Voluntary repo of vehicles..

Did you son not file a claim with his insurance for being hit? Pursing the uninsured driver via the courts?

no, our car did not have insurance on him driving it. that is beside the point. the vehicle will not be fixed. it is driveable but even if it was in excellent condition, the value would still be under 6k..

I called americredit to come and get our car that we can no longer afford. The car is not running. They sent a tow truck to pick it up and then left without the car. Still scratching my head on that one. Have not heard anymore from them.

Unfortunately, I don't think you have much defense against this because it was not reported to the police, as is required. The only reason I can see for not reporting it is if the damage was very minimal (fender bender) or if the person forked out the cash and repaired the damage themselves in lieu of reporting.

And the fact that he was not insured to drive the car is most definitely *NOT* beside the point - depending on your state law. Considering just that one point, I do not believe that you will have any legal recourse to get away from paying off the loan entirely. If you let them repo the car, they may also pursue damages for the unreported injury to their collateral.

Depending on your state law, there may be other legal repercussions too.

And since the one car is not running, I am sure that the tow truck driver has reported the sabotage to their interests (that is how they will see it) and I am pretty sure (almost positive) that the loan company will be pursing legal recourse very soon. In fact, I am also sure that there is a clause on your loan agreement stating that you MUST report an accident and any damage to the vehicle. If so....

Well, it doesn't look good based on the facts as I can ascertain them.

Even without that, just because the car is falling apart does not absolve you from paying back the loan. The only way to get away from that is to file Bankruptcy.

Maybe i did not clearly ask the question. Let me try again.

The accident to the Taurus happened 2 years ago. At this point it is irrelevant. I put that in there only because it substantially lowered the value of the vehicle. If it was without damage it would be worth about 6k.

My question is has anyone had dealings with americredit and do they routinely come after you for the balance or do they usually write off the balance.

My other vehicle, the escape has not ran for 1.5 years and will cost 2-3k to fix. It makes no financial sense to keep the vehicle, keep the full coverage insurance on it just to have it sit in my driveway. This one is financed through WFS financial or Wachovia dealer services. Has anyone had a repo with them and do they routinely come back on you for the balance owing. Thanks..

Americredit will come after you for the deficency balance....since the vehicle is worth less, partly because you failed to insure it and fix it, you will get less at auction which will leave you a higher deficiency balance for you to pay. Same goes with the other vehicle. Wachaovia wil most definately come after you as well.

I have no idea what they will or will not do. I am dealing with them right now on a voluntary repo. I have researched them quite a bit and so far all I have found is that they turn it over to a collection agency. If they come after me by wanting to take me to court then I will file bankruptcy on them.