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My car was repossessed January 3, 2009.

I received a letter from Wachovia stating their intent to sell my vehicle. I currently owe ,000 to them. I was considering letting the car go to auction but I know that even if I let the car go I will still owe whatever they don’t get at auction. My question for you is if I let my car go to auction, is there a way that I would be able to negotiate what is remaining? Also, what happens if I don’t pay what is remaining? The car is worth approximately ,000, by KBB standards. I am 2 1/2 months late on the payments but I’ve been late before on previous payments. The interest rate on the car is 15% and they have repeatedly denied refinance requests even after explaining extreme financial hardship to them (I’m a full time student and have been all year thus the debacle).

My credit isn’t great but I don’t have other debts. A few late payments throughout the years but the most damage that has been done has been done by the car & missing payments.

I’m at my wit’s end here, trying to figure out what to do. I may be able to get a used car from a friend and that is a blessing but I’m not sure what to do. Do you have any recommendations or suggestions on what would be best for the situation?

I really appreciate your help

Hello! I have a question regarding a vehicle repossession in Georgia. My car was repossessed in November of last year (2009) after I was 3 months past due on my loan. I lost my job and was in college full time and was unable to pay the payments. I tried everything that I could to avoid repossession, however I failed at all attempts. Anyway, I received a letter from the bank shortly after they got the car back that told me that they were going to sell it at a public auction unless I requested a private sale, etc. I did not respond to the letter because I had already tried to sell the car to no avail. I got a letter today telling me that they sold my car on June 30th at an auction for 1800, which leaves a deficiency of ,352.30 that I owe in full within ten days or they will take further action against me. I was wondering what I should do, as I obviously can not pay them. I can barely pay my bills that I currently have. My husband and I are living with his parents, we share a car now and I do not work as I am in college. I graduate in three weeks (Nursing) and will get a job shortly after that (providing that I pass the boards). Would the bank be willing to wait until then? And even then, I can only do a payment arrangment. Also, I thought that the bank was required to tell me when and where the car would be sold so that I could come to the auction if I chose?

Thanks for all help in advance!
I go to school 5 days a week. On Mondays, Tuesdays and Fridays, I work at hospitals, nursing homes, drs offices, etc. doing clinicals. I work from 6:30 am until 2:30 pm. On Wednesdays and Thursdays, I go to school from 8:15 am until 2:30 pm. I then go to my husbands job and sit in the parking lot until he gets off work at four and then we drive 30 mins home. The only job I would be able to get would be a part time job, which would be hard working two different shifts with only one car. My husband has one job. We live in a very small town, population less than 10,000 and with an unemployment rate 9% above state average. You think we’re the only ones without a job? I didn’t ask for your criticism, only your advice. You were too busy being judgemental to even answer the question.
And anyway, did I ever say that I was not going to pay the debt? No, I did not. My question was asking if the bank would likely be willing to work out a payment arrangement with me, as I can not pay the lump sum right now.
Thank you, Spock for your answer. To the second poster: This is an example of advice.
The reason I got the car in college was because the original loan was in my dad’s name. My dad got the car for me and made the payments. He later got sick and underwnent open heart surgery and since I had a good, stable job, I told him that I would take on the payments. I then took out a loan in my own name and took over the payments. Had I known then what I know now…. lol

Hello! I have a question regarding a vehicle repossession in Georgia. My car was repossessed in November of last year (2009) after I was 3 months past due on my loan. I lost my job and was in college full time and was unable to pay the payments. I tried everything that I could to avoid repossession, however I failed at all attempts. Anyway, I received a letter from the bank shortly after they got the car back that told me that they were going to sell it at a public auction unless I requested a private sale, etc. I did not respond to the letter because I had already tried to sell the car to no avail. I got a letter today telling me that they sold my car on June 30th at an auction for 1800, which leaves a deficiency of ,352.30 that I owe in full within ten days or they will take further action against me. I was wondering what I should do, as I obviously can not pay them. I can barely pay my bills that I currently have. My husband and I are living with his parents, we share a car now and I do not work as I am in college. I graduate in three weeks (Nursing) and will get a job shortly after that (providing that I pass the boards). Would the bank be willing to wait until then? And even then, I can only do a payment arrangment. Also, I thought that the bank was required to tell me when and where the car would be sold so that I could come to the auction if I chose?

Thanks for all help in advance!

My leased car was repossessed about 4 months ago.. and i jut got a letter from collection company, and it says they’ve sold the car on auction and i have responsible for the differences..A repossessed car shows up on my credit report that I still owe the balance on the loan even though the dealer took the car back.
I am a full time student without a job.. What if i can’t pay off for the differences?? what will be happend to me?? please help…!!!!