My car was repossessed - now what?
June 4, 2009 3:26 PM Subscribe
I've been an irresponsible idiot. My car was repossessed - now what?
posted by anonymous to Work & Money (7 answers total) 1 user marked this as a favorite
I got three months behind on my car loan and the car was, of course, repossessed. I didn't take the situation seriously enough - I kept thinking that I could just catch up and everything would be fine. Of course, if I'd realized that they really would take the car, I'd have dealt with it. I was pretty stupid.
I moved across the country, somewhat messily, at the beginning of the year and didn't get Wachovia's mail or phone calls trying to figure out why I wasn't paying my bills - I understand how this looks to them, that I was hiding and/or avoiding them. The final word from the bank is that I can only get the car back by paying off the entire balance - about $12,500. They will not reinstate the loan in any way - not with a higher interest rate or with a co-borrower, which I suppose is totally reasonable on their part.
I really think getting the car back is the best option - I don't want to tell them to keep it and then owe thousands when they sell it way below market at auction. But I don't have the buyout cash available, and would like to refinance the loan through someone else (they assume the debt, send Wachovia a cashier's check, and I start paying them). I've been calling around, and no one so far (my bank, local credit union, a couple online lenders) will do it. I understand that if I can find someone, even the best-case scenario would be extremely expensive, but can anyone recommend a not-too-sketchy lender that would take on this kind of super sub-prime debt?
Or other ideas on how to handle this situation? I'm not upside down on the car - what I owe is about what it's worth, or a little less (I understand that the interest on another loan will mean that I'll ultimately spend more than the car is worth). In applying for refinancing from one place, they told me they couldn't refinance a repoed car but would issue me a loan for a new car. I was surprised that it was at a not-hideous interest rate. My credit is not great (not actively bad, except for the repo, of course; mostly just an absence of history).