I Need Help

[Jauwlo]

My Ford Motor Credit account is 5 payments late and they are about to close my file. I don't have the funds yet to catch up with payments but Ford won't give me more time or accept smaller payments.

They sent a repo guy to my home already but didn't get the car. After the account is closed, what will Ford do. How long will I have before they sue me? Anyone know what my best course of action is? I need two more months before I can make payment but I think by that time Ford would have already taken me to court.

Someone please help.

[WhoCares1000]

I doubt you will keep the car so I would not worry about that at this point. Let the Repo man have access to the car (make sure to take everything that is yours out of it first) and let the car go. Odds are, the repo man is either going to follow you around and take the car at some point where you will be inconvinenced or they will call the sheriff to meet them at your place and demand access to the car. The lien is already perfected through the title (or should be) and hence, they can get the car without going to court.

After they sell the car, there will probably be a deficiency judgment depending on if the creditor has recourse or not (check into that) AND if the repo was done correctly according to state law (I know in NY, my sister was able to get out of a deficiency on a lease because the repo man did not give her the plates off the car when he took it). Odd are, if the call for the deficiency, you can settle for about 20 cents on the dollar because most of the time, people either just do nothing or the declare BK and very rarely are those paid.

So if I were, I would get the car ready for repo and call the repo man, then save up the money for the deficiency judgment. Brush up on the UCC and state law however and make the the creditor follows it to the T before paying a cent on the deficiency because if they do not follow it, you do not owe the money.