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I’m 6 Months Late On My Car Payment. If I Just make Payments Will They Let Me Keep It? – Tasha

I have a car for 3 yrs now. i recently lost my job and could not make payment for 6months now. my car is in repossession but they cannot find it and now i contatec them to make payment and they told me they cannot do anything because its now in charge off status. they want me to surrender the car or pay n full. i cannot afford to pay $11000 and they told me if i surrender it i can reinstate the loan.

Is it possible to get it reinstated if i tell them where the car is? also can i just hold onto the car and just keep paying?

Tasha




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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

2 Comments

  • Don’t believe them. They are just telling you about reinstatement to find out where the car is and grab it. Logically, it doesn’t make sense. Once they have the car, they will sue you for the balance of the loan, back payments,back interest, and any damage to the car. More likely, they will dump the car for cash to someone they know, and sue you for any difference plus all the costs, lost interest and missed payments and attorney fees. If they don’t know where the car is, you have negotiating room. Tell then you will resume payments. Most of the time, they really don’t want the car. Used cars are a dime a dozen. If you can’t resume payments, then expect a lawsuit. They may even press charges for theft. Cut a new deal by offering to resume payments. And don’t tell them where the car is. You’ll never see it again.

  • Don’t believe them. They are just telling you about reinstatement to find out where the car is and grab it. Logically, it doesn’t make sense. Once they have the car, they will sue you for the balance of the loan, back payments,back interest, and any damage to the car. More likely, they will dump the car for cash to someone they know, and sue you for any difference plus all the costs, lost interest and missed payments and attorney fees. If they don’t know where the car is, you have negotiating room. Tell then you will resume payments. Most of the time, they really don’t want the car. Used cars are a dime a dozen. If you can’t resume payments, then expect a lawsuit. They may even press charges for theft. Cut a new deal by offering to resume payments. And don’t tell them where the car is. You’ll never see it again.

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