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My 23 year old son had his car repossessed back in December 2006. He was told by Toyota financial, that he had to pay the balance on the loan, plus towing, plus impound fees. It came to over ,000. Obviously, he did not have this kind of money so the car went to auction.

He now owes about 00.00. They have offered him a payoff of 00.00, which again, he can’t afford. Other options are a large monthly payment, wage garnishment or go to court. The monthly payment is more then half his paycheck, they told him garnishment would be as much. He’s worried because he still has to live, eat, rent, and drive to work. He won’t have enough money to live on.

My question is, would he do better going to court? Toyota says no, they will tack on court costs and interest etc. and he’ll owe more. But will the judge see it that way? Will the judge actually allow them to take so much money he can’t pay his bills? Also, we found out it was against the law for Toyota to tell him he had to pay the loan in full. By law he had the right to bring his payments current, plus impound and towing fees. We could have managed that, but they told him no dice.

My son is not trying to get out of paying his loan, he’s just trying to get payments that will allow him to eat and pay rent. Does anyone know if going to court is better or worse for him?
Citrus61 – I can’t tell you how wrong you are. I have always paid my debts and have a stellar credit rating. I always told my kids to pay their bills first, take care of business. I advised my son that this "sporty" car was over his head. But he had a new sales job and believed he would be making big bucks. NOT!

He quit that job, but by then he was in the hole. He’s a good kid but not good with money. He’s learned a lot, which is the bright side.

I guess you don’t have any kids. You’d be surprised at how they don’t listen to their parents and some kids have to learn the hard way.

I’m sure your parents raised you to be a nicer person..I’d rather my son have financial problems then you personality disorder.
My son talked to a bankruptcy lawyer. He said that Toyota demanding the full amount up front is against the law. He told us to report them to consumer affairs.

The reason he got behind was his own fault. He never made the money he thought he would, but I told him…you shouldn’t spend something until you actually have it.

I do not want this to be easy on him. He does need to suffer the consequences. This is a tough lesson but hopefully one he remembers for a lifetime.
We live in Maryland.

Bankruptcy is really not something he wants to do. As I stated, he is not trying to get out of his debt. He is contrite and wants to take his responsibility of paying his loan. He just doesn’t want Toyota to leave him with too little money to live on.

I need a good car for a low price (max 00, I’m really trying not to finance a higher priced car), and I’m considering going to a police auction (although I know nothing about the process lol) but the thought that something terrible could have happened in those cars freaks me out. Do they tell you WHY the car was confiscated? Can you change the license plate number?

If you know about buying good cars for cheap, please give me any information you can, advice, websites? Anything!

Thank you for your time. =0)

I have tried my local bank and called the police station and they said they do not know where I can find more info on buying a repossessed car. I’m just trying to buy my first car and I don’t know where to find a repo. car. Any advice??