Question

No judgement please.  What happens if I let my car go back?No judgement please. What happens if I let my car go back? I can't keep up the payments and it's in 12k negative equality. I can't exactly keep up payments for the negative equality after it's gone either.  

Answer 1

I let them take my jeep back in November one I was making all my payments& I set up payment arrangements if I was going to be short or whatever they tried to say I didn't even though I had all the email proof I did they kept saying other wise but yet they still took all my payments and everything. When they took it I was literally only a half payment behind. They were nasty as can be called me names and everything else finally my husband stepped in. we asked for a supervisor to call me they said they would never did. Unfortunately my loan was through one main which I would NEVER recommend anyone to ever do absolutely horrible company! Anyways they didnt close my account as a repo, never reported any missing payments shows 100% on all payments. They just closed my account like it's been paid. But I was at the point of no return with them but I am filing bankruptcy anyways due to other issues. My best advice is to just call them and ask for different opinions what you can do. I'm sure they are easier to work with then one main! But no judgement here dear! ❤ just wanted to share my experience.  

Comments

@donegan oh my that's scary! I'm so sorry that happened to you! And I'll be having another meeting with them soon! We are also dealing with a lawyer for a rental we are in now ‍♀️‍♀️ due to slumlord not fixing major issues and they have known since we noticed them 4 months ago so we put that issue above the bankruptcy for now. Stress is part of my everyday life anymore.  

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@socratic I’m used to stress too. It’s sucks. But think positively. We’re adaptable!  we own a restaurant too and have a 9 month old. So this year we’re paying off as much as we can and saving as much as we can! You’ve got this!  

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@donegan congratulations on the restaurant and the baby! We have a 7, 1 in half year old and another on the way. Of course all boys! Lol but I wish you the best of luck! You got this too! Thanks for reading/listening to me vent lol needed to get it out somewhere! ❤

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@socratic anytime! I’m always willing to lend an ear! And that’s awesome my husband is one of 4 boys I tell his mom all the time she was a superstar lol congrats on the pregnancy!  

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@donegan I appreciate it :) and I'm not mentally prepared for all these boys lol the two now give me a heart attack every time I turn my back for 5 seconds lol‍♀️ thank you! Your husbands mom is strong 4 boys oh my!  

Answer 2

They sell it at auction for a whole lot less than it is worth and you are responsible for the difference.  

Answer 3

It’ll go on your credit as a repossession and you will owe the institution whatever they can’t make back plus penalties and fees.  

Answer 4

You get more selling it. Youll owe whatever they dont make at the auction just went through it

Answer 5

You’ll have the most control over the financial repercussions if you avoid repossession. The amount they sell it for at auction will be a joke compared to what you could probably sell it for yourself. You would need financing for the amount you’re upside down though.  

Answer 6

Call your lender. See if you can sell the vehicle for less and do a workout for the difference as a signature loan. I work in collections, and they will not make nearly as much money as auction as you can private sale. I work for a credit union so we're willing to work with most people who stay in contact with us. If you work with a smaller financial institution, they may be willing to help you out!  

Comments

@lynlyncean I want to refinance but just got off maternity leave so don't even have a pay stub yet and its finance through capital one at 17 percent

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@debus, have you called them to ask about maybe interest only or skip a pay? That could get you through a couple of months. Try to find a buyer and then present the offer to them. Most places don't want repossessions and will try to do what they can to avoid it in my experience!  

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@lynlyncean Ive tried talking to them. They just keep saying my payment is late. Like it’s one month behind cause I was on maternity leave

Answer 7

It’s not worth it even with you being upside down in the loan. Sell it and try to pay off the loan. Get something cheaper and learn from your mistakes. Cars are never ever an investment. Always check value vs what you are paying for one too.  

Answer 8

My loan company rewrites loans so you’re able to lower your payment. See if Capitol one offers that

Answer 9

My husband did this before him and I got together. Don’t do it. It’s a voluntary repo. It hits tour credit the same way a regular repo does. Basically the bank takes the vehicle, they send it to auction and auction it off for PENNIES and you are left paying the reminder of that loan still. I would never recommend doing this option, ever.  

Answer 10

It’s still a repo and they’ll come after you either way for the negative equity.  

Answer 11

Call your lender and ask for a loan modification. We had to do that about 10 years ago when my husband lost his job. I didn't want to lose it and so they modified our loan to reduce the payments. We lost our gap insurance, but it lowered our payment by $200/month.  

Answer 12

It'll go on your credit as a repo and WILL effect you on getting items in the future! My boyfriend had a vehicle repo'd, before we met and that always showed up. However, it eventually falls off. His is no longer on his credit report and hasn't effected him since it has fallen off. since then he has purchased 2 vehicles.  

Comments

7 years it takes to fall off.  

Answer 13

They'll sell the car for whatever they can get and sue you for the difference between the loan balance and what they get, plus fees.  

Answer 14

All you have to do is pick up the phone and call Capital one. This was a quick search on the internet and it guided me to the Capital One website  Pick up the phone and call them! I am sure they will help u

Comments

@michaelemichaelina Oliva yes except I won't be able to make all the payments current plus the ones adding on once it gets taken at once

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@debus extra job or something for extra income to get the payments current and keep making payment. Can you cut cable, internet, lower phone bill, insurance company anything else where . Worse case is bankruptcy if you truly can no longer afford it! You won’t be able to buy anything under credit for a few years.  

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@melanism Anne hubby and I already work opposites every day we can so getting a second job wouldn't work. I have a 3 year old 2 year and 2 month old also that we use the internet for but don't have tv services and sadly I owe money on my phone

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@xhosa what are some of the options? I’m open to anything. They don’t refinance though and I have to catch it up to refinance elsewhere

Answer 15

If you let them repo it you will still have to pay the difference no matter what. Then you’ll be down a vehicle and unable to get another loan to purchase a new one down the road. I know because we’ve been there (had a car repo’ed during the 2008 recession).  

Comments

@trochlear5420 I’m not concerned about getting another loan

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Like period for anything with in the next 7 or so years? Because it really tanks your credit.  

Answer 16

They will sell the car at auction and you will be responsible for the difference between what was remaining on your loan and what they sold it for. Don’t let it go back.  

Answer 17

If you have to get it repoed you usually have to pay the difference. we got lucky when we did this because we ended up not having to pay anything thank goodness, but I wouldn’t tile the dice again

Answer 18

No judgement here, looks like folks gave you lots of good options. Hang in there and keep working at it, it'll get better  

Comments

@beller I know. I just fell behind on a payment when on maternity leave and then the late fees. I have not even gotten a check back since going back to work yet

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@debus I had two babies 13 months apart I feel this! I probably am still paying on some of that. They're 4 and 5 now!  

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@beller my first two are 13 months apart. My second and third are 27 months apart

Answer 19

You’re only one payment behind, right? Honestly I would tough it out and try to catch back up as soon as you can. Sell things you don’t need, pick up a side hustle to try and make some extra cash. Go without things that aren’t absolute necessities. I know late fees suck but I would really discourage a voluntary repo. We’ve all been there girl, this sucks and I’m sorry you’re going through it. I’m sending you good vibes!  

Answer 20

If you let it go, they’ll sell it at auction and you’ll still be responsible for the difference. Can you refinance?  

Answer 21

What everyone is saying is true. I did it years ago. Then got sued. I had to file bankruptcy, literally for that reason only, I didn’t even had credit cards. Unless you plan on filing bankruptcy I’m not sure how it will help. But. That said, talk to a professional. Either a bank or bankruptcy attorney (free consultation) to figure out your options.  

Answer 22

Can you refinance?  

Comments

@hysterectomize I’m going to try once i catch up payments if I can

Answer 23

I let mine go back for the same situation. They sold the car and took the difference from the balance I owed. So it left me with 16000 left but they have agreed to do a settlement with me for half that.  

Comments

@decaliter but with a settlement u have to pay it all at once don't u

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@debus no ma’am you can make payments toward your settlement.  

Answer 24

That’s a really hard situation and I have no advice but I did just want to say we are all cheering you on. I hope you find a way to resolve this situation  

Answer 25

I'd call and work something out . You can't just stop paying for things you owe on. It will mess up your credit

Answer 26

That can destroy your credit. Just a heads up