Guest kygirl Posted March 21, 2007 Report Share Posted March 21, 2007 what can I do if a car was repossesed last nite and I want to catch the payments up and get the car back? I would appreciate any insight into this problem. I am in Virginia. thanks Link to comment Share on other sites More sharing options...
unusualsuspect Posted March 21, 2007 Report Share Posted March 21, 2007 Depending on your state law, the creditor will send a Notice of Redemption to you. You will have a certain number of days to pay the loan off in FULL. If not it goes to auction. At this point, there's no way to catch the payments up. Link to comment Share on other sites More sharing options...
Recovering Attorney Posted March 21, 2007 Report Share Posted March 21, 2007 May not require a full payoff, but check your statutes Link to comment Share on other sites More sharing options...
rm2738 Posted March 21, 2007 Report Share Posted March 21, 2007 Why not just talk to the Finance company and see what they have to say.... If they say full pay off, then check the state statutes and see what the law says. Maybe they will be willing to work with you. Doubtful, but possible. Link to comment Share on other sites More sharing options...
hiblues Posted March 21, 2007 Report Share Posted March 21, 2007 At a minimum, they would require a pretty big lump sum payment, to fully catch up, to pay the tow and storage charges etc, to provide a cushion.... I'm guessing you don't have a large sum of cash on hand because if you did, you probably would have made the payments.Not trying to mean, just real. Link to comment Share on other sites More sharing options...
moneymadness Posted March 21, 2007 Report Share Posted March 21, 2007 I had the same thing happen to me about 18 months ago. My finance company had me send them a moneygram for the full amount I owed PLUS the towing company fees. Mine were about $300! The towing company was in the next town. I was able to pick up my car as soon as the finance company contacted the towing company (within 24 hours). Even though I paid off the car after I got it back, it still shows "reposession" on my credit report. Sorry to hear about your problem! Link to comment Share on other sites More sharing options...
brokemommy Posted March 22, 2007 Report Share Posted March 22, 2007 BEWARE- Think twice about getting the car back. I had this happen to me about 2 years ago. I had to borrow money from my Dad which I hated to do. (They gave me 10 days before auction.) I had to pay the repo place fee of $380 plus the past due payments. When I got there they (repo place) told me that I could not get my car back that day that I would have to come back tomorrow that they were fixin' to close and that they were havin' to replace one of my tires because it got damaged in the process.When I got the car back, it seemed to be ok. There was a new tire on the car. On the way home, the front bumper came loose on one side while I was driving down the interstate. They had torn the bumper off when they repoed it and had rigged it back on with 2 screws on each end. But you couldn't tell the difference at first glance until you looked under the car. When you looked under the car you could see where it was all scraped up underneath and the brackets were torn away on the bumper. We went back and they pretty much told us "too bad so sad- not their problem- it was my word against theirs." This car was in excellent condition prior to them taking it and it only had 37,000 miles on it. I complained to the finance company and they told me that the vehicle report they (repo people) turned in said that the bumper was already detached from the car when they picked it up. LIARS! But wait, there's more. The car's gears started slipping really bad and the car just wasn't acting right. Took it to the shop and the transmission was shot. The mechanic told me that that should not have happened with only 37,000 miles. Turns out when they repoed it, they towed it backwards and my car was a front wheel drive. Tore up my transmission. Had to get the transmission replaced. Thank goodness that was still under warranty! Car wasn't the same afterward. I honestly believe they (repo place) took parts off of it- because they must have thought I wasn't coming back to get it-because it was like 5 days later. I started having all kinds of problems with it. After another year of in and out of the shop, I let it go back for good this past July. I just got tired of it breaking down every other week. Before this, I had never had any problems with the car. If I had known what kind of trouble it was going to be, I would have let them keep it. Now I have a CA hounding me for the deficiency balance, but that is another story. The Repo dropped my credit score about 60 points the first month. But has gotten better each month. I'm currently disputing alot of things and having some luck with deletes. Since July, I have been able to open an unsescured Orchard Mastercard $300 (which by the way is owned by the same company that repoed the car- how ironic). Unsecured Imagine Mastercard $350(high initial fees!), Crown Jewelers $1500, Chevron $300 rebuilder card. So it's not the end of the world. Good Luck- but I'd think twice about getting it back. This was just my experience. Link to comment Share on other sites More sharing options...
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