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Can a bank take my car while I am making payments, not the amount they want but I am paying something, Job lose and illnes.
Aliso Viejo, CA
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Posted 5 months ago in Debt / Lending Agreements
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Can the bank also charge me for what they don't get went they take it and charge me for any repairs to sell? The car was purchased used and has 90,000 miles give or take, it has a few dings it's a 2004. Needs work also. We owe a lot but need and want to keep it plan was 10 years, need the car for work. I am finally back to work partime but need a car to do the job. Husband is back to work finally but he need's to move out of state for the job and he leaves Monday 6/28/09 with his car. I will join him when I can.
Answers (1)
Steven Ames Simons
This attorney is licensed in California.
Posted 5 months ago.
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The short answer to your question is yes they can. On most car purchase agreements you, th eborrower, agree to pay a certainamount. When you pay less, the bank/lender credits the amount paid to interest first. If you are paying less then the debt actually can increase by the unpaid interest.
There are many finance companies right now who are actually working with consumers such as yourself in rearranging the car loans. So many people are in the same dire financial condition that you are in that repossessions are at an all time high. Because of the repossessions the price of cars is bing driven down at the auctions. For this reason many lenders will try to work out an agreement for soem type of payment. This allows you to keep the car and the lender still has income on the account. Whatever you do, GET IT IN WRITTING from the lender. It sounds like things are starting to turn around for you with your husband finding work and you getting part time work. Keep trying - it will improve. Steven A. Simons, Esq. |
