How far would you go for your Camaro?
03-04-2010, 03:51 AM
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How far would you go for your Camaro? Lets just throw a hypothetical situation out there. You purchased your camaro a few years back and unfortunately default on the payments. The collection agency is now coming after you. One night you come to find that a sheriff, along with a tow truck driver, will be knocking on your door the next morning to confiscate your beloved car. How far would you go in preventing your car from being taken? What would you do?
I hope no one ever has to experience this, by the way!
I hope no one ever has to experience this, by the way!
03-04-2010, 10:14 AM
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Its not the end of the world. Normally you can negotiate with the finance company to get the vehicle back depending on the circumstances. Sometime you can even negotiate a new contract.
It sucks I know, I defaulted on my GTP a few years back in order to prevent losing my old house but I sold the damn home anyways, but now i'm on my very last payment on my camaro.
My recomendation is comminucate with the finance company and see if they can work something out with you. Negotiate as you would with the credit card companys. However be prepared to pay a higher car payment per month for like 6months of so but that beats paying on a loan that you defaulted on for a car that you do not even own anymore.
It sucks I know, I defaulted on my GTP a few years back in order to prevent losing my old house but I sold the damn home anyways, but now i'm on my very last payment on my camaro.
My recomendation is comminucate with the finance company and see if they can work something out with you. Negotiate as you would with the credit card companys. However be prepared to pay a higher car payment per month for like 6months of so but that beats paying on a loan that you defaulted on for a car that you do not even own anymore.
03-09-2010, 08:00 AM
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Without fail, the best advice is to be in constant contact with your lender. They make more money if you eventually pay for the car even if it takes a little longer. If you really can't afford the car, still, talk with them about it and "be" "the decent hard working, pays his debts guy". Make it clear that you "want" to cooperate and that you "want" to resolve the issue. Repo is the wrong way to end things and if the true numbers say you cannot afford the car ask them what they would like you to do and that may include bringing the car to them and making a few payments when you can to even things up despite the fact that you no longer have the car. If they get the hint that you're going to be a problem, they'll hand you off to the folks who only deal with problems. Get right with your lender.
03-09-2010, 09:02 AM
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Not to be Captain Obvious, but.... how about you make your payments or don't buy the car in the first place if you can't pay for it?
This one to me seems like a no brainer.
All of those people out there who finance EVERYTHING and are living pay check to pay check are the reason we are in the financial mess we are in today. Pay cash or don't buy it. Simple as that.
If you did want to be a dead beat and hide the car, I think the finance company eventually will file theft charges against you if you draw it out too long.
This one to me seems like a no brainer.
All of those people out there who finance EVERYTHING and are living pay check to pay check are the reason we are in the financial mess we are in today. Pay cash or don't buy it. Simple as that.
If you did want to be a dead beat and hide the car, I think the finance company eventually will file theft charges against you if you draw it out too long.
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03-09-2010, 06:41 PM
#8
Not to be Captain Obvious, but.... how about you make your payments or don't buy the car in the first place if you can't pay for it?
This one to me seems like a no brainer.
All of those people out there who finance EVERYTHING and are living pay check to pay check are the reason we are in the financial mess we are in today. Pay cash or don't buy it. Simple as that.
If you did want to be a dead beat and hide the car, I think the finance company eventually will file theft charges against you if you draw it out too long.
This one to me seems like a no brainer.
All of those people out there who finance EVERYTHING and are living pay check to pay check are the reason we are in the financial mess we are in today. Pay cash or don't buy it. Simple as that.
If you did want to be a dead beat and hide the car, I think the finance company eventually will file theft charges against you if you draw it out too long.
While I don't pay cash for EVERYTHING, my house and truck are financed, but that is it. If you are not making payments, exactly what did you think was going to happen?
