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My husband and I got into a really tight situation financially do to an illness and massive Doctor bills piling up in addition to the loss of my income. It became an everyday stress trying to juggle bills and 2 car payments, we began to get behind on all of our bills paying one car payment one month and the other the next month.
One finance company was very cooperative, offering deferrals on payments and smaller payments to help get caught up on the loan, while the other was not cooperative at all ( the repo).
Long story short, we recently decided to file bankruptcy.
We are trying to save money for lawyer fees for the bankruptcy which are 00 as they will not proceed with the bankruptcy until all fees are paid in full.
The car was repossessed in the night last night.
what kind of time line do we have before the finance company starts to garnish my husbands paycheck. We are already struggling to survive and can not afford to have his pay garnished.

I have missed about 5 payments on my autoloan and the bank has "charged-off" my account and according to them, the account is dead. Also according to the bank, I am a Maryland resident so I have one last chance to make the account ACTIVE/CURRENT if I pay them all the payments that are overdue. But it looks like they have changed the terms an conditions e.g. I cannot make a payment over the phone or by check. I have to wire them the amount every month. I am not getting a straight answer from them as well and the representatives I am talking to are acting like as if I have borrowed the money from the representative and they are extremely furious at me. The account manager keeps on saying one thing "I want 2577.00 by April 30th" and I have been telling her that I can pay 00 right now and when I get my paycheck on May 1st, I will wire the rest of the money, is that acceptable? and the answer I get is "Your car will be repossessed". This makes me think that they have made up their mind and they will repossess it anyway and the reason why I am not getting a straight answer from them is because they just want to get as much out of me as possible before they repossess.
Also according to the statement they sent me in Feb 09, I owed them 700 dollars (payment = 0/mo). The backdue amount does not exceed 00 but they are demanding 77. Upon asking, the answer that I got was "Thats what you owe!!" and no further explanation was given.
The reason for avoiding these people for 5 straight months was because I was dealing with a lot of financial issues for the past two years and everytime I have tried working with them, I have just heard threats of repossession and they have always managed to get payments out of me by threats (they should since I promised to pay back the loan, its their right). This time I am in a better situation because I have paid off my all other much more serious obligations and this car loan is the only loan left and because of this I was hoping that I can work it out but when I called them I was informed that the account has been charged-off and a tow truck could be at my house any minute.

Can anyone shed some light on it? should I forget about this car and let it be repossessed? because it looks to me that the threat of repossession is going to be there even if I make regular payments.

The amount due at this time is 77 and I must pay it by April 30th. On May 1st, another 0 will be due and the tow truck will be on its way. My payments used to be due on the 20th of each month.
the autoloan was provided to me by Citi (Citi Financial Auto).

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.

A few weeks ago, one of my cars was repossessed. Unfortunately my ex husband was driving it, and stopped making payments… and I could not afford to pick up the slack… so the car was taken. There was only a 0 balance when it was taken, and the bank had charged me 5 for the towing fees. I bank with the bank who gave me this loan, and just today my paycheck went in (I have direct deposit). My bank took 0 out and applied it to that car loan… and now there is a little over 0 more that is owed. To my knowledge, they have not sold this car yet… so my question is, if the bank is making me pay this loan back, shouldn’t I get the car back? I am furious beyond words, this is all absolutely ridiculous. I am a single mom and being 0 short on my paycheck is really going to set me back… I think I should at least get that car back… what do you think?

My husband’s car was repossessed in 2004. I did not even know him then. We got married in late 2005, and now the creditors are calling us and saying that he has to pay the remaining balance of the car note after they auctioned it off. They are saying that if we don’t pay, they will garnish our bank account even though it is a joint checking account. Can they do all of this? Also what is the maximum amount, percentage wise, that they can garnish from a paycheck?

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