Find Seized Car Auctions Near You

Know Where To Buy Your Dream Car For A Low Price!

Whether It Is A Mercedes, BMW, Honda, SUVs, Trucks...

Drive Your Dream Car For 90% Below Retail Prices!

Start Looking For Your Dream Car Now!

Hello! I have a question regarding a vehicle repossession in Georgia. My car was repossessed in November of last year (2009) after I was 3 months past due on my loan. I lost my job and was in college full time and was unable to pay the payments. I tried everything that I could to avoid repossession, however I failed at all attempts. Anyway, I received a letter from the bank shortly after they got the car back that told me that they were going to sell it at a public auction unless I requested a private sale, etc. I did not respond to the letter because I had already tried to sell the car to no avail. I got a letter today telling me that they sold my car on June 30th at an auction for 1800, which leaves a deficiency of ,352.30 that I owe in full within ten days or they will take further action against me. I was wondering what I should do, as I obviously can not pay them. I can barely pay my bills that I currently have. My husband and I are living with his parents, we share a car now and I do not work as I am in college. I graduate in three weeks (Nursing) and will get a job shortly after that (providing that I pass the boards). Would the bank be willing to wait until then? And even then, I can only do a payment arrangment. Also, I thought that the bank was required to tell me when and where the car would be sold so that I could come to the auction if I chose?

Thanks for all help in advance!
I go to school 5 days a week. On Mondays, Tuesdays and Fridays, I work at hospitals, nursing homes, drs offices, etc. doing clinicals. I work from 6:30 am until 2:30 pm. On Wednesdays and Thursdays, I go to school from 8:15 am until 2:30 pm. I then go to my husbands job and sit in the parking lot until he gets off work at four and then we drive 30 mins home. The only job I would be able to get would be a part time job, which would be hard working two different shifts with only one car. My husband has one job. We live in a very small town, population less than 10,000 and with an unemployment rate 9% above state average. You think we’re the only ones without a job? I didn’t ask for your criticism, only your advice. You were too busy being judgemental to even answer the question.
And anyway, did I ever say that I was not going to pay the debt? No, I did not. My question was asking if the bank would likely be willing to work out a payment arrangement with me, as I can not pay the lump sum right now.
Thank you, Spock for your answer. To the second poster: This is an example of advice.
The reason I got the car in college was because the original loan was in my dad’s name. My dad got the car for me and made the payments. He later got sick and underwnent open heart surgery and since I had a good, stable job, I told him that I would take on the payments. I then took out a loan in my own name and took over the payments. Had I known then what I know now…. lol

4 Comments »

1. 

   [sigh] the GA law on this is online. there may also be an arm of the state government that offers handouts, etc. on the subject which summarizes the law.

   the time when you should have been looking this up was immediately after the repo — now is almost certainly too late.

   their next step will probably be to sell the 4352.30 debt to a collection agency. you’ll like for that to not happen — it’ll harm your credit even more [you've already got 90 days past due and the repo on the list].

   call the people you used to deal with in the collections department and ask for the manager. [no underling has enough authority for what you want].

   tell the manager the truth of the situation — just about to graduate and should be able to make payments in three to six months. ask if you can convert the deficiency to an unsecured loan with payments to begin 45 days after you’re employed. s/he won’t want to do it; so you’ll have to remind them that they probably only get 30 cents or so on the dollar if it goes to the collection agency and that suing would cost the bank even more through attorney’s fees — all of which you will help them avoid as soon as you’re working as a Nurse.

   GL

   Comment by Spock (rhp) — August 21, 2010 @ 1:50 pm

2. 

   No, they do not have to notify you of any sale. You still owe them and they will make your life miserable until they’re paid. Sorry, but that’s the facts.

   Comment by Common Sense — August 21, 2010 @ 1:50 pm

3. 

   Why would you come to the auction? You did not even bother to respond to the letter.

   I’d suggest your husband starts brining in some money. How many jobs is he working right now?

   Or, borrow the money from family.

   This is why you don’t finaince depreciating assets like cars. And if you do, you put a VERY large down payment and finaince them for a very short time. You should NEVER owe more on something than it is worth.

   You are in college, but that does not explain why you are not also working. Get a parttime job. Babysit, mow lawns AND deliver newspapers.

   In short, you and your husband need to pay the debt.

   Comment by Rick B — August 21, 2010 @ 1:50 pm

4. 

   Everything they did was legit. Not sure why you bought a car on credit while in college in the first place. I had two different cars in college, both old cars that I paid for in cash. Didn’t finance a car until I graduated and got a job. And even then I didn’t do that for a while.

   Feel free to talk with the bank, but by not making your payments and not responding to their letter about selling your car you put them in the position of forcing their hands on this. You can try to make other arrangements with them, but if they enter any kind of negotiations to make payments it further delays what action they can take. I’m not saying you would do this but after banks went down this road before with thousands of other people who had no intention of paying them back and delaying the inevitable, they no longer step backwards but only move forward. Finish school, get your degree, get a job and work on paying back whatever they throw at you. And do not finance another car until you are on better financial ground.

   Comment by David M — August 21, 2010 @ 1:50 pm

RSS feed for comments on this post. TrackBack URL

Leave a comment

Name (required)

Mail (will not be published) (required)

Website