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Car Repossession in 10 days

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I have financed a 2002 Maxima from Suntrust Bank since 2004. The principal is $17K, and the balance is about $13K. My monthly is $367.

I have been regular with my payment until this summer when there was a temporary break in my employment. Besides, I had to suddenly assume the custody of my 2 school-age children in mid july due to unforseen circumstances relating to their mom. I resumed a new job september 1. As a result of these circumstance, I fell 3 months behind with my payments (Aug, Sept, Oct)

I informed Suntrust that I will remit 2 payments each month, starting October 31st until end of December to catch-up with my payments, but they well not accept my offer. Now Suntrust called me yesterday and ask me to authorize two cheques of $367 each - one dated for October 20th and the other for October 31st, else, they will have the car respossessed.

The collection agent would not get off the phone until I authorize the amount, though I told her I wouldn;t be able to get the payment in the bank by the 20th. She kept on threatening they will have to repossess the car, so finally I did, with the promise that I will try and raise the money. So far, I have not been successful. I called them back and told them I can't afford the $367 this friday (else my kids will starve), and I begged them to allow me till the end of the month to make both payments ($367 x 2)...but they are still refusing. I even offered to make 3 payments at the end of October, but they refused.

I have expended on all my savings (credit cards, etc) on legal issues relating to my kids (else they would have been adopted). Now, I am about $5K in debt with over limit credit card.

What options do I have now, besides repossession.

Thanks very much

Regards, Y

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I can understand this but unfortunately creditors don't care about anything but getting their money NOW!

Have you thought about filing a Chap 13? This will stop all these fees and any repossession. BUT you need to get the ball rolling fast to keep the repo man away. With the new law there are things you need to get in order before you can file. It may not hurt to talk to an attorney for this asap.

I would watch out for this check because bouncing it will put you in a worst position with them and not to mention additional fees you clearly can not afford.

Finally put your bills in order of importance... rent/mortgage, car, insurance, uitilities then everything else. Don't pay anything until after these are taken care of. Your credit can be repaired after this is all over and you are above the drowning line again.

Good luck... and hug your kids today... they are whats important!

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