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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.

6 Comments »

1. 

   Get a job and start paying for the car.

   Comment by Zero! — July 25, 2011 @ 4:14 pm

2. 

   Buy some good walking boots

   Comment by PAUL — July 25, 2011 @ 4:14 pm

3. 

   Most of the answers above are 100% correct.

   You will receive a letter showing you the amount outstanding, plus the whereabouts of your vehicle so you can retrieve any personal items. You should get this notice very soon, or a phone call. If you cannot meet the obligation and provide the funds necessary, your car will be auctioned off and the proceeds from auction will be applied to the balance on the loan (plus repo fees, admin fees, etc.). You will be given a bill for the difference between what you owe and what the car brought at auction. If you cannot pay this (hint: NOW is the time to hire an attorney, as you can potentially settle at this time), you will be taken to court. Depending on what state you live in, your wages can be garnished.

   So, after all of this, you will potentially have a judgment on your credit along with a repo. And filing for bankruptcy after-the-fact is no guarantee that the repo will go against it.

   Comment by ElGrande — July 25, 2011 @ 4:14 pm

4. 

   They will sell the car at auction for a fraction of its value and then sue you for the remaining amount of money you owe them. Only the car is gone, not the debt.

   Comment by Scott H — July 25, 2011 @ 4:14 pm

5. 

   Kinda late to be asking what to do…..

   The only thing you can do is make all the payments you missed and also pay for towing, storage, and other repo fees…. IF the bank is willing to return the car to you.

   If not, it will be sold at auction for pennies on the dollar and they will come after you for the rest of the money. So if you owe $10,000 and it sells for $4,000… you will owe them $6000 plus court fees, lawyer fees, etc.

   Comment by STEWIE — July 25, 2011 @ 4:14 pm

6. 

   Answer depends on your state’s laws, which you haven’t given.

   Most likely, though, they will sell the car and continue to attempt to collect the balance of the loan from you.

   Nearly all consumer bankruptcy attorneys offer free consultations. Take advantage of this to meet with one and get advice based on all of the details of your particular situation. You can find a referral at NACBA.org (National Association of Consumer Bankruptcy Attorneys).

   Comment by crbesq — July 25, 2011 @ 4:14 pm

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