Does Anyone Know About Auto Repossession?

While I have not personally experienced a repo, I have been close to two people who have. The finance co or bank got the car and now they have nno leverage to force her to pay, but they can be annoy her terribly. With her medical issues and mounting healthcare bills, I realize she doesn't need that problem but it can be handled. Do not pay the balance, ignore the letters and the phone calls that will come as well. Write a "cease and desist" letter to stop the phone calls but not the letters. They will taper off until the loan is sold to another collection company, then she can write another letter. I know this sounds awful but bill collectors are persistent. It is too bad she has to deal with this problem at a time like this.
Good luck and wishes for a speedy and complete recovery.

I'm sorry to answer this so late. Your friend is, unfortunately, in a very similar position to some many people. You may want to recommend the website www.daveramsey.com. He has info and resources to help people out of this exact situation. Listed on there are ELP's who can give her advice and walk her through this process. She should be able to settle the debt for pennies on the dollar. The same for the medical bills. She may be able to negotiate lower payment totals. We have also listened to Dave Ramsey on the radio (1310 am: 1-4 pm) and have learned so many ways to combat these very problems. She may have to file for bankruptcy but maybe not.

The hardest part is just figuring it all out. I wish her the best. These are hard times. Good luck!

I don't know...maybe she needs to let it go since she was upside down anyway. By the time she pays it, she could "buy" the same car for less money if she was upside down (owes more than it is worth).

I do know this: Do not allow her to pay anyone to help her with her financial problems. If anyone offers to help her for a "fee", she needs to report them to the BBB and the AZ Atty General.

My daughter used to work in collections and still works at the same company now, so she knows. This is what she said: She can settle....if a family member or someone can loan her the $ she could settle for as low as 50%. If not, she can re-work her monthly payment amount to something lower and potentially settle in the future.

Hi K., I've had several clients lately who have had their cars repo'd...thanks wonderful economy! I don't have any answers but this website does: http://www.carreonandassociates.com/articles/reposession.htm

Its a very informative article. I hope it helps! Have a great weekend!

In her situation she may want to consider bankruptcy.

We had both of our vehicles repossessed last summer. While it did harm our credit score(there's more to life than a credit score-why let it control your every move and decision?)we also received these letters. We haven't heard from the one company since we received our first letter and honestly I think the bank closed-as the branch I went to is no longer there. With the other car we have received several letters, but no action has been taken against us in 8 months. We only owe $2300 on that one, so we are pretty sure we will pay it off. We are still planning on filing for bankruptcy, which, we feel, is the only way to get the creditors off our back. So, I would just suggest ignoring the letters for now and living her life. When she is well and able to deal with this she can. We are finally back on our feet and we will have the money to file for bankruptcy next month. Just thought I would share what we have experienced-I am not sure if it will work for her to ignore their letters, but so far, so good with us.

As far as I know, once a car is repoed no money is owed because they got the collateral back. The onoy exception is if the car was being leased by your sister. Then she is responsible for the deficiency balance.