I was recently laid-off from my job.

On mar 18, I hit the 30-day late mark with my car payment. I'm financing through Wachovia.

I've already transferred one payment to the end of my loan within the last 12 months, so they said they are unable to do that again.


At what point will my car be repossessed?


Any help would be appreciated.
Thank You

They can repo your car at any point after the 1st day late. I would call them and try to make some sort of arrangement with them. Do not talk with any person that answers the phone. talk with a manager or if you can go into the bank and talk with the manager there. but the most important thing is to do it as fast as you can.

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Agreed,

Communication is important with a bank auto loan. I had a friend layed off and he was able to get 2 month exstension due to his layoff.

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really? Do you happen toknow who he was financing through?

what state are you in? i heard from somone else that wachovia will only do a deferment 1 time. the company i work for will defer up to 8 months. but thats not a good thing unless you absolutely have too. like everyone else said communication is the key. with todays economy no bank wants to repo a car. they will do everything they can to keep you in it. best advice is dont wait to call them. the sooner you try to get some arrangments the easier it is for them to work with you.

i know with PNC they will let you skip a payment if you call but i am not sure if you can do it if it is already late.
i almost had my car repoed once, it was scary but i told them when i would pay, i paid and it was cleared. as bastoops said, banks do not want out cars just our money.
i know times are hard right now, best of luck to you.

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i'm in CA.
I spoke with them, and they said they can only deffer one payment within 12 months. I'm not eligible.
I scheduled a payment, just to keep them off my back.
I am contemplating bankruptcy.

Communication is a key, as others have said. But in the same token, if all you're telling them is "I can't pay now and don't know when I can", they don't want to hear that and might repo when it's 60-90 days past due.

Send in partial payments if you can. Even if you're only sending $50, it knocks the recency down and at least they'll see something being posted. They might let you make partial payments until you're back on your feet, and then once you have a job you can offer to pay 1+1/2 payment per month until caught back up.

As to bankruptcy, when a car is involved it's not going to do much. You'll have to either re-affirm the debt (and keep making the regular payments), or give the car back.

california is a 10 day cure meaning you should recieve if you havent already a letter in the mail saying you owe x amt of money and if its not paid by x date they may exercise their right to reposess. it probably wont be worded like that but it will basically mean the same thing. we usually send ours out when an account hits 45-46 days past due in cali.

and like debtcruncher was saying about filing bk, once it discharges and your account gets routed back to normal collections, if its past due they will put it out for repo right away.

All great advice here! Definately try and send them what you can untill you are able to get caught up. Best of Luck

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"We are what we repeatedly do. Excellence, then, is not an act, but a habit."

-Aristotle-

Thanks for all the advice.

If I do decide to go ahead with the bankruptcy, I'm including the car with that.

i would just plan on buying a cheaper car in cash as soon as I can after that.

once you get a case # for the bk they cannot repo your car, but like i said earlier, once your bk discharges if the acct is past due then they will repo it quick. one thing you might think about if you are going to follow through with the bk is give the car back now so they can sell it at the auction, that way if there is a huge deficiency balance you can include that with the bk so you dont have that following you around for the next few years. depending on your total balance on the loan, because the auction they get literally pennies on the dollar for the vehicle. some people still end up oweing 10-15k after the vehicle is sold. but i'm not sure what your situation is on that. most people dont realize they are still responsible for the deficiency balance. anyways good luck.