Feb
26
What is the best way to prevent your car from repossession?
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Other than the obvious (pay the bill). I’ve paid a $7800 loan down to $1653, and have not been able to make last month’s payment. They simply won’t reason about it, they seem like even though it is less than 60 days overdue that it will be repossessed at any second. Should I hide it?
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14 Comments
March 1st, 2009 at 12:36 am
take the license plates off and cover the VIN on the dash with a piece of paper
March 1st, 2009 at 1:53 pm
just make sure nobody casts a spell on it and it won’t come possed.
March 3rd, 2009 at 9:42 pm
Hide it will work for a while.
March 4th, 2009 at 11:11 am
Make the payment as soon as you can. However, they stand to profit if they repo the car now (depending on the value of the car) because they might be able to sell it at auction for more than the value. Car people are shady like that. I was just a few months from paying off a car, missed a payment, and bam, they took it.
March 7th, 2009 at 5:35 pm
Uh.. Yes. Hide it. If you’ve paid that much into it and you’re confident that you can complete the payments, just keep it out of their reach a little bit and pay it off.
Unless that’s illegal. I don’t know. You probably shouldn’t break the law. But there’s no law against hiding it behind a big bush. That would be hilarious. Or put a camouflage tarp over it, heh.
March 10th, 2009 at 5:36 am
Other than pay your bill… LoL…
Yes, hide your car at a friend of a friend’s house so it can’t be traced. Then pay the bill when you have the rest of the money. HOWEVER! you won’t pay 1653.. you’ll pay the remaining principle plus LOTS of interest, late fees, and processing fees. That’s if they don’t take you to court first. Or decline your payments/offer to pay off the car.
Good luck!
March 10th, 2009 at 9:25 am
no because they will arrive with cops there incase any troubles come up. i would say go get a loan from a bank and pay off that amount and then just pay the bank dude, you dont wanna lose that car, if it does get repoed then they give you like a month to pay the money back or its the banks
March 11th, 2009 at 5:45 pm
Yeah you should hide it or just be careful were you park it if you don’t want it to get repossessed but you should try really hard to get that bill paid.
March 13th, 2009 at 1:14 am
This gave way more info on ways to avoid having your car repossessed.
March 14th, 2009 at 8:43 am
More than likely the bank is intimidating you about the reposession. For that small of a balance, you should be clear for a good 90 days before they will repo it. And to correct some of the other answers, the bank does NOT stand to profit if they repo the car. They will almost certainly come out losing money if they have it repo’d. If the bank repo’s the car then sells it for more than you owe, the bank must PAY you whatever proceeds are leftover after the balance and fees have been paid. Honestly if you wait longer to pay, the bank will be more willing to setup a special payment arrangement, the more delinquent you are. It sounds crazy but that is how banks are doing business these days. It probably will be in your best interest to try and negotiate after you are 90 days delinquent.
March 16th, 2009 at 9:03 am
They can file for repossession as soon as a payment is past due 30 days. The obvious solution is the only solution, pay the bill. Even if you have to borrow a few bucks, make it so they get off your back. Remember, while it sits unpaid, it is also accumulating interest.
Once the repossession order is issued, they no longer have to take an offered payment, or they may offer to rescind it for an extra payment, so do it NOW.
March 16th, 2009 at 10:26 pm
You are so close! You have got to pay that! You cannot lose your transportation over a measly $1500.
Instead of hiding it, use it to get to 1 or 2 extra jobs. You could make that much in a week working 3 jobs, and then it would be over.
If you don’t borrow more money, then it’s over FOREVER. Doesn’t that sound good?
I can’t believe you’d seriously consider hiding it. Like that’s a solution.
March 18th, 2009 at 6:36 am
There is just one iddy biddy problem here. It is not your car. It never was your car. And until you make that last payment it will never be your car.
If you have a car loan that vehicle belongs to the lender until you finish paying for it. And if they come for it and it is not there you can be charged. Hiding a vehicle from the people who actually own it carries some heavy penalties and you can kiss your credit rating goodbye in the process.
My best suggestion is that you try harder to resolve this issue before it bites you where it hurts.
March 18th, 2009 at 8:47 am
Street Hustlin