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kkk1

Repo in FL...

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I am almost 2 payments behind on my car loan (2 months behind as of next week) due to a cut back in hours at my job. I've been juggling things as best I can over the last 4 months, but I have just been notified that my position is not going to be budgeted for summer (June through August) and I am not sure what my hours will be afterwards beginning in Sept. I am seeking other employment, but no prospects as yet. Further, I have a ton of medical bills due to a surgery my son had to have about 9 months ago.

 

I am strongly considering voluntary repo on the car, as I'm pretty sure that's where it's going; I cannot foresee making the payments in the next few months at least and I have to put rent, food, etc. first. I do have a car that is paid off that I will be able to use if the car is repo'd.

 

How bad of a problem for the future am I looking at if it comes to this? Any advice?

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My understanding is that a voluntary repo is no better for your credit than an involuntary one. The lender will sell the vehicle, and you'll be responsible for any remaining balance on the loan.

 

Do you have medical insurance? If not, have you looked into any charity care programs through the hospital, for the medical bills?

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Call your creditor. Depending on how long you have had the car they may be able to defer a payment or 2 for you because of your situation. Repo is definitely NOT recommended. It will krill your scores for years and you will most likely owe a deficiency balance on the loan.

 

Good luck, I have been there!

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My understanding is that a voluntary repo is no better for your credit than an involuntary one. The lender will sell the vehicle, and you'll be responsible for any remaining balance on the loan.

 

Do you have medical insurance? If not, have you looked into any charity care programs through the hospital, for the medical bills?

 

Hi - I do have medical insurance - these are my bills after insurance. The payment plan they worked out for me is $160 and $140 per month on two separate bills totaling about $5500. Those two payments combined are not really within my budget and I also have some doc bills and physical therapy bills I'm paying on monthly in smaller amounts.

 

I know it'll kill my credit... my main concern is what happens after and if I'll be sued, etc.

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Call your creditor. Depending on how long you have had the car they may be able to defer a payment or 2 for you because of your situation. Repo is definitely NOT recommended. It will krill your scores for years and you will most likely owe a deficiency balance on the loan.

 

Good luck, I have been there!

I was able to defer 2 payments around the time of the surgery - I was in between jobs then and had just started getting back together when the hours were cut (it's a budget thing) and so even though I know repo will kill my scores, I'm not sure I have an option.

 

Did you end up going through repo? If so, what was the aftermath as far as money owed on deficiency, etc.?

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Unfortunately it's entirely possible that you'll be sued over any deficiency balance. Do you owe a lot more on the car than it's worth?

 

My husband and I had a repo in December 2012. By February, the lender had sold the vehicle, charged off the balance (about $6000) and sent it to a collections agency.

 

We ended up filing for bankruptcy in October 2013. Not solely because of the repo, however.

Edited by RedHairedLady

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Unfortunately it's entirely possible that you'll be sued over any deficiency balance. Do you owe a lot more on the car than it's worth?

 

My husband and I had a repo in December 2012. By February, the lender had sold the vehicle, charged off the balance (about $6000) and sent it to a collections agency.

 

 

I just spoke with the lender. I owe about $4000 or so more than it's worth. What the rep said is that I'll receive a notice offering redemption before it goes to auction. Then after a certain amount of time it'll be auctioned. Then I'll get the deficiency notice and he said I'd have to make payments on that amount. I asked if it would be owed all at once and he said no, it could be paid all at once but their policy is to accept payments. He also gave me his direct line and his email to contact him with any questions before, during, and/or after the process. He said it will only go to collections if I do not make regular payments on the deficiency amount for x amount of time. I hope he's correct, as this gives me some hope for avoiding being sued at least - if there's a bright side here that would be it.

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Unfortunately it's entirely possible that you'll be sued over any deficiency balance. Do you owe a lot more on the car than it's worth?

 

My husband and I had a repo in December 2012. By February, the lender had sold the vehicle, charged off the balance (about $6000) and sent it to a collections agency.

 

I just spoke with the lender. I owe about $4000 or so more than it's worth. What the rep said is that I'll receive a notice offering redemption before it goes to auction. Then after a certain amount of time it'll be auctioned. Then I'll get the deficiency notice and he said I'd have to make payments on that amount. I asked if it would be owed all at once and he said no, it could be paid all at once but their policy is to accept payments. He also gave me his direct line and his email to contact him with any questions before, during, and/or after the process. He said it will only go to collections if I do not make regular payments on the deficiency amount for x amount of time. I hope he's correct, as this gives me some hope for avoiding being sued at least - if there's a bright side here that would be it.

I don't know, I'd be awfully skeptical about that. I can't see it not being reported as a repo on your credit reports. But if you're not worried about it trashing your credit, then it doesn't really matter. Edited by RedHairedLady

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Call your creditor. Depending on how long you have had the car they may be able to defer a payment or 2 for you because of your situation. Repo is definitely NOT recommended. It will krill your scores for years and you will most likely owe a deficiency balance on the loan.

Good luck, I have been there!

 

I was able to defer 2 payments around the time of the surgery - I was in between jobs then and had just started getting back together when the hours were cut (it's a budget thing) and so even though I know repo will kill my scores, I'm not sure I have an option.

 

Did you end up going through repo? If so, what was the aftermath as far as money owed on deficiency, etc.?

It depends on the vehicle and sale. I had a Lincoln MKS in 2011 book was just north of 30 k and owed 26k they sold it for 10k. I owe 16k after repo.

 

Not a good place to be.

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