Have my car repossessed or what?
Ok…. So I am financing a 2002 Chrysler Concorde LX. I have only had it since February. Two days ago on the way to the beach out of no where my car makes this sound like rock in a coffee can being shook around violently, I was gonna pull over but I was in a bend and a cliff was on my side (If you been to Oregon you know what I mean). So I got around the bend going about 30 at the fastest as my car was violently shaking and a split second later the engine light came on, oil spilled out and a thick black cloud of smoke was flowing out from under the hood then I go uncontrollably into a shallow ditch. I had to spend $300 to get it towed 21 miles cuz it was $100 hookup fee plus $5 a mile and an off hour/ weekend fee to go 20 miles into the nearest town (Very small town with one tow company). I was gonna have my car towed to home, about 150 miles from home, but that would have cost over $740. So I rented a U-Haul and car trailer for $255 and did it my self. Our jobs have recently gone south so that money was for our insurance and car payment ( When we bought car we had GREAT good steady and long lasting jobs we thought). So now I have no money for insurance or car payment. I would just cancel my insurance and leave it in my garage, but since I am financing it that is illegal and I don’t go that way. The car financing place said I could do a voluntary repossession where they fix it and auction to try and pay for what is left on my loan, or I pay what they didn’t get. Basically I need to know what should I do? I was told to just fix it up, but I can’t fix it nor can I pay the payments on it…. Any suggestions??
let them reposes it
A repo will cost you money in the long run. You will still have to pay off the loan because there is no way a car with a blown engine will sell for enough to cover the money you owe. They aren’t going to fix shit,they will sell it and sue you for the difference.
It’s an unfortunate situation but you’re going to have to fix this car and keep it.
Cancel the insurance. Its not illegal because the car is not operative.
I know you are in a bad spot but given that it might be in your interest to just let to go back rather than keep making payments.
It doesn’t sound like you have a garnishable job which will help in that they don’t generally sue people that don’t have visible assets or a garnishable job.
A repo is going to hurt your credit bad for many years. But what choice do you have ?
Do you really want to continue paying for a car that you cant drive ?
The problem is the car. The concorde never got a decent motor, so fixing it will eventually be just a temporary fix. The finance company will likely send it to the auction as it is or just have the repossession company take bids on it. Had the car been a much newer car with a better likelihood of value when fixed they would put a motor in it to sell it. Sadly, you are in a very bad situation.
I see you have 2 options. Check out http://www.car-part.com and choose the motor in your car. Looks like a few close to you, one for $1000.
1.You could see if you could replace the motor (if you have the money or could get it financed) and keep the car or try to resell and get out from under the loan.
2. You can call the finance company and either arrange to pay on it in the garage without the insurance on it (usually they will let you do this if you surrender the license plates and sign a promise to not drive) until it is paid off or you can fix it or ask them to pick it up.
A tight situation, and I hope you are able to come out of it okay.
BTW, the finance company will sell the car at a large loss if they get it back either way and they will expect you to pay the difference, so something to keep in mind. And, if they do not agree to no insurance, they will put forced place insurance on it and set it up for repossession as you would be in violation of the contract.