shit... one of our cars was repossessed today.

[WMliberal]

Background: my dad's been out of work for 9 of the last 13 months. My mom only makes $9.35 an hour. I've got a mountain of college debt and am underemployed. My sister has equally crippling medical debt.

How are we supposed to raise money to get the car back if we don't have a car to get to the jobs? :shrug: Fucking capitalism... Oh well, at least we still have one car.

[Carni]

1. Hang in there!

Can't offer any advice but I am sorry you are going through this :(

[shesemsmom]

2. I'm sorry to hear this

and I know where your are coming from. When Hubby was outta work, and we fell behind in the bills, I would look out in the mornings to see if the car was still there. The one we we still buying. The other is paid for thank goodness. I am praying that things will turn around for you. I am certain that your folks are feeling really down tonight. They are in my prayers as well.

[Revillusion1]

3. That SUCKS...

Sorry your family is going through such a tough time...:hug: There's many, many more in the same boat, unfortunately...:( I hope your Dad finds a good job soon!

[MarianJack]

4. We're in the same boat.

I've been under/unemployed for 19 months. Thank GOD the cars are paid for. I've had some good interviews and am hopeful. I'll keep you and yours in my thoughts and prayers.

Isn't it wonderful that our economy is "Turning the Corner"?

[WMliberal]

13. ha, yeah. I don't like the looks of this new corner. I think we might've

crossed over to the wrong side of the tracks.

[MarianJack]

22. I Believe What John Edwards Said...

...early in his own presidential campaign. He said that he believed that all of the economic incompetence, especially the monster defeceit, was intentional.

I can't help but feel that the halliburton administration just wants young people to see no other options than the service. After all, we need plenty of people to fight their wars!

[Iris]

25. and it's not just the service.

Wouldn't corporate america love having a worker bee group held captive by debt?

[WMliberal]

29. yeah, it's a pretty good dupe.

With my $30000 in college debt looming large, I'm even considering it.

[General Zod]

5. I work for a bank and used to work in the repo dept....

I know it sucks to have a car repoed, but you still have time to redeem it, if you can come up the the money. Banks lose on average around $4000 per every car they repo. Believe me, they don't want to have to sell it. Contact your bank and see if they will let you pay the past due amount plus the repo fees. You'll have around 30 to 45 days before it will sold at an auction, so you do have some time to come up with the funds. If they sell the car for less then your loan amount, they may come after you for the deficiency balance.
I'm sorry about your situation and hope you can work it out.

[WMliberal]

12. thanks for that inside info. I'll pass it to my parents.

[WMliberal]

26. Update: They're calling the loan in full.

The lot it was towed to is 30 miles away and has a fee of $120 per day. Since the car was worth more than the outstanding loan, I have a feeling they chose this lot to make it hardeer to get it out.If you say they average losing 4 grand a car, they're probably doing everything they can to NOT let us get it back, since this would be one of the few that does break them even or close to it.

[chicagojoe]

33. They tow repos quite a distance to avoid

having you "steal it back".

[WMliberal]

35. yeah, but the figure that stuck out to me was the per day impounding fee

of $120. I'm no expert on the price of repoed impounds, but I know the city fee isn't HALF that. I think this place was chosen to make it impossible to get it out of impound, even if we somehow miraculously came up with the loan money.

[chicagojoe]

37. Yeah, that part sucks.

I helped out a sister-in -law in that position. She redeemed hers, and owed 3 days storage. When we went to pick it up, the tow yard guy settled for 1-1/2 days. Maybe they cut her a deal because she picked up her car so quickly; I don't know.
Better Luck to you and your family!
Edit: spelling

[notadmblnd]

27. Oh they'll come after him for the difference plus.

They'll charge him for any damage/repairs that have to be made also. My husband had cosigned for one of his neices cars before he died. Her name is on the title along with his. Now GMAC is sending his estate bills for the car. Guess what? I'm not going to pay. I was angry with him at the time he did this because I knew she would screw us over. I gave GMAC her address and they can do their jobs and hunt her down. No one can touch any of the funds my husband left us.

[RagingInMiami]

6. Sorry to hear that

I hope things improve for your family.

[WMliberal]

10. they should. I mean, they can't get much worse; only better.

I know my dad and I will eventually get interviews.

[sandnsea]

7. What's the loan and value?

If they can sell the car for enough to pay it off, they should. The bank will screw them around on repo fees and the rest of it and they'll probably end up with almost as much debt with no vehicle.

[WMliberal]

8. we've only got 13 months left on it.

[fluffernutter]

9. i'm sorry, i hope things get better for you all.

:hug:

[Bouncy Ball]

11. But, but, but

I thought the economy was doing so well!

Seriously, though, I hope things get better!!!! Here's to your dad finding a job and your mom getting a big raise!

:hug:

[Schema Thing]

14. Sorry for the rough times... pm me if you need any advice....

.... going forward about owning cars cheaply. For a few years, I bought and sold cars as a way to augment my income, so I know how to get the most for your money.

I can't say I'm any expert on repossesion, but depending on the vehicle, if you only had 13 months left, it might well be worth almost herculean effort and/or monumental buttkissing to go ahead and make enough payment to keep it, if your bank is local and begging is even an option. Of course if the car is only worth 2K or somesuch, don't bother.

[WMliberal]

17. we want to keep it. we've got 2500 or so in payments left, but it's valued

at over $7000

[Schema Thing]

20. well then definitely, don't let it go.

seriously, you should be able to find a second note of some sort or another, or just sell the damn thing.

I don't suppose you guys have any credit card lines open that you could use?

[WMliberal]

30. my credit card line won't be enough for two weeks.

It gets bumped up another thousand in February, which will be enough fo r me to do it. However, by then it won't be enough because of the outrageous impounding fees.

[vpigrad]

15. The government needs to create a fund...

to make sure greedy banks don't take cars from workers. That would help both the person that bought the car and the bank. After all, what are the chances of the bank getting the car back if you can't get to work? The repukes would rather have capitalism and people starving than have some sort of sensible plan in place.

[Donailin]

16. My car was re-pod once

in the middle of my divorce. Came to MD with NO car. I bought a used one after I saved enough money and was happy because I had no car payment. How much do you need to get the car back, how much will it cost to pay it off VS how much will it cost for a used car. Also, think of it this way, insurance on a financed car is twice as much as car you fully own.

[ngant17]

18. under-/unemployed, I know that feeling

Yeah, the car repo sounds like a serious downer in your life. It's natural to get depressed, just remember there are cycles in life, what must go up, must come down, and vice versa.

I quit my job in July of 2004 out of frustration with new owner-management who were die-hard Repugs and they wanted to play office-politics with me. Didn't realize how tough the job market really is. Got a job paying cash, $7.50/hr., but that wasn't even full time, mowed some yards for a while on the side. It's been tough for the last 6-7 months, I must have faxed/emailed/hand-printed 20-30 job apps in the last month alone. Not much responses. I finally got a job last week as a dishwasher for $7.50/hr, I live in Florida where wages are lower than most other states. At least the job is very close to home, I'm saving almost a buck/hour in drive-time, auto and gasoline costs, compared to previous job. Also I get free meals. So that's offset some of the low pay. Still doesn't make it much easier.

Don't necessarily turn down a lower-paying job, especially if it is closer to home, because gasoline costs for driving are significant, too.

The main thing is not to remain in the state of depression because there is always hope if you don't let "them" win. Bush sucks, what else can I say!

[WMliberal]

23. shit, 7.50 an hour washing dishes?

Someone's been making me a chump. I've worked in the kitchen at a local restaraunt for a year and a half and I'm only getting 6.50 an hour- a dollar per hour higher than all the other restaurants nearby- maybe I should move to Florida!

I might have to quit it and work within walking distance. The local amll is only a 20 minute walk away.

[SheilaT]

19. Down the road, when things are a little better

and you're someday buying another car, if at all possible pay cash. Or at least buy the cheapest reliable one you can find and take as short a loan as possible. When it's paid off, save the car payment until you can pay cash for the next one.

Good luck. Having this happen sucks big time.

[Modem Butterfly]

38. Best financial advice I've ever gotten

was to pay cash for a car. As soon as you can, buy a reliable car you can pay cash for, even if it's a beater, and then start putting away the equivalent of a car payment each month. Then, when you have enough jack to buy a better car, step up, but pay cash and keep socking it away. All our cars are paid for and we have a good pad in case something awful happens.

[SheilaT]

45. Thank you.

I was afraid I'd take flack for my advice. But it's so easy to fall for the allure of a new or expensive used car. Most people buy a car payment rather than the car itself.

When I helped my oldest buy a car a couple of years ago it was quite an experience. The first two cars I bought, both times a co-worker came to me and said, I have a car to sell, you need one, let's talk. Both times a VW that cost very little. Then I got married and my husband has an aversion to buying used, although we've always stuck with cars we can afford and pay cash. But I so much enjoyed the buying used, that I might well go that route whenever I decide to replace my current vehicle.

But I'll always pay cash.

[GreenPartyVoter]

21. I am so sorry *hugs*

------------------------------------------------------
Join the new Boston Tea Party!
http://timeforachange.bluelemur.com/index.htm#shopping

[WMliberal]

24. thank you!

[Pawel K]

28. As Republicans Would Say...

personal responsibility or some stupid shit like that. I mean come on, can't you just pull the money out of your ass and be happy? Everyone can do it.

[WMliberal]

31. our grandfather already said it to us yesterday.

He's not going to help. The other grandfather has sent us money, but it's going to the only other payment that's more important: mortgage.

I have a few Republican friends who are in this kind of pickle too and decided to enlist. They're telling me to do the same, since it's guaranteed food, clothing and usually some shelter. Of course, they like to play down the fact that part of the contract is that you can die and conversely, your job is to kill other people (or aid others in doing it).

[Pawel K]

32. It's sad

I hope you know I was just being sarcastic.

I've had some large financial problems in the past where I had to get help from the government. When I got in to a debate with republicans they told me I should of found the money I needed without getting help from the government. Apperently I was a drain on society.

[WMliberal]

34. yeah, that's why I made the reply. We say things like that as a cynical

joke; I know I constantly do it. It's just amazing when some things you can say in jest because they seem outlandish actually happen. In this case, how can people be so callous and obtuse, when in fact not just any Republican, but my own flesh and blood says it.

[Modem Butterfly]

39. My partner was in your shoes just out of college

He enlisted and was in during the last Gulf war. He'd tell you that with the right frame of mind, the military is not a bad means to an end, but that anyone would be crazy to join up at this moment in time.

[derby378]

36. Evangelical DUers may want to visit Crosswalk.com

Someone on there is opening his mouth on how if you're poor, it's your own damn fault, so don't come crying to me...ridiculous.

[sniffa]

40. sorry but there's the PVTA

i know, it's Limited, but it got me around for 3 years. :D

[WMliberal]

41. ***Partial Resolution update***

Good news:
I'm going to be able to buy the car using my credit card on February 1st (I told my mom "happy birthday and happy Mothers Day"). Then transfer title over to my mother for the minimum legal consideration($1), so my dad won't be forced by the divorce courts to buy another car (don't get me started on this quirky tangent.) The impounders will settle with us for much cheaper than thought. The monthly payments are going to be much lower than through the car company, but it's going to take a little longer to pay it off.

Bad News:
Now I'm going to be about $4000 MORE in debt than I was before. It's going to be tough logistics in the mean time with my mom working full time, my sister working two jobs, and getting myself to work. The 12 year old sister is going to have to ride the bus for a few weeks.

Overall, this is definitely worth it. I got to help out my mother in a BIG way. Mega karma points heading my way.

[Red State Rebel]

42. I'm glad it's getting worked out!

Pay that sucker off as fast as you can! The interest rates will eat you alive.

[WMliberal]

43. no kidding, especially with a falling dollar.

It's only a matter of time before rates skyrocket. I'd like to get it done inside two years.

[General Zod]

44. I'm glad you were able to get this resolved....

When I saw that the repo company was charging you $120 per day, I couldn't believe it! Was that just for storage? Most repo companies can only charge $15 to $25 per day for storage.

If the amount they are settling for is more that that, I would question it. Call your state's Attorney General to find out how much they can legally charge.

Make sure that the car will still be at the repo agent's lot when you are able to redeem the unit. Most repo companies only store a car for 7 to 10 days before the unit is transported to the auto auction. If it's taken to auction, you'll wind up paying for the transportation fee, plus the auction company may charge you for storage.