Related articles:
- Vehicle repossession, and they sued, going to court, can they garnish wages and go into our bank accounts? We go to court on Monday. Can they get into our bank accounts, and/or garnish husbands wages? And if so is it right away after court hearing? I mean...
- Question about a voluntary vehicle repossession? I want to volentarily turn my vehicle into the bank. From what I understand, the car will be auctioned off and the bank will send me the bill for...
- What are the steps to do a voluntary vehicle repossession? My husband recently had an accident, his not working. Were not able to pay the car anymore. The lender told us, if we do a voluntary reposession on the...
{ 2 comments… read them below or add one }
The sooner you start these kind of discussions the better. Unfortunately most people start these discussions after being several months behind and after numerous warnings. At that point the banks are not very motivated to talk. The amount of time needed for them to begin repossession procedures has passed. To make an any kind of agreement then starts that clock all over again.
As soon as you realize that your payment is going to be late or is already late you need to speak with a loan officer at your bank, preferably the one that gave you the loan. You may want to take your tax documents with you to show the lender that you do have money on the way and that you have every intention of paying. Ask the lender about doing an extension on the loan. Different banks have different policies on extensions. With my bank I have to pay the interest balance up to date before the extension can be done. Also, I can only do 2 extensions a year and they have to be a certain number of months apart. This may be an option for you.