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I live in Tennessee And the interest charge was like 8000 on a 12000 $ car which comes out to like 40% [I know I got ripped off] it was three years ago 349 for 60 months. I paid for three years then lost my job and tried to get ________ to work with me when they bought my loan and they refused to lower my payment . I had been in default since Feb and my car was repoed two weeks ago and my mom just took money out of her retirement from her old job to buy me a used car and pay off hers . should I be worried about them seizing my new car for payment? im not going to pay a dime back no doubt, can they really go after personal property in Tennessee? I need real updated sources of information . judge me all you want for not paying the loan but please remember this is yahoo ANSWERS and I need one .

So today my car was repossessed from Toyota, I was back about two months and they had been calling me non stop, I finally answered to tell them I need another month before I could pay them and what my options are but they just told me they can just take the car so I just hung up on them. Now that was a few weeks back and now they found the car and towed it today but I just want to know what to do in the event of this happening, I financed this car and this is my first car so I’m a little bit inexperienced. What is the best possible option for me? Someone has told me about bankruptcy and my mom says let them keep it, I dont know what to do. Please help.

My mom co-signed on a car loan for me through a financial company 5 yrs ago; she then chose to pay it off and have me make my payments directly to her last year. We had a verbal agreement of what my monthly payments were and that if I didn’t make them the car would in fact, be taken back by her to sell. Soon I lost a major portion of my income and was unable to make full, consistent payments. I sent partial payments that were sometimes late and some months I was unable to make any payment. I kept in open communication via email & phone to let her know what to expect. She would respond neutrally, mostly not addressing it. She recently sent me a certified letter after a fight telling me to pay her what is left owed to her on the car or to return it to her to sell. She also said I would be responsible for the difference (if any) if the car did not sell for what I owed her. We have no signed contract at all; and definitely no verbal agreement saying I would be responsible for the difference if the car was taken.
I relinquished the car to her; there was some small body damage and the check engine light was on. She sold it to her friend for less than what was owed because of the damage; the car did not pass smog and now she wants me to pay for the difference and to fix it to pass smog. I say hell no, that’s her problem now. I live in California and from what I can tell I’m no longer responsible. She wants to take me to small claims court and I feel confident she has no case because we did not have any agreement that I would pay the difference if she sold the car. She’s under the impression that she has the same rights as a financial company because she is lien holder on the title. Is this true? Is there an unspoken agreement that she is exactly like a real company? I figure even companies should have to tell you all the rules up front and not spring it on you later.
her credit isn’t affected bc she already paid it off to the lender last yr.
**I spoke to a lawyer and she DOES NOT get the rights of a lender. The lender has the rights they do because it is in the signed contract. I have fulfilled my end of the agreement by relinquishing the car and the contract has been followed in whole.

My mom co-signed on a car loan for me through a financial company 5 yrs ago; she then chose to pay it off and have me make my payments directly to her last year. We had a verbal agreement of what my monthly payments were and that if I didn’t make them the car would in fact, be taken back by her to sell. Soon I lost a major portion of my income and was unable to make full, consistent payments. I sent partial payments that were sometimes late and some months I was unable to make any payment. I kept in open communication via email & phone to let her know what to expect. She would respond neutrally, mostly not addressing it. She recently sent me a certified letter after a fight telling me to pay her what is left owed to her on the car or to return it to her to sell. She also said I would be responsible for the difference (if any) if the car did not sell for what I owed her. We have no signed contract at all; and definitely no verbal agreement saying I would be responsible for the difference if the car was taken.
I relinquished the car to her; there was some small body damage and the check engine light was on. She sold it to her friend for less than what was owed because of the damage; the car did not pass smog and now she wants me to pay for the difference and to fix it to pass smog. I say hell no, that’s her problem now. I live in California and from what I can tell I’m no longer responsible. She wants to take me to small claims court and I feel confident she has no case because we did not have any agreement that I would pay the difference if she sold the car. She’s under the impression that she has the same rights as a financial company because she is lien holder on the title. Is this true? Is there an unspoken agreement that she is exactly like a real company? I figure even companies should have to tell you all the rules up front and not spring it on you later.
I am not trying to "escape" responsibility, I simply do not believe I am legally responsible. I never chose NOT to pay her, I couldn’t/can’t and that’s why I gave it back. Per our verbal agreement that was the consequence for not being able to make the payments. What stops her from selling it to her friend at a discount and coming to me for the rest? She wants to go on Judge Judy because they will pay for the judgment if she wins. P.S. my mom is not an honest person & she used the car to control me for the last year.
wow, very little of these responses are just answers. I had to sift through a bunch of judgment and personal opinion that include attacking words.

My mom had 45 years of GREAT credit then…
My mom is the co-signer of my sister’s car.
It got repossessed and we got the car back.
My sister makes late payments.

I want to get a car now, and the only way is to get a loan.
Is her credit report going to be too bad to get the loan?

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