Can't Make Car Payment - Bankruptcy or Repossession?

[Fern]

-snip-
If you say I will be on the hook for $5000 that means I have to open up a freaking loan to just to pay that.

You can get a loan?

If so get one with a much longer term (ideally a lower interest rate as well) that will make the monthly payments much lower and perhaps manageable for you. Take new loan proceeds and pay off current shorter term loan. I.e., your monthly payments will be lower, but must made for a longer time period.

Do you have theft insurance etc on your car?

Fern

 

[Sonikku]

There was a guy on these boards once that needed money, for a video card or something. I forget what he did but if I recall correctly, it all worked out.

 

[tynopik]

Don't Ever Do A Voluntary Repo! - Lehto's Law Ep. 47 (starts about 1:15)

 

[RossMAN]

No one is curious the year/make/model?

 

[cheez]

You can barely afford to live and you owe $8000 on a car you're upside down on.

Let me guess: You went to one of those "bring your last two pay stubs and we'll finance you a vehicle for twice what it's worth at 25%" places.

My car was purchased back in 2016. I was making good money at the time and I was able to afford that. Things gone downward really fast and drastically... Keeping up with the job is the most difficult thing in my entire life. I didn't have this issue before many years ago I was living rich. Things are backwards now.

Don't worry - it'll all resolve in one way or another. You won't go to jail.

That's good to hear. I mean that cause I don't want to go to jail for failing to make payments due to job problems.

Your lender isn’t a car lot. They won’t generally spend the time and/or money to detail the car and/or do any needed repairs to increase its value. They generally just send them to auction.

Dude I can detail it myself. I am experienced in refinishing clear coat, spray painting, fixing mechanical failures in the car. I already fixed my car with the bad water pump and brake calipers and rotors. The car is in very good condition. If I detail my own car and hand it over to the reposession guys they will pass out.

Do you work? Can you get a part time job to help pay your bills?

I have a job (full time) right now but I don't know how long I will last there. I can't keep my job even for one week. It would have to be miracle for me to last 1 month per job. In some case I lost my job in day 2. I must have gone through 70 or 80 jobs in the last several months.

You have a car, why don't you uber or lyft or something? Post your car for sale for someone to take over your loan payment. Refinance the car to a longer term loan at a higher interest rate but lower monthly payment. You have a computer (obviously) why don't you sell it? You have an apartment, so you must have things inside the apartment. Sell them. Get rid of the apartment and couch surf or camp or whatever and put that money towards the car (or live in the car).

uber is no different than a taxi driver and I don't think I'll be a good fit. Uber job sound convenient but it's harder than it sounds. I think I will miserably fail. I have a computer I built myself for $200 back in 2010 or so and I'm still using it. It's running naked without a case (I have no case) so who's gonna want it? How much will I get? I don't have any valuable stuff in my apartment I sold all the goodies and gave the money to the poor... I am using a tiny pair of $15 Logitech computer speakers. I gave away my nice leather sofa (worth thousands of dollars) and my furniture. In my apartment I have no furniture. I don't have any Apple products to sell other than my phone and I'm not even making payment on the phone as my family is paying for that. I have a bicycle (pretty nice one) but somebody stole both of my wheels at the apartment... My apartment rent contact ends on June of this year. I'm gonna GET DA HELL OUTTA THERE. I have no plan where I'm gonna go where to sleep or what. I may have to buy a tent to live in temporarily until I get something... Sleeping in my car.... well that's one option but it's not comfortable and I have a cat. I will need a place to stay. I am not even sure if I can keep up until the apartment contact ends... I could lose my job any moment from now.

or in a van down by the river.

I don't have a van. I have a 4 door sedan and it's a small sedan. I wish I have a van to live in, make it as a little home but it cost money to have that. Everything costs money and I can't afford to spend on anything other than food and some bills. I'm already two months behind on my car payment. I was behind on rent payment but I just managed to pay it for the last month.

 

[madoka]

Dude I can detail it myself. I am experienced in refinishing clear coat, spray painting, fixing mechanical failures in the car. I already fixed my car with the bad water pump and brake calipers and rotors. The car is in very good condition. If I detail my own car and hand it over to the reposession guys they will pass out.

Find the Facebook group for your neighborhood/city.

Offer to do mobile car cleaning/detailing. Buy supplies using your credit card. Charge $50-100 per car. You'll clean up.

 

[cheez]

If that's you on the video, then what happened to the hundreds of thousands of dollars you spent on cables? Did you already sell those? And your pool table?

That's not me. I used to be Patrick's customer for buying his cables. I let go of all my cables (threw them away). I sold my expensive speakers and other equipment. I did all that back in 2015.

Then I'd go get a job and start rebuilding my life.

This is my life. And I am "Locked In". I can't get out of it even though I wanted to. At one time I did get a better job (high paying job) and couldn't last 1 month. Now my average is that I could only keep a job for about a week or a week and half. Not even freaking two weeks.

*I AM NOT YOUR LAWYER THIS IS GENERAL ADVICE CONSULT WITH A LAWYER ABOUT YOUR SPECIFIC SITUATION*

you're probably judgment proof. there's a good chance that if they repo the car they won't file suit on the debt (because it's not worth their attorney's fees to do so), which means it becomes legally uncollectable once the statute of limitations expires (and in most places the SoL will be started when the lender accelerates the debt and repos the car). they might sell it off to shady debt collectors who will try to collect even after it's uncollectable (which can actually make money for you in certain circumstances).

do not lock the car up or try to hide it somewhere, because then they'll file suit on the debt if they want to repo it. do not attempt to confront any repo men, because then they'll file suit to repo it. under your contract with the lender they almost certainly have the ability to repo it themselves without involving the law (it's called "self help"), but they cannot breach the peace to exercise that ability. your best course of action may be to coordinate a repo.

so, you have alternatives.

Thank you. That sounds relief.

Go talk to the lender and explain that if you can't come to some kind of payment arrangement with them, they'll end up with a repo that they really don't want.

If things continue to get bad then I simply won't be able to make car payment any longer. I might have to have lender (PNC bank by the way) to repossess my car.

OP - why don't you just go OTR for a few years?

It won't cost you a penny. Trucking companies are desperate for drivers and will pay for your CDL and give you a decent sign on bonus, plus you'll get benefits right away. If you're reliable you'll make 70,80 grand a year in no time.

I don't know what OTR means but as for the trucking, I don't have CDL license. Don't you have to get with the program and go through classes on that? And there is cost involved for the class and to obtain the license. I think I'm too late for that. I'm so broke I can't even buy anything. I buy toilet papers that cost 67 cent at Kroger.

I thought your Coconut Audio business was thriving. What happened?

Like I responded to the other person I am not Patrick. I used to be his customer and I used to brag about the cables I bought from him. His cables really made difference in sound and I still give respect to him and his work. But I left all that and moved on with a new life.

Yes, repossession and bankruptcy are separate things.

Both are bad options. Better options are to try to work with the bank, or try to improve your finances. Can you sell any of your audio/Apple equipment? Can you work minimum wage on weekends (just 6 months of that would solve this car payment problem)? Can you donate plasma (would take ~8 months)? Can you ask for a raise? Can you ask for more hours? Can you drive an Uber in your spare time? Can you get a roommate? The list keeps going. Heck, can you get your food for free at a food pantry/charity, as that will save you that $3000 in about a year?

I spend $20 for food per week. That includes my cat food.

 

[Kaido]

This is my life. And I am "Locked In". I can't get out of it even though I wanted to. At one time I did get a better job (high paying job) and couldn't last 1 month. Now my average is that I could only keep a job for about a week or a week and half. Not even freaking two weeks.

Is there any particular reason you feel locked in? Drug dealers after you or something?

Any particular reason you can't last at a job? ADHD?

 

[madoka]

I buy toilet papers that cost 67 cent at Kroger.

You BUY toilet paper?!?!!?

As Carol Burnett once said, she never had to buy toilet paper growing up as long as there were public restrooms.

 

[Kaido]

Have you thought about bugging out & joining the Military? Or Peace Corps? Or Volunteers Without Borders? There's tons of organizations out there that can support you if you're unable to support yourself, and are either free (and even pay you, like the military does) or very low-cost.

 

[cheez]

Is there any particular reason you feel locked in? Drug dealers after you or something?

Any particular reason you can't last at a job? ADHD?

Locked in by God. I came to God 3 years ago. That's when I gave up on Patrick's cables and other nice stuff, my house, my expensive car, etc etc. After seeking God and receiving him things turned upside down. Life became very hard. I couldn't keep my job, any job, for any good length of time as I get attacked by the devil. That's why it's so hard to keep my job for long. Things have been so difficult and painful.

You BUY toilet paper?!?!!?

As Carol Burnett once said, she never had to buy toilet paper growing up as long as there were public restrooms.

I'm still in an apartment so why would I need to walk all the way to Walmart a mile away from here to use their restroom?

 

[Ken g6]

You are adding fire to the gasoline then cause I will be owing around $400 on my tax return for last year due to penalty I have to pay for not having health insurance. Next year is gonna get worse and they add more tax on the forgiveness then I will owe much more money.

As I understand the Obama care insurance penalty, it only comes out of your tax refund. If you're not getting a refund then you don't have to pay it. But I could be wrong.

 

[Kaido]

Locked in by God. I came to God 3 years ago. That's when I gave up on Patrick's cables and other nice stuff, my house, my expensive car, etc etc. After seeking God and receiving him things turned upside down. Life became very hard. I couldn't keep my job, any job, for any good length of time as I get attacked by the devil. That's why it's so hard to keep my job for long. Things have been so difficult and painful.

Are you open to other perspectives? If so, would it be a fair argument to say that by having money and also starting businesses & creating jobs, you are doing a service to others, rather than forcing yourself to live in poverty?

I think the actual saying isn't "money is the root of all evil", it's "the love of money is the root of all evil" - money is just a tool, which can be used for good or evil.

 

[cheez]

Have you thought about bugging out & joining the Military? Or Peace Corps? Or Volunteers Without Borders? There's tons of organizations out there that can support you if you're unable to support yourself, and are either free (and even pay you, like the military does) or very low-cost.

No.... no time for military as I'm 41. I'm getting a little old for that. What I really need is someone to buy my car so I can take off this heavy burden. This way I won't have to worry about having a lender repossess my car.

 

[cheez]

As I understand the Obama care insurance penalty, it only comes out of your tax refund. If you're not getting a refund then you don't have to pay it. But I could be wrong.

No you have to pay for the penalty for no having health insurance whether you get refund from your income tax or not. If you get back say $500 for a refund from income tax and they charge you $800 for no insurance penalty then you gotta pay the difference ($300).

 

[VirtualLarry]

I think the actual saying isn't "money is the root of all evil", it's "the love of money is the root of all evil" - money is just a tool, which can be used for good or evil.

THIS!

OP, if you can build PCs, have you considering doing that as a service? I realize, that with no money to purchase inventory, that can be hard.

Also, I would look into some mental health counseling. Possibly. Some of them are a bit anti-religious, though.

Wondering if you would qualify for Federal Disability, due to Mental Illness. (Not saying that you have one, but you might be expressing some signs of something.) It does suck, though, that's the boat that I'm in right now. I've got money to live, but I feel very trapped in my situation.

 

[midnight growler]

Don't Ever Do A Voluntary Repo! - Lehto's Law Ep. 47 (starts about 1:15)

Good thing I read the entire thread because I was getting ready to post this also!

Listen to Lehto!

 

[pcgeek11]

I have a job (full time) right now but I don't know how long I will last there. I can't keep my job even for one week. It would have to be miracle for me to last 1 month per job. In some case I lost my job in day 2. I must have gone through 70 or 80 jobs in the last several months.

Why?

That is what you need to work on.
What is wrong with you?
Why can't you hold a job?

 

[s0me0nesmind1]

If you owe more on the car than it's worth and the bank repos the car...you'll STILL owe the bank for the difference between what you owe them for it and what they sell it for...for example...you say you owe them $8000 and the car is worth $5000...so they'll probably wholesale it or send it to an auction where they'll get $3000-$3500 tops...you'll still be on the hook for $4500-$5000.

I came here to emphasize THIS.

It's not one or the other - If all you did was make minimum payments I'm 99% sure your debt amount is larger than what the car is deemed worth.

 

[zinfamous]

Oh, so...it's The Devil testing you now? that escalated quickly.

 

[[DHT]Osiris]

Why?

That is what you need to work on.
What is wrong with you?
Why can't you hold a job?

Yeah kinda curious about this too.

@cheez, you've already listed like 6 marketable skills in this thread alone, and I doubt you're useless outside of that.

Bootstraps bud, find something people want to pay you for and do that ad nauseum until you don't care about money anymore.

 

[zinfamous]

Yeah kinda curious about this too.

@cheez, you've already listed like 6 marketable skills in this thread alone, and I doubt you're useless outside of that.

Bootstraps bud, find something people want to pay you for and do that ad nauseum until you don't care about money anymore.

He pretty much explained it here:

Locked in by God. I came to God 3 years ago. That's when I gave up on Patrick's cables and other nice stuff, my house, my expensive car, etc etc. After seeking God and receiving him things turned upside down. Life became very hard. I couldn't keep my job, any job, for any good length of time as I get attacked by the devil. That's why it's so hard to keep my job for long. Things have been so difficult and painful.

It's the Devil making him lose jobs. He needs the kind of help that we can't give him, and financial issues are the least of his problems. Recall that he also said his family is helping him pay for his apartment or whatever, but apparently living with them is not an option.

....now I am recalling his feverish devotion to those audio cables which made about as much rational sense as his belief that the Devil is wrecking his life.

 

[nakedfrog]

This took an interesting turn.

 

[zinfamous]

I think I understand: the audio cables were so profoundly good that OP was able to hear the voice of God, but then learned that it was in fact the Devil seeking to destroy his life.

Seriously, though, OP: if that is what is getting you down then you need some real mental/spiritual guidance from real professionals. Not from some pamphlet you pick up on the side of the street or some internet preacher/therapist.

 

[IndyColtsFan]

This story doesn’t add up. For one OP, if you can’t hold a job down, time to grow up, swallow whatever pride you have left, and make yourself hold it down. For two, if you were “living rich,” the car would’ve been paid off or you’d have savings to tap into. For three, you’d be a fool to declare bankruptcy or let the car be repossessed. For four, if you’re so broke and can’t hold a job down, how do you think you’d get a loan?

I hear a lot of excuses and don’t buy this story.

EDIT: Just saw the “attacked by the devil” comment. Riiiiight.