted from my apartment, and all of possessions thrown out on the street (no one in my famiy knew I was leaving town, because it was just supposed to be a one day thing, so for six weeks no one knew where I was). So when I got out I was homeless, and I relocated to another city to stay with family.
The bank got my new address, and sent a repo company that left notices but never took the car, by this time I really wasn't in a position to pay.
I then got more demand letters, from the bank, but no more contact from the repo company.
Then last month, I got a letter from a loan officer at the bank stating that my loan has been charged to the reserves as a bad debt, but that I am still I guess civilly responsible for the contract that I signed ;even though I NEVER signed the corrected promissory note. It also gave me three payment options to help restore my credit, that they would report, AFTER I made all payments. However none of these are at this time possible.
I do however want to pay them, and am currently saving to pay them in full with accrued interest, however, that won't be able to take place until maybe this time next year.
So why am I posting this long winded question?
I want to know, with the info provided, is it likely that they will still try to repossess the car?
If they give it to a collection agency, can they try to repossess the car?
Do you think that I possibly have them between a rock in a hard place between the title and promissory note?
Should I keep saving to eventually pay them?
