Comments on: My girlfriend is behind on her car loan and has been threatened with repossession. To make matters worse, she? http://www.survivalistchronicles.com/27/my-girlfriend-is-behind-on-her-car-loan-and-has-been-threatened-with-repossession-to-make-matters-worse-she/ Articles based around house and home Thu, 09 Sep 2010 10:18:17 -0700 http://wordpress.org/?v=2.8.5 hourly 1 By: bostonianinmo http://www.survivalistchronicles.com/27/my-girlfriend-is-behind-on-her-car-loan-and-has-been-threatened-with-repossession-to-make-matters-worse-she/comment-page-1/#comment-1012 bostonianinmo Wed, 10 Jun 2009 13:53:12 +0000 http://www.survivalistchronicles.com/buying-selling/my-girlfriend-is-behind-on-her-car-loan-and-has-been-threatened-with-repossession-to-make-matters-worse-she/#comment-1012 Only if the finance company decides to accept the minimal payments. Don't bet on it, however. Small consolation though, as you live in TX they cannot garnish her pay. Of course, her credit will be trashed for upwards of a decade with a judgment and a repo on it. Only if the finance company decides to accept the minimal payments. Don’t bet on it, however. Small consolation though, as you live in TX they cannot garnish her pay. Of course, her credit will be trashed for upwards of a decade with a judgment and a repo on it.

]]> By: The Auto Finance Guy http://www.survivalistchronicles.com/27/my-girlfriend-is-behind-on-her-car-loan-and-has-been-threatened-with-repossession-to-make-matters-worse-she/comment-page-1/#comment-1011 The Auto Finance Guy Mon, 08 Jun 2009 15:41:51 +0000 http://www.survivalistchronicles.com/buying-selling/my-girlfriend-is-behind-on-her-car-loan-and-has-been-threatened-with-repossession-to-make-matters-worse-she/#comment-1011 No...The bank will offer you a payment plan to pay back the remaining balance. This does not mean that the payments will be small. They will go after the co-signer if there is one. If she decides not to pay them back they can actually garnish her wages with a court preceding and judgment against her. Since her credit is probably screwed up anyway and now she will show a repossession, you have an option. Once you find out how much the bank is going to want, you can negotiate it. The bank is not likely going to go to court and waste money getting a judgment if the balance owed is not a substantial amount. Substantial meaning $20,000 and up. Lets say they want $12,000. If I were you, I would tell them you aren't paying anything or you will pay them $7500 over a two year time frame. Sometimes they will settle for a lot less if you can pay them immediately. Then they will place a note on your credit report that shows SETTLED FOR LESS THAN FULL BALANCE. This is not a foolproof plan though. It depends on the amount and the banks policies. Large banks like Ford Credit and GMAC will due the above mentioned 9/10 times to avoid legal fees. Hopes this helps....BTW..If she needs a new car, now is the time to get it before the REPO or Settlement shows on her credit report. CapOne, HSBC, WellsFargo, Drive Financial are a few banks that have programs that will approve her even though she had a slow paid car loan. No…The bank will offer you a payment plan to pay back the remaining balance. This does not mean that the payments will be small. They will go after the co-signer if there is one. If she decides not to pay them back they can actually garnish her wages with a court preceding and judgment against her. Since her credit is probably screwed up anyway and now she will show a repossession, you have an option.

Once you find out how much the bank is going to want, you can negotiate it. The bank is not likely going to go to court and waste money getting a judgment if the balance owed is not a substantial amount. Substantial meaning $20,000 and up. Lets say they want $12,000. If I were you, I would tell them you aren’t paying anything or you will pay them $7500 over a two year time frame. Sometimes they will settle for a lot less if you can pay them immediately. Then they will place a note on your credit report that shows SETTLED FOR LESS THAN FULL BALANCE.

This is not a foolproof plan though. It depends on the amount and the banks policies. Large banks like Ford Credit and GMAC will due the above mentioned 9/10 times to avoid legal fees.

Hopes this helps….BTW..If she needs a new car, now is the time to get it before the REPO or Settlement shows on her credit report. CapOne, HSBC, WellsFargo, Drive Financial are a few banks that have programs that will approve her even though she had a slow paid car loan.

]]> By: FM g http://www.survivalistchronicles.com/27/my-girlfriend-is-behind-on-her-car-loan-and-has-been-threatened-with-repossession-to-make-matters-worse-she/comment-page-1/#comment-1010 FM g Fri, 05 Jun 2009 05:56:15 +0000 http://www.survivalistchronicles.com/buying-selling/my-girlfriend-is-behind-on-her-car-loan-and-has-been-threatened-with-repossession-to-make-matters-worse-she/#comment-1010 well if she has a cosigner they well go and ask him or her if they can help her but if not than it will be bad for her because of the money she spend on paying for her car will be gone for nothing and also it will put a bad credit in the her history so maybe she will not get a loan anymore but here what i can say that she need to find another mechanic that can fix her car for less and if she find one. she need to get the part by herself from eBay.com because it cheaper their and after she get the parts and than she need to take the parts to the mechanic to install them but before that she need to find out the damage of the car, i mean all the parts and after that she can take an action or also she can ask for her some close friend or relative to loan her some money so she can get back on her feet and if no body can help she can apply for some loans and hopefully she will get one but i just want to know how did she get into the accident because her insurance should cover the damage of the car if she insure it for full coverage. God I hope something work for her. well if she has a cosigner they well go and ask him or her if they can help her but if not than it will be bad for her because of the money she spend on paying for her car will be gone for nothing and also it will put a bad credit in the her history so maybe she will not get a loan anymore but here what i can say that she need to find another mechanic that can fix her car for less and if she find one. she need to get the part by herself from eBay.com because it cheaper their and after she get the parts and than she need to take the parts to the mechanic to install them but before that she need to find out the damage of the car, i mean all the parts and after that she can take an action or also she can ask for her some close friend or relative to loan her some money so she can get back on her feet and if no body can help she can apply for some loans and hopefully she will get one but i just want to know how did she get into the accident because her insurance should cover the damage of the car if she insure it for full coverage. God I hope something work for her.

]]> By: gearnofear http://www.survivalistchronicles.com/27/my-girlfriend-is-behind-on-her-car-loan-and-has-been-threatened-with-repossession-to-make-matters-worse-she/comment-page-1/#comment-1009 gearnofear Mon, 01 Jun 2009 21:23:28 +0000 http://www.survivalistchronicles.com/buying-selling/my-girlfriend-is-behind-on-her-car-loan-and-has-been-threatened-with-repossession-to-make-matters-worse-she/#comment-1009 Depends on how the bank conducts their business, With the car now being a worthless hunk, the bank will most likely go after a co-signer. If there is no co-signer then they will persue a judgement aginst her. They already know she can not pay, is unable to insure the car and has basicly distroyed the car in the process, so likely co-signer is next then the judgment. either way the bank will look at getting the remaining balance on this car since they can not resell it for what it would have been worth prior to the accident. Depends on how the bank conducts their business, With the car now being a worthless hunk, the bank will most likely go after a co-signer. If there is no co-signer then they will persue a judgement aginst her. They already know she can not pay, is unable to insure the car and has basicly distroyed the car in the process, so likely co-signer is next then the judgment. either way the bank will look at getting the remaining balance on this car since they can not resell it for what it would have been worth prior to the accident.

]]> By: sac1977 http://www.survivalistchronicles.com/27/my-girlfriend-is-behind-on-her-car-loan-and-has-been-threatened-with-repossession-to-make-matters-worse-she/comment-page-1/#comment-1008 sac1977 Sun, 31 May 2009 20:48:08 +0000 http://www.survivalistchronicles.com/buying-selling/my-girlfriend-is-behind-on-her-car-loan-and-has-been-threatened-with-repossession-to-make-matters-worse-she/#comment-1008 it would certainly go in her favor it would certainly go in her favor

]]> By: dancingwiththestarsfanfj http://www.survivalistchronicles.com/27/my-girlfriend-is-behind-on-her-car-loan-and-has-been-threatened-with-repossession-to-make-matters-worse-she/comment-page-1/#comment-1007 dancingwiththestarsfanfj Sun, 31 May 2009 03:48:04 +0000 http://www.survivalistchronicles.com/buying-selling/my-girlfriend-is-behind-on-her-car-loan-and-has-been-threatened-with-repossession-to-make-matters-worse-she/#comment-1007 They will go after any cosigners first. They will go after any cosigners first.

]]>