QUESTION
What should I do about this car and the finance company?
Asked on Dec 23rd, 2012 on Bankruptcy - California
More details to this question:
I bought a car August 2011. I made one payment on it before I started having problems with the car. I took the dealership and the finance company to court and won a small truth in lending suit. This took a year and in that time I told the finance company to just come get the car. That I would take the hit on my credit rather than pay $16,000 for the car. After explaining all the problems the financial company said they didn't blame me and sent me to a manager who told me they would start the necessary paperwork to have the car repossessed. I would have to speak with a different department and they would call me asap. That conversation was over a year ago. Since that conversation I have not spoken to the "appropriate department" to have the car repoed. They never called me and once a month for the last year I have called them about it but either they tell me someone will call or that the appropriate people are on lunch. I would understand if they didn't want to repo it because they wanted the money but they have never asked about the money. In the last year and a half I've received 3 invoices from them and not one phone call. My credit has dropped 200 points... Because of this car... And no end in sight. I need help. What should I do?
3 ANSWERS
1 Award
First, I would want to know if you have any other debt and whether you might qualify for a bankruptcy. That way, you could render the whole mess irrelevant. Hiring a lawyer to litigate the matter probably not worth it but might be something to explore.
Answered on Jan 03rd, 2013 at 1:28 PM
Chapter 13 Bankruptcy Attorney serving Winston-Salem, NC
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You have a couple of options, although none are gauranteed solve the credit problem. First, take the vehicle to one of their local facilities if they have one and hand the keys to a manager there. Make sure to take the tags off and turn them in to the DMV. Second, you can negotiate with them for a lump sum reduced payment which may make the car worth keeping and fixing Finally, you can write to them and demand that they either pick up the car or release the lien on the vehicle as you will consider it paid off if they fail to respond. then you can google NCGS 20-58.4 to see if you can use its provisions to kill the lien.
Answered on Jan 03rd, 2013 at 1:27 PM
What do you mean by "won a small truth in lending suit" also are you saying the car is a "Lemon" or are you saying you don't want to pay. If Lemon, we need to determine by see what steps were taken to cute and mitigate it.
Answered on Dec 31st, 2012 at 11:34 PM