I lost my job and was 3 months behind on my payment. I finally started a full time job Monday, I get off work today and this happens. I’m about to have a nervous breakdown.
I called Wells Fargo. The remaining balance is a little over $3000 of which $850 is past due with 1 year left on loan.
The department I need to speak to was gone for the day so all I can do is have a meltdown until tomorrow.
Based on the above, do you think i’ll be able to get my car back if I can find a way to bring the past due $850 current or am I facing coming up with the entire remaining balance?
you should call and ask for the lowest possible payment available… normally its a small payment as to push back the lateness … because they don’t want to lose ya payment and thinks youll catch it up eventually thell tell ya " your 156 days late make a payment of 20 percent to knock it back to 100 days so we wont repo it and catch it up
problem is it was taken this evening. I can scrounge and get it current, but this was unexpected. As I said I started new job and was planning to make it current next thurs with first full check.
With a traditional loan I’d expect them to be happy with you making it current and going back to regular payments plus the extra interest and late fees. With the weird structuring in banks today, it’s possible that the parts of the loan are split up and it’s more complicated, but there’s no way to know that until you try so talk to them and it will probably be OK.
Also, for future reference, if you’re starting to go behind in payments, call the lender and talk about it beforehand. There are usually programs that will let you temporarily defer payments or switch to interest-only payments until you get back on your feet. They’re not going to immediately repo (it’s illegal for them to do so until you at least fail to make one) and pretty much always would rather work something out. Not making payments for more than a month and hoping that nothing bad happens is pretty much the worst way to handle a loan and the most likely to cause a problem - sure you ‘planned’ to make it current in a short time, but they have no way of knowing that, and now you don’t have possession of the car AND have to call them to work something out. A relative of mine works at a credit union as a credit councilor and the majority of the time if someone is getting overwhelmed with payments they can get the situation under control just by telling the lenders what’s going on and asking for reduced payments.
I was there many years ago. What you’re most likely looking at is bringing your payments current plus the towing/repo fees. Mine was around 200 if I recall correctly.
Where do you live, and can you drive standard? I am in Indianapolis, and have an old car you could probably borrow if by dint of bad luck you don’t get you car back. It’s no prize, but it starts every time.
Contacted bank, wired money to bring it “current enough” they gave me to tow yard, paid the tow yard and drove off with my truck.
Dont know your state, but tow yard will love you if you do it quick, in CA if they hold it for more than 48 hours they have to do a detailed inventory of the contents.
I’d think their attitude toward working with you versus saying “so long, sucker” would be heavily influenced by the value of the car - e.g. if it’s got a market value of 10,000, that 9,000 might be pure profit for them if they say “too bad” (admittedly, I don’t know what the rules are re having to refund excess profit in that case, but it would certainly be substantially reduced by “fees”).
On the other hand, it’s a certain amount of hassle for them to deal with it.
Aaah, memories. Had this happen because I was stupid enough to cosign a loan for my brother.
From my memory of the event (it was several years ago):
You’ll get a letter from the bank with the ominous heading of ‘We have your vehicle!’ (No shit, it actually said that).
Then you will have to bring the car loan current meaning paying all back payments and late charges and repo/towing charges right away (no paying it in partial payments). I had to use Western Union to send the money so they had it pronto.
Then they will send you a letter/form telling you where your vehicle is and allowing it to be released. My brother had the vehicle in south central South Dakota and the vehicle was taken to Shakopee, Minnesota which is a fair distance away.
Then you have to be a very good boy and make all remaining payments on time. You aren’t allowed another chance to be late.
If you cannot get the vehicle back it will be sold at auction and you will still owe the remaining balance between the auction proceeds and what is owed.
It is not a fun situation and I hope to never be in it again.
But God what a nightmare. It took 2 days+sweating out the weekend when they were closed to find out my options. Found out Monday afternoon. My best fastest option was Western Union the money as urgent/same day.
I did that first thing THE NEXT DAY after speaking with them. In the meantime i get a call from the repo lot here in town saying its scheduled for a pickup to go to the auction place 4 hours away. I said “when?, im on the way to wire the money, they’ll have it in 15 minutes” “I dont know when they will arrive, it can be any minute or ir could be 3pm, I just dont know”
So I wire the money, get the confirmation that it was received, but still have to call the bank to give the code so they will put a stop on car getting picked up and then released to me. On hold for an hour sweating it out. They stop the pickup immediately but say im in a queue to actually get the release docs to the tow company, but it’ll be that day.
Of course.
Tow place gets the release docs a little after 5pm. They close at 5. So I was delayed 1 more day.
But I got it back. I’ll prostitute myself before I ever go thru that ordeal again.
BTW my car is only 7 months from being paid off when this ordeal started. So they would have made quite a nice profit had they had the chance to sell it. I suppose it’s law that compelled them to give me the brief stressful window I was given to rectify the situation
Very true. As I added above, it is only 7 months from being paid off. Selling for even below market value at auction would have been profitable. I’m sure it was legality and not kind heartedness that prevented them from doing so.
Good question. I’m not sure. Due date is 12th of month, so I’m not sure if they went ahead and tacked on October 12 to be safe. When I mentally subtract the fees, take the remaining and divide, I’d say no. Although i’d be pleased to know October is paid and i’m good till November. But obviously i’m gonna verify and not assume.
Hmm. I missed July 12, August 12 and September 12. 3 months. However when I subtract the fees they quoted me and just divide the amount past due by my normal payment amount the result is 4. Guess i’ll check tomorrow.
I wouldn’t be surprised if the amount included October’s payment; they know people have to scrounge together all the available cash to get their vehicle back and that doesn’t typically leave them in good shape for the upcoming month’s bills. No one wants customers back in the same spot in a few months.