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What are my options? I have no assets/no money to pay/settle. My car is 12 years old.
I would appreciate the best answer that you can give me.
Additional Details
Thank you ... |
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 Could buying a cheap car help my credit score go up!? |
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lf | I want my car to get repo so I can get rid of money I owe, can I do that? |
I have my car as a collateral at a credit agency but my car is not working as well anymore and I need a new one (used of course) but I want to get rid of this loan I have with this people before I get my self into that and my question is, can I just stop making payments on this loan so they can come and get the car and that way I get rid of the car and the loan? if I can't please explain why...thank you!!!
Additional Details
thanks for all your answers but to whoever thought I was irresponsable for thinking about this let me tell you something, sometimes life takes you to unspected places wheather you like it or not, I work full time and very hard, so responsability has nothing to do with me not being able to pay off this loan.... |
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Princess Toadstoolie
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If you do that and expect to be able to get another car, you are a Grade-A dumb@$$. Reposession does NOT look good on your credit--in fact, it will ruin your credit for at least seven, if not ten, years, and trust me that may seem like an abstract concept, but it will bite you square in the butt. Pay off hte loan, or see about trading that car in on another one. Or get a credit card with a lower interest rate that your current loan has and pay off the loan with/on the credit card. |
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Gen
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You'll still owe money. That will really mess up your credit and you won't be able to get another car. Being responsible is not that hard. |
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purplekristi
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you'll have a terrible credit record, but it sounds like you do anyway |
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Megan R
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Hello, you can do a voluntary repossession, which means you go to them, say you can't make the payments, and give it back to them. Honestly, it still hurts your credit, but your lender appreciates that more than going to track you down, plus it makes you look slightly better than a regular repo situation. |
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evalmonk
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You could but you would still owe it... say you owe $1000, they will charge you $500 to repo it, and sell it for $400, and then you owe them MORE. |
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Kelly,TX
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Your Car gets repo.. You still have to make payments. Do the honorable thing and pay your bills. It shows responsability. Your credit is about to take a toll and is going to be a long time until you can clean it up. You probably end up with a worse car... Because you won't have credit or afford to get a better one. Do as you promise when you signed the papers and pay. We all at some point took a hit and learned from our mistakes. |
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infoman89032
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get rid of the car pay the loan is about the only with or maybe a fire |
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MC
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no you will lose the car and still owe the money....you dont lose the loan just the car!!!! |
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mi_gl_an
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y don't you sell the car to pay off the loan? |
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llwhateverll
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Letting them repo the car is a terrible idea. You will then owe them the "deficiency" as well. this means that if you owe say $5000 on the car and they repo it, they are going to charge you around $1000 for repo fees. Then they will sell your car at an auction. If it is not running right it will most likely only bring say $500.
Now you own the Finance company the original amount, plus the repo fees minus the $500 they got for selling the car. So you know owe them $5500 and you are out a car.
Just do the right thing, get the car fixed and keep making your payments.
Also, I just read what "JD" wrote and most of it is a bunch of CRAP> Taxes, Foreclosure for $100 in Association fees, not true. Maye for back taxes but not association dues. Also, Lien can be discharged in Bankruptcy, it is done everyday, the Attorney just has to file the proper paperwork at the time the Bank is filed. If not, the Attorney will usually charge somewhere between $400 to $900 to go back and do it after the Banko is done. |
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kvuo
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They will repo it, sell it for nothing, and you will still owe the balance. If you don't pay the balance, they'll sue you, get a judgement, and garnish your wages.
On the other hand, if you're really screwed, you can always chapter 7, and start over. Learn your lesson, and STOP BORROWING MONEY. Credit means nothing, unless you plan on being in debt for the rest of your life. |
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scifidiva
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A voluntary repo is just as bad as any other repo. It will damage your credit, you will STILL owe a balance after they sell the car at auction, and you can be sued for what you're left owing. Repo, voluntary or not, is NOT a good idea.
It would be better to sell the car, take that money and apply it to the loan. With luck you can pay it off entirely. If not, pay what you can and re-finance the balance to lower payments on what you are left owing.
As for the tax repercussions of a charge-off.. bad info given. There is no 'captial gains' from a charge off, and rarely would a creditor even send a 1099-C "cancellation of debt income", they just sell the debt to a collection agency or junk debt buyer who will try to collect. "Cancelling' a debt means they can NEVER try to collect it again .. and they don't want to do that.
IF you were to get a 1099-C for the 'cancelled' debt, then it MAY have to be reported as income on your tax return for that year. However, if you can prove that you were insolvent (more debt than assets) at the time the debt was 'cancelled', then you will NOT have to add the 1099-C amount to your taxable income.
Don't do the repo if you can avoid it. |
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Abbott*Lee's*Mommy
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If the car gets repossessed you still owe anything on your loan above what the car is worth at an auction (in Ohio at least). Not a good idea to screw up your credit with a repo, b/c then you more than likely will not qualify for a new loan, especially an auto loan at that! Take it from someone who is trying to rebuild their credit. Why don't you just trade it in on something different? Many places will pay off your old loan and give you money on a trade. Research dealerships in your area and see what they have to offer. Once you ruin it, credit is the hardest thing to rebuild! |
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Darius
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Sure, you can stop paying and they will reposess the vehicle. You could also call them and tell them to come reposses it, but it will have effects on your credit. It will go on your credit report that you defaulted on a loan, and that is very bad. When you go to get your next vehicle, be prepared to pay higher interest, have to make a higher down payment and higher monthly payments.
Have you thought about having someone look at it and fix it? |
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Sheena
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If you have insurance with comprehension coverage, set the **** on fire! Hopefully you have gap insurance so you won't owe the difference of the actual value and ur loan amount, but even so, it will alleviate some debt!
Comprehension claims don't increase your insurance premiums, and it's a sure way to not be responsible for your car any more!
Good luck |
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JD
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As other people have pointed out, repossession does not erase the debt, it simply allows the creditor to auction off the car and apply that money to what you owe. Cars inevitably auction for less than they would sell on the open market, so if the blue book value of your car doesn't cover the car loan you're almost sure to end up with debt left over.
If the remaining debt isn't big enough to justify the expense of a lawsuit, the car company may write it off, in which case it'll appear on your credit as a "charge-off". Sounds ok, right? Unfortunately, the company will also report that charge-off to Uncle Sam, who will treat it as the creditor had handed you the money to pay off the debt (which, in a way, they have). In the case of a car, it might be treated as a capital gain (not sure; check with a tax attorney or CPA). For credit card debt, chargeoffs are treated as regular income. Either way, the long and short of it is that you will owe taxes on the amount of bad debt that was written off!
Depending on your credit situation, some car companies will allow you to get an upside-down loan on your new car (a loan for more than the car is worth). They just add the difference between your old loan and the trade-in value of your old car to your new loan.
If you took a loan out against a car that was already paid off, I suspect it was because you have fairly poor credit (which plenty of people do) and couldn't get an unsecured loan. If that's the case, I recommend you contact the consumer affairs division of your state government and get a few recommendations of credit counseling agencies. Unfortunately, many of these agencies are disreputable and try to take advantage of consumers in tough situations, but the government will be able to point you to legitimate ones. They can help you get on payments plans with all your creditors so you can get out of debt and repair your credit.
A final note. If you're a homeowner, creditors can sue to have liens put against your home for the money you owe them. Once a lien is placed, the only way to get rid of it is to pay it. Even a bankruptcy will not remove a lien from your property, although it will prevent creditors from coming after you if your property ever sells for less than the value of all the liens against it (quick fact: when you get a mortgage, a lien is placed against your home for the amount of the loan). Technically any kind of personal property can have a lien against it, but in practice usually only autos and real estate ever do. That's right; your car loan is secured by a lien against your car. Mortgages and car loans contain special clauses that allow them to "accelerate" the debt (i.e. make the entire amount due at once) when you fail to make payments, and seize and sell the property to try to recoup the money. Most liens from judgments don't contain these kinds of clauses, but beware that some do. People have had their homes foreclosed on for as little as $100 in back homeowner's association fees |
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