Nildo Has Moved Back in With Parents And Wants to Save His Car From Repossession

Nildo wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

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“Dear Steve,

Because of a job change, that pays only commission I got myself into this mess. Now I have to move back into my parents home and lose my car. It pays good commission but I have had 3 bad month and now I don’t know what to do

How do I get out of this mess and save at least my car?

Nildo”

The Answer:

 

Dear Nildo,

There are some absolutes in this world. For example, if you want to drive a nail into hard substance, it will require some force. If you don’t want to burn yourself on a hot pan from the oven, don’t grab it with your bare hand. If you want to keep your car, you need income.

I appreciate how much you want to keep your car but it is a function of the lack of income that is going to cause you to lose it. The good news here is that you are taking some steps to reduce your other expenses, like moving back in with the parents.

If your current commission based job isn’t paying the bills, you’ll have to look around and see if there is another job that might allow you to earn more.

Sadly, the hardest time to effectively sell is when you are desperate. Inspiration is always a more effective approach, rather than desperation.

The only hope for saving the car is going to be to negotiate a mutually agreeable repayment plan with the auto lender that you can afford. If they are not willing to offer you a plan that you can afford, you are probably going to lose the car. Don’t do anything stupid like hide the car to avoid repossession. If it is going to be snatched up, see if you can offer to drop it off and save some of the repossession costs, which you will be billed for anyway. Also make sure to take all your personal stuff out of the car now and leave it out so if the car is repossessed at a moments notice that you don’t need something in the car that you’ll have to struggle to get back.

If the car is repossessed then you will get a big bill for the repo costs, costs of the sale, and the difference between the amount of the loan and the amount received from the sale of the car at auction. This could be a very big bill.

Big Hug!

Nildo Has Moved Back in With Parents And Wants to Save His Car From Repossession repossession repossessed repo repayment plan auto lender ask the get out of debt expert
@GetOutOfDebtGuy

The Answer:

 

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    While our goal is to keep all of our clients on their contractual payment schedule, each situation is handled on a case-by-case basis.

    Paula should contact her account representative, who can discuss all of her options, including late payment. Communication between our customers and their account representatives is key to creating an effective relationship that is beneficial to both us and the customer. If the customer doesn’t notify us of a payment issue, we have no way of knowing their situation or intent to make a payment.

  • Andrea

    J.D. Byrider wants to help our customers stay on track. It does not serve their interest or ours to allow them to become delinquent in their payments. We help them by trying to keep them on pace with their payments, which is for everyone’s benefit so they can successfully meet their obligations.

  • Paula

    Steve,

    I purchased a car thru JD Byrider – CNAC almost 2 yrs ago. I never missed a payment or have been late on a payment. I called once after losing my job to see if I was able to make my payment a few days late when I got the money and they told me no. That the loan I have would not allow it. So I did what I had to do to make sure that my payment was made on time. Since being unemployed I still have been making sure that my car payment has been made faithfully. I have to relocated from Colorado back home to New Mexico to live with family. My question is that my car payment comes out electronic check and came out friday. I know that the funds to cover aren’t in there and won’t be there til thursday. I was on a website called ripoff.com where people talk about bad experiences and companys that ripped them off. JD Byrider and CNAC were on there with years of horror stories about there zero tolerances for payments for being one day late or people showing up at there doors demanding payments after 7 days of late. I don’t want to lose my car and can make my payment it would just be late. What would be my options to keep my car. I will be able to make my payment but do finance companies have a right to have zero tolerance on late payments without having a grace period? I’ve just had a perfect payment history for almost 2 yrs and don’t want to lose my car now. I start my new job monday and need the transportation.

    • http://GetOutOfDebt.org Steve Rhode

      Paula,

      It appears that JB Byrider and CNAC are a used car sales system where financing is arranged through the dealership.

      Ultimately the items you are asking about will be addressed in the finance contract you signed. You should read the fine print and see what it says. And while you are reading, look for any statement about not removing the car from the State which you purchased it in or notifying them promptly if you move.

      I have contacted J.D. Byrider and asked them for an official response and/or to respond to your comment.

      Steve

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