Car Loan Problem

[normal1]

Greetings,

 

This is just curiosity, I have a car loan which is more than 150 Days Late Right? - It's really because I had some troubles a year ago and couldnt pay, I took the vehicle out of state after I Purchased it. Anywhom, They never sent the repo man after me and I still have the car, they never called me after or nothing. I'd love to start payment again or even pay for a delete. I owe less than half of the cost of the vehicle (I paid $7k down).

 

I just dont know what to do, I know we're not here to judge anyone so I feel safe typing this up. If someone can provide input? - I'm fixing to write to them stating that I'm willing to pick up the payments but I Dont know.

 

Help!

[hoapres]

A rational lender wants money and not the collateral - i.e. car. You can and probably should contact the lender regarding the car loan. If you have the money to pay the loan in full then contacting the lender to arrange either -(and this may be difficult) - a pay for delete or simply paying off the car loan in total is probably the best course of action.

 

Even if you can't get the current negative information off your CR, a repo is among the most damaging items with regards to obtaining another auto loan.

 

I would be contacting the lender as I suspect the lender merely wants to get paid.

[normal1]

The problem with that is that at this point it is impossible for me to fork over over $10k to pay them, I'd love to start over with payments, even higher payments than before with the late fees. I just want them to take that off my CR and let me keep _the_ car.

 

I understand the lender's standpoint, but what can I do? I mean really

[hoapres]

If you are in a position to make all the back payments up now or in short order and/or convince the lender that you can get current then you should contact the lender. It may be unrealistic to expect the lender to delete the lates until you resume paying on the loan.

 

While I can't speak for MarvBear, I suspect that he will agree with me that a repo is among the most damaging item with regards to future auto loans. While I agree that a 150 day delinquency NOW is bad for future auto fiancing, in a couple of years hence that 150 day delinquency may be able to be removed from your CR or will have less effect with regards to future auto financing.

 

From the viewpoint of obtaining FUTURE auto financing, I suspect that the best course of action is to contact the lender NOW making up the back payments and make all future payments on time. Your ability to convince the lender to remove prior late payments may be improved with a track record of on-time payments.

[mk_378]

Can you make up all the back payments right now? Wait a little until you have enough to pay them as a lump sum. Ask for forgiveness of the late fees. If you contact them before you are able to pay anything, they'll find out where you are and likely try to repo.

 

Worry about the reporting later. Because you have considerable positive equity, tread lightly. They're going to be quick to repo unless you convince them that you'll be making all future payments on time.

[normal1]

Okay, so it looks like the experts agree. Either pay the entire balance of the vehicle or save up the backed payments and then contact them to see if they're interested (I'd bet they're interested, they're not a large lending co.)

 

I frankly prefer what I have now than a repo, but I dont even know, I'll calculate it and pray. Thanks guy!

[MarvBear]

I agree with the consensus. Get in touch with the lender when you have enough money to bring the loan current and plead your case.

 

Hopefully, it will go well for you.

[hurricanesfans27]

save your money fast because eventually they will find you and then the car is gone and the lender may not allow you to redeem it

[normal1]

Thanks guys, I will definetly get going on this.