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5 years ago I lost my job and got two months behind on my car payment. The creditor told me to just give it back. I asked them to give me more time or to lower the % rate. They continued to haress and kept telling me the best thing to do is to give it back. We did, but now another credit company is saying that we owe ,000,00! Have they lost their mind? How or why should I pay that when they took the car and sold it. I live in the state of Texas and purchased the car in Texas. They keep calling and now they call my place of employment! What should I do?

Well lost my job as a result lost my car. Been a few months now and they still want me to pay(which is expected). If i do pay will i get my car back? I believe that the 7,000$ car was "resold" for 500$. My credit is already bad so is there any reason to pay? No lectures please. But I just dont understand why I should pay the other 4000$ when I have already lost my car and probably wouldn’t get it back if I paid. My credit is already bad so bad credit is not an incentive to paying it back. Any where to go for like a 2000$ car in payments? nothing expensive.

Lost my job. Got a final notice in the mail. Once they take your car you still have to pay the unpaid balance don’t you? Even once they take it? Or do you not have to pay it but have shitty credit for ever.

My car was repossessed last year after wife lost job and we got behind on payments, and were unsuccessful in attempting to negotiate lower payments/deferments with them to get caught up. Loan was through Wells Fargo, who sold the car at auction and we were on the hook for the difference. This was immediately sent over to a collections agency, which would deal with us, and we’ve been making 0 payments ever since. Apparently, Wells Fargo has taken the loan back and sold it to another company. We only found this out because the collection agency refused payment, and we called them. What is up with this and what should we expect? Is it possible that with the sale we may be able to negotiate a smaller payoff to be rid of this loan for good?

Here’s the breakdown of events:

Lost a job in March that led to deficit in our home income. We were 90 days behind on a vehicle lease loan with Fifth Third Bank – we had been calling them for months trying to work something out, and they were completely unforgiving. They finally said they were coming out to repossess our car.

This past Friday: Called Fifth Third Bank and said that we could make a 2/3rds payment on what was past due on our car. They said it needed to be the full 90 days. We said we could do something over the weekend and pay on Monday. The customer service rep said we had until Monday and she noted out account.

Sunday at 6am: Our car is involuntary repossessed while we slept. Called the police later in the morning to find our car had been taken to a local repossession lot. When we called the lot, they said that Fifth Third hadn’t informed them that we had until Monday. They said we needed to call Fifth Third on Monday morning to discuss.

Monday at 7am: We called Fifth Third. The rep says that she sees the note on our account, but that doesn’t matter. She said someone should have explained the risks to us, and they could repo our car anytime, no matter what we were told. We made the payment via Western Union for our car. We are told that once the paperwork is sent to the repossession lot, our car will be released to us. We are told this will at least take a day. We call the repossession lot at the end of the day to see if paperwork has been received, and it has not.

Tuesday: We call the repossession lot to see if the paperwork has been received, and it has not. We call Fifth Third, and they tell us to call back on Wednesday. They said these things take time.

Wednesday (TODAY): We call the repo lot. They tell us our car has been transferred to the auction lot. They tell us our car will be up for auction on Monday. After some argument, we find out that Fifth Third places a 72 hour hold on cars repossessed, and that we’ll have to pay all these fees incurred for the time. Fifth Third still has not sent them (or US) ANY paperwork regarding this matter. We’ve only found out all this information by calling these places trying to piece this together.

TONIGHT: We are told by the repo lot that they will not sell our car because we have a confirmation number for our payment. However, we’ll still be responsible for all the fees.

My question is – WE PAID ON MONDAY. WE WERE TOLD WE COULD HAVE UNTIL MONDAY TO PAY. And the note saying that is on our account. Do we have a legal case? I know we defaulted on the loan, and that is our fault, but don’t we have some rights here? Shouldn’t what the representative told us on Friday hold some weight as a verbal contract or agreement with us?

Please help. I believe we’ll be contacting a lawyer in the morning, but we’re just feeling helpless. Thank you for anyone who takes the time to read this and offer advice.
Just as an extra note – the customer service rep we talked to on Friday didn’t even have our current address until we told her. So, she would have had to tell us we could have until Monday, then sent out a repo order after telling us that.

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