What I actually thought I was signing was a 66 month loan. Like any other normal person. The word “lease” was never brought up. While I sat there, trying to decipher what I was going to do. I added up the payments, multiplied by 66 months and got my total amount, which I found to be a decent price on that hunk of junk. Then come to find out later that I owed another 13k more than that no matter what I did. Fact is, Im fucked…I signed it.
But what Im trying to figure out is this…anyone that i know or knows someone who repo’d a vehicle walked away not paying a dime. They were threatened with letters and phone calls for a while about it but nothing was ever done. No courts, no garnished wages, no nothing. Even a guy who finances homes that I talked to said they cant do shit. Ive also seen online that its illegal in 5 states to garnish wages for auto reposession and PA is one of them, being commonwealth. What Im trying to figure out is if they can take another route and personally sue me? Its quite a large amount of money. Alot more then they even told me it would be. I just cant win. Im rockin the mustang til the wheels fall off.
its whatever you owe on the car and what the company charges for coming to get it and bail it out. your gonna pay dearly, maybe not now definitly in the future. file for bankrupty :dunno:
If it’s in your name, it’s probably already on your credit report, and will be there for years. Many times, you can settle the outstanding debt for a figure FAAAAAAR below what you owe (25-40% of the total, in my experience). If you want to be able to borrow any money in the next few years, you’ll have to straighten it out one way or another.
I think they can sue you. I’d recommend sitting down with someone who deals with this kind of thing for a living (credit consultant, lender, whatever).
I had to write a letter to the mortgage company when I bought my house because I was late a few times on payments when I was 18 years old. Just make sure you take care of it and don’t let it just sit on your credit report because it WILL come back to haunt you.
I still don’t understand why you would buy another car while still paying on your first car that you cannot pay for and not think that anything bad would happen.
If you still have a copy of what you signed read it, it may give you a bit of an idea of what they would “attempt” to come after you for. Legally, I believe they can attempt to recover any costs associated with the repossession of your vehicle (which should apparently be basically zero since you drove the vehicle to them and handed over the keys). If it were a vehicle sale, then they could come after you for what the amount you still owed at the time of default on the loan was MINUS whatever the vehicle sold at auction or off of their lot for which barring any major defects to the vehicle should have been around what avereage resale value on the vhicle would have been. Being a lease, I would think it could be a little bit more difficult to figure. Either way, they should not be able to come after you for the entire amount owed on the vehicle. Best way to get an answer would be to look in the phone book and find an attorney that deals with lemon laws and other auto related cases as they would most likey give a free consult on this. If needed I can contact a couple former classmates of mine from law school in the Pittsburgh area that may be more familiar with this area of the law.
all this talking about 66 months and lease, are you sure you just didn;t understand what they were setting you up with.
It sounds like you got into a GMAC Smartbuy deal which initally is the payments size of a lease and at the end of the lease you have a final lump payment that you can refinance and then you own the car…
No, it wasnt a smartbuy thru GMAC…it was thru a diff bank. just a flat out lease. and like i said…i could afford it…but i didnt want it. i hated the thing and they fucked me hardcore so fuck it.
At this point I dont care about my credit. its my good credit that got me where i am now, so fuck it. i got everything i need (cept a house) and im not looking to buy one anytime soon anyways.
you’re gonna get :owned: every time you need to buy something big throughout your entire life. You cannot fight the system and win, you might as well try to play the game the right way and be able to do shit. Are you les than 18 years old or something?
nothing so far. i dropped it off 5 months ago. i dont think anything will happen unless they actually sue me. if so then im focked. its a lot of money so they may in fact do that.
SO TRUE… when i had a garage with my buddy and he promised if i got a sears card and bought a compressor that he would pay for it and it would be his… well that guy didn t make make payments! so i ended up paying it off myself just cause but it was a month late…
soo point of this story… that one month no paid… FUCKED ME SO HARD when i bought my house… instead of the low first time buyer’s rate i got hit…
just cause one payment missed on the sear’s card[ my dumbass trusting someone else]
basic rundown- one missed payment probally raped me an extra 7-10k on my house when finally paid off… i couldn t get the first time morgage rate… which was low.
I am not sure about PA law, but the procedures for repo/voluntary repo are about the same in most places.
Did you call the bank and ask them where to take the car? (Just curious about why you took it to Mckeesport)
As a general rule, the bank will sell the car and hold you responsible for the difference. More than likely they will tack on some fees or other charges.
If you don’t want to pay what is left, don’t pay, but you have to accept that you are going to be hounded day and night until the debt is charged off. This could take several years, so this is several years of phone calls, letters, and harassment. You could be hounded for this for the rest of your life. As long as someone actively attempts to collect the debt, the statue of limitations will never run out.
It can take a few months for the car to be sold and all the while you are missing the monthly payments. Save your credit rating while you still can. Call the bank, explain to them what has happened and then ask them to refinance whatever is leftover after they sell the car, but continue to make the monthly payments. Everything you do in life is dependent on your credit rating, getting and keeping a job, car insurance rates, the rates on any existing loans and credit cards can be raised, and worse.
Maybe not directly, but it defenately has a large indirect effect on your job.
Case in point, I know a guy that has absolutely awful credit. House foreclosure, Repod car, etc… He is in sales, not sure what kind, but he needed a reliable car in order to make his daily calls and make a living. He received a car allowance for the balance of his car payments, BUT he couldn’t finance a car reliable enough for him to work out of because his credit is shit, therefore he lost his job.
Insurance company’s use your credit rating as a means to determine how responsible you are. Good credit = better rates. Lots of business also review your credit rating as a way to screen applicants. Bad credit = more of a high risk employee, especially depending on what kind of job you are applying for.
