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I was in a car wreck in April of 2010. The accident was not my fault. The driver in front of me hit the car in front of him and then I came over the hill and hit the guy in front of me. My insurance company wouldn’t pay anything. They said since I was in the back that I should have stopped. Basically they said it my fault.

Anyway, the car was totalled and I could not afford to pay for something that I couldn’t drive. I told that to Capital One Auto (who I got the loan through) and they said that they would send someone to look at the car to see if it was worth repossessing. They did that and said it wasn’t worth it, but that I still needed to pay them for the rest of the loan. I told them that I couldn’t. It is now August of 2011 and nothing has happened. The car was charged off on my credit and from time to time I get letters in the mail from a collection agency saying that I need to pay. I owed over ,000 when the accident happened and the last offer to settle from the collection agency was for ,900. I would pay it if I could, but I don’t have even that kind of money.

This is getting long and I just wanted to know, if my wages were going to be garnished, would it have happened by now. It has almost been a year and a half.

Thanks a lot

I’m going over my credit report, and feel pretty overwhelmed. I lost my car (rather it was repossessed) after losing my job and getting on unemployment, which is so much less that I can barely afford food every month, so forget about a car payment. And, quite frankly, I just want to know what happens if I don’t pay off these debts? I don’t have a lot of debts, but for a 21 year old college student, I’m pretty much in front of the financial firing squad as we speak. 5K on the car, 2K student loans (which don’t need to be paid back until I graduate), 1.5K on a Capital One card. Those are my concerns.
So question: what if I just never pay? Is it possible to rebuild my credit without paying them back? Doesn’t it reset every 7 years or something?
Thank you.

My credit is trashed as it is, so rule that out. I am late 23 days on the mortgage, but only 12 days behind on my car loan. The lender with the car loan is Capital One Auto Finance. If I pay the mortgage late, it will show up on my credit report, which is trashed, but if I could salvage anything it would be a late mortgage payment. I dont want the car repossessed though, it would seriously destroy my life, no means to get to work, etc.

I was involved in an accident in which the insurance company deemed my car a total loss. I still owed captial one auto finance about 6,000 on it and I didn’t have gap insurance. I elected to buy the car back from the insurance company for 0, but now I’m worried about Capital one trying to repossess the car, even though it’s wrecked now. Will captial one reposess a vehicle which has been deemed a total loss? Will I get a salvage title from the insurance company automatically, or who do I need to contact to get that?