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When can they repossess? sorry-long
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Posted by deathbyinterest (12.221.198.92) on April 26, 2002 at 21:45:51:
I have a loan for a 2000 Chev Cavalier I purchased new in 9/00. Interest rate is in the neighborhood of 20-21%. At the time, I was grateful for being given a second chance credit wise. Now, I am kicking myself in the rear over this because I am stuck with this car for the whole 5 years. I've made over $8000 in payments but the finance company has only posted $1000 of that towards the principal. My payoff is somewhere around $14000- about $5-6,000 more than the car is worth. I can't sell it and get something less expensive, can't refinance. To get to the point, my monthly payments are $410. I fell behind last summer (was 90 days) when my husband lost his job and we had to then sell our home at a loss. Since 10/01,I've been sending a minimum of $500 a month for my car payment. In the past 3 months, I've sent payments of $700, $800 and $900. Somehow, I am still $310 past due. They call my home daily demanding I send the money today or they are coming to get the car. I can't keep sending these huge payments as my credit (which was already terrible) is absolutely destroyed (I have now defaulted on my student loans). I keep sending them these larger payments because I am afraid they will come and take the car as they so often threaten to do. This is our only mode of transportation, if they take this car we are ruined. I know if they repo, they auction it off for probably $6000 and then garnish my wages forever for a car I don't even own anymore. Bankruptcy is not an option, as I filed already 7 years ago. Can they repo a car when it's not even 30 days past due? How much (legally) can they charge me in late fees? Those add up to about $150 a month. I've picked up a 2nd job trying to being in some more income to pay these debts but I'm just not getting anywhere- they all want all the money owed TODAY. I just wish I could turn back the clock and start all over. I'm only 26 but my credit history is pretty much ruined. I am so scared- I don't know what to do! If I don't catch up with the gov't on their loans, they garnish my pay. If I don't pay the finance co and they take the car, I lose my job because I can't get to work. I live in Illinois and all the laws here seem to favor the creditors... if anyone has any advise or insight please help!
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