What can I do
How long did it take you to get 1400 behind at that time you should have contacted the bank to get better payments if you would qualify…you can call for extension but you likely would need to show up with good faith money like 40% of what you owe..if you don't have the cash just give up the car…if its financed sell it for the loan and pay off the car so your credit isn't ruined. But you lose the car either way you just have to figure out how to do it…If my car was financed I would try to sell it for full value and bank would take off lien and your credit is saved
Don't avoid the bank. If you do they get more persistent. Call them and ask them what your options are. You will HAVE to pay something dude …right…that's obvious,….but they can restructure the loan to put some of the amount owed at the end of the loan. Find out what refinancing options are available. Remember, these people are in business and not your friends, so who cares about how they act. Call them, tell them why you cant pay..due to loss of work or whatever…be prepared to pay $300-$400 when you call, and let them refinance the rest of the loan. If you cant pay let them know when the soonest you can pay is. Otherwise let them take the car back.
You don't pay something then they take away the car that is not yours until you pay. Fact of life. Talk with the bank and renegotiate the loan payments which means a lower payment for a longer period but it can be done.
Ask about a voluntary release where you turn in the car. It's still a ding on your credit, but not a sledge hammer to it. This also shows future lenders your willingness to comply. You're not only late, but my guess is you're upside down on the note also. That's called buying more then what you can afford. Do not blame the sheister salesperson for allowing your choice. Good luck.
Get your buddy Darnell to steal the car, then claim it was stolen. The bank won't be able to touch it. If Darnell gets caught, he can claim to have just taken it to wash it. (My neighbor Donalt did this when I lived in Akron, except Darnell went to jail (which he didn't mind cause all his old friends were there) and the bank took the car – but it wasn't worth anything then so why should Donalt bother making more payments.)
10 years ago, I went through this mess with my step daughter, who after 2 bankruptcies, and numerous times of failing to pay her car loans, that (Dad) ended up paying, told my husband, enough is enough, especially when she was living with us, working, paying no rent or expenses, but somehow could not manage to pay a $300 car payment?
She would call and "promise" to pay, and sometimes she did, but many times just stalled them, so would be past due 2 or 3 months. So, we would get fed-x overnight mail stating that if payment (in full) or balance owed to date was not paid w/in 48 hours they would repossess the car.
Now, here is what happens. They hire a repo company that once the lender "oks" the repo, then go get the car. If they are lucky they get it the 1st time and then bring it back to the repo lot to hold, till you pay, or if not then the lender will sell at auction. Now say they don't find the 1st time, then "each" time they go and find it, may charge the lender "each" time they spent looking for your car, (your cost they add). Now, every day that the vehicle sits at the repo lot, they charge storage fees, which might run on average of $30 per day, or $900 per month.
So, if you don't pay, then the lender sells at auction, which on average will get (1/2 the value of your vehicle), that gets paid to the lender.
So, now let add up the cost.
-balance owed on your vehicle that the lender did not get at auction
So, no car and owing the lender the balance above.
Like 1 poster stated, suggest you take ALL of your personal items out of your vehicle "just in case", since they can get it and you could wake up one day with no car.
Your only choice, if you are lucky, is that you set up a payment plan to pay off the $1,400, plus become current with your loan. Since they are giving you 10 days, which is a lot, sounds like they "might" work out a deal with you, but, you must do as you say.
You can pay off the amount or you can kiss the car goodbye.
By the time a lender has filed for repossession, they're pretty much done trying to negotiate with you. Repossession is usually a last resort, after several attempts have been made to contact you.
Two choices. First and best is to catch up the payments.
Second is to avoid the repossession costs by taking the vehicle to them.
If you don't, don't keep anything in the car you can't live without because it will be gone.
Either pay up or plan on making new transportation arrangements in the next 10 days. So you know what you need to do.
If you were wise you would contact the lender tomorrow to see if they are willing to offer other options that will avoid repo.