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Car was repossessed on Monday.
We were making partial payments for the last four months since my husband was out of work. But that was not enough to keep us in good standings with the bank.
We bought the car through JDByrider and they use CNAC to finance the car. Called CNAC on Monday after the car was repossessed to speak with our account representative. We have two options.
1. Pay the car note bi-weekly until we get back into the good. Which will take us 6 months.
2. Take the repossession hit, buy a car with cash and pay the repossession off our credit (which is bad anyways).
We both work and both jobs are within walking distance. Our problem is that we are not sure if we can get the car back because they may by accident sell the car off privately and we still stuck with a repossession on our credit. Or we get into good standing and we have no way of going and getting our car.
The car has a lot of miles on it. Several problems. Resale value is maybe 1000.00 to 2000.00 if everything is in working order.
If someone has been through this please tell me what you did. We are very indecisive about what to do.

7 Comments »

1. 

   i’d go for option 1 – with keeping accurate records of your payments – always pay via check or credit/debit card, unless you are able to pay them in person and get a receipt…this will prove that you have paid money after the repo – and if they try and sell it out from under you, you could take them to court over it –

   however, they could possibly get you for storage fees – make sure you find out ahead of time and get everything in writing from them, if possible.

   option 2 is more likely to haunt you for years….even though your credit isn’t good right *now*, adding that will make your credit bad for a much longer period of time, and repo’s are *heavily* weighted against your credit score.

   Comment by shizzle — March 28, 2010 @ 6:38 am

2. 

   get a better job

   Comment by Sexy Beast — March 28, 2010 @ 6:38 am

3. 

   you are still responsible for what ever the difference is between what they sell it for and what you owe on it….given the problems….it may be better to just take the hit and go on.

   Comment by wbaker777 — March 28, 2010 @ 6:38 am

4. 

   I would cut off your internet (to save money), and get your priorities straight. Sounds like your digging yourself into a hole.

   Comment by mcperson2k — March 28, 2010 @ 6:38 am

5. 

   I think in this case that I would take the hit. I would also file bankruptcy dischargeing my other debts as well so that after my 7 years are up that I might be able to re-establish my credit!!! The other option is to simply take the hit and not allow anyone to run any credit checks for anything for the next 7 years as to avoid a bankruptcy!! I would not worry about this car I would save my money and buy one that is’nt in danger of being repossesed!!!

   Comment by ihaveadream7777 — March 28, 2010 @ 6:38 am

6. 

   eat it and buy another the impound alne will be hell of money

   Comment by blubyrd75 — March 28, 2010 @ 6:38 am

7. 

   If you have a repo on credit you will never get a primary bank loan. It will not disappear after 7 years as a collection company will but and then another 7 years. Pay it off and get back as you will not be able to register a car if they file lien before you buy for cash and then next year you will have to put in someone else’s name to register.

   Comment by 12pleze — March 28, 2010 @ 6:38 am

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