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My car was just repossessed. Can I get it back?
20th March 2011
I live in Virginia and the car was repossessed by a credit union. Paid about half the loan off but spouse lost job and we are behind in everything. This is so humiliating – I am so ashamed.
Has anyone gone through this? Does a Credit Union let you pay just what’s late and you get you car back or do they want the full payment of what is still owed? What about my stuff in the car?
Not sure how much more of these money problems I can take…
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you will have have to get payments up to date and there will probably be additional repo fees involved now
if you don;t get it back – they will sell teh car at auction – for probably a lot less than you owe and then send you a bill for the balance due with a few $1000 extra tacked on for repo fees – I went thru that with a voluntary repo and I wound up owing almost as much as when I still had the car – I would up filing for bankruptcy (lost my job, got separated, child support, other debts)
you will have to call repo company about stuff in car
Comment by Zarg222 — March 20, 2011 @ 4:15 am
Surely you received notice of repossession. They didn’t just turn up out of nowhere and take the car.
My neighbor had two days notice of repossession and he was able to remove all personal property from the car before it was collected.
If you decide to declare bankruptcy, a car is not considered to be a life essential. Human beings cannot live without furniture or heating, but there are thousands of family who have never owned a car.
Comment by Edward Fox — March 20, 2011 @ 4:15 am
The only one who can answer what your credit union will do is them. I’m sure if you call them they have done this before and have a plan. Remember they aren’t in the car business they’re in the money business and what they want is you money so call and find out how much of it they need before they’ll give you your car back.
Comment by Collector Blake — March 20, 2011 @ 4:15 am