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Am I out of luck? So this is the story– My car was under mine and my ex husbands name. I fell behind on my payments because of a lay off. Once my car was repossessed I thought I’d just be able to call in and catch up on my payments and get my car back. I was very wrong. They want me to pay it off with them because my ex husband filed for bankruptcy. So I tried to refinance but didn’t qualify with my credit history. I tried to have a co-signer but the financial institutions said I couldn’t have a co-signer for a refinance unless I had no credit. Ok so went to Plan B. My cousin tried to get the loan for me. Now that’s not working because number one they said his name is not on the vehicle and number two they don’t refinance repossessed vehicles. I feel as if I’ve exhausted every option. Am I out of luck? Should I just give up now? It’s very hard for me because this car was my baby. I put a lot of work into it. Lots of aftermarket parts. I put a lot of money into this car and I feel helpless as far as getting it back.

6 Comments »

1. 

   I would give up. Your credit is already destroyed. Anything you do now will not improve your credit. They will sell the car at auction for a ridiculously low price (to one of their relatives) and hit you with the balance owed.

   Unless you have the financial resources to buy the car back at auction, there’s nothing you can do that I’m aware of.

   Comment by Dan B — August 19, 2010 @ 4:15 pm

2. 

   the bank is gonna take it to an auction and sell as quick as possible so they can try to recoup there money, what ever is leftover on the balance you will have to pay.so if you want to get that car back go to the auction and buy it there for less than you would now.(of course on someone else loan because your credit is screwed.)

   Comment by Anthony — August 19, 2010 @ 4:15 pm

3. 

   You aren’t out of luck you are out of money…

   Live within your means and buy a car from a dealer that will sell one to someone that has a job…it won’t be new and it won’t be your old one but it will get you to work and a start on a new life without a bankruptcy….

   Comment by Wrenched — August 19, 2010 @ 4:15 pm

4. 

   i’m with wrenched.. but if you ex is filing for bankruptcy. they him to put the car in the paper work so it could not affect your credit as much..Because if does not he is also responceble for the payments.. then go get a new/used car..(mom’s&pops) GO SEE CAL GO SEE CAL GO SEE CALLLLLLLL!!

   Comment by Jorge&Melli — August 19, 2010 @ 4:15 pm

5. 

   Look at it from the lenders perspective. They lent to someone with good credit. He went belly up and didn’t pay.

   Now, YOU,with no credit want to take over the notes. (You are a FAR worse risk than he was when he signed)

   If you have something that can prove it was YOU that paid for a year or so and show it to the lender it MIGHT help.

   But don’t bank on it.

   From the banks perspective, they would go from taking the car back from what was a good credit risk to giving the car to a bad (or no) credit risk person. Not a good business decision.

   Now, if you have some cash in addition to catching up the payments you might stand a chance.

   But a loan officer who approved your loan would be fired if you ever defaulted.

   Comment by N — August 19, 2010 @ 4:15 pm

6. 

   I put a lot of work into it. Lots of aftermarket parts. I put a lot of money into this car
   ===============

   Ouch. Probably enough money to have had the car paid off by now.

   Comment by alfredb1979 — August 19, 2010 @ 4:15 pm

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