Anonymous
Anonymous asked in Business & FinancePersonal Finance · 1 month ago

Help with finance car ?

Right so! Back in 2018 I had a car on finance! Ford Focus 2010 titanium!

Now last November! I had some difficulty’s and wasn’t able to pay for the car any more and decided i was going to wait for them to come and collect it and take it back!...

It’s now nearly November again and they still haven’t come to collect it!...I’ve had letters about money I owe but no contact about coming to collect the car!...of course we were on lockdown at the beginning of the year so I understand that would of put a hold on it!...but surely they would of come to get it once businesses started opening back up again? Which this car place actually reopened during lock down.

I’m considering to get it back up and running again but I don’t want to spend money on deposits for insurance etc and then the next day it’s gone!...was thinking of leaving it until January to be sure!...but my question is!!! Does any one think they’ve forgotten? Lol...or somehow the system had buggered up some how! Lol..has any one else ever gone through this before? Thanks for your help in advance :) 

13 Answers

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  • 1 month ago

    Be assured they have not forgotten. It's their business to make money, not lose it. Speak to them, sometimes they'll work with you. Ignoring it could result in it being repossesed when you least expect it.

  • 1 month ago

    You owe them MONEY, not the car. It isn't worth the cost of repossessing.

    I GUARANTEE they haven't forgotten.

  • Anonymous
    1 month ago

    Its probably not worth the tow. You still owe. They have not "forgotten" but they don't want it either. And no, they are not going to give you the title for being a deadbeat.  You can probably sell it to one of those "we buy junk cars" places even without the title but you'd have to lie and say you don't owe on it. Theoretically you could get in trouble but realistically you wont.

    Why do you use the word "collect" in this context?

  • 1 month ago

    First of all, even if you spent the money on insurance and they DID come and get the car the next day, you'd get a refund of what you spent. And you wouldn't have to pay more. 

    Second, if you leave it until January, make sure you have it registered with license plates while it's not being driven--so you will need to spend that money too. Wouldn't it just be a lot easier to pay for the car? Even if you're behind? They probably gave you some sort of forebearance when the pandemic hit. I would just go ahead and drive it, get it insured and registered and pay them what you can. Seems like it would be a lot simpler. 

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  • n2mama
    Lv 7
    1 month ago

    No, they haven’t forgotten, and they will eventually come for the car. Not sure where you’re located, but in my state if the car is in a private garage which is locked the repossession man cannot “breach the peace” and break into the garage to get the car back. If the car is sitting on your driveway, parked on the street, etc. they can take it, even if you’re on private property, but they can’t break into your garage to get it. Not to worry, you will get sued and have a judgement entered against you for the money you owe, plus all the fees.

  • 1 month ago

    They will eventually come get it, yes.  

  • 1 month ago

    They are waiting until the amount of missed payments, interest, late fees and finance charges add up to twice what the car is worth.

    Once it gets to that point they will get a judgement against you. (Chances are you signed a 'confessed judgement' as part of the loan agreement on the car...which means...basically... that you signed a statement that said 'In case I default on one or more payments...the loan holder is entitled to the balance of the loan, all missing payments, interest, late fees, legal fees, collection fees and an additional $1,000.00  as an inconvenience fee')

    So, since the courts were closed and repossessions put on hold...depending on what state you live in, you can expect them to drag you into court in the next two months.  At that point they will not only tell you what you owe, but they will take the car.

    But you will still owe them the money.  And the late fees.  And the interest.  And your credit will be ruined and you will not be able to get another loan for 10 years.

    Call them now and work something out.

  • Anonymous
    1 month ago

    No!   They haven't!  Forgotten!

    They do not want your crappy 2010 Ford Focus!   They want their money!   They will likely let you keep!  That crappy car and sue you!   For what you owe!   And then garnish your wages!

  • 1 month ago

    Letting it be repossessed will wreck your credit for years. Make some arrangement to pay it off.

  • Enigma
    Lv 6
    1 month ago

    repossession is a serious matter, a plethora of added charges will be applied with the remaining amount due on the car and then legal actions by attorneys to collect that money with added interest for the unpaid balance.

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