auto loan

I would say that if you stop making payments on your car they are probably going to find it and reposses it. They what they bank will do is sell it and then come after you for the remaining balance on the loan.

Have you tried talking to the bank. Maybe they are willing to allow you to pay just the interest on the loan until you get on your feet.

Maybe getting a job that works around your class schedule. Or maybe moving closer to the school so you don't have to drive. Then you could sell your car and get rid of the payments.

Just like Spatterson said...they're going to find the car eventually and then sell at at auction if you can't buy it back...and then you'll be responsible for the remaining balance of the loan. A repo company is motivated to find your car since they get paid when they find & collect it. I've seen people have their cars taken at stores, at places of employment, and I even saw on television that they took it at a gas station while someone was inside paying for gas! If you're going to school, it's likely they'll find out where and find it there. Instead of finding yourself in one of these horrible circumstances, I would suggest calling the bank right away. Maybe you have a family member that can help you out? If you aren't going to work so you can pay for it, it's a very real possibility that you'll have to surrender the car and try to work something else out for transportation.

This problem is not going to go away by hiding ~ that loan if left unpaid will follow you for years. I'm sure the stress you feel now will get better when you confront this thing head on.

I'm sorry to say, but it's not that easy to keep a car without paying for it. Your best bet is to call and try to work something out with them; otherwise it really will be in your best interest to give the car back if you can't pay for it.

A) The repo guys are good (they don't get paid unless they actually get the car). They will essentially do a stake-out and track that car down by all means. Did I say they're good at what they do? In 5 years running a finance company, my repo guys have only had 1 car they couldn't find.

B) I don't know about California laws, but in Illinois it could be a misdemeanor to "conceal" the collateral and keep the creditor from finding it:


C) When all else fails, they can go to court and obtain a replevin order. With a replevin order, the judge will tell you to give them the car back. At that point if you don't, you can be held in contempt of a court order.

D) Keep in mind repo fees and court costs are all added to your balance. Eventually they will get the car and sell it, if there's a balance still due after the sell the car, they can sue you for that balance. Repo fees add about $300, court costs might add $250-500 to your balance. That is why I say if you really cannot pay for the car, you should turn it in voluntarily and save yourself all those fees.