My car is up for repossession! What can i do?

-My last job was outsourced and I was laid off. I just started my new job.



Meanwhile, all of my bills have gotten behind.



My car note is 60 days behind and I need 10 more days until I can make a payment to catch it back up.



I've talked to the finance company... They told me I had to pay TODAY and that my car is up for repossession.



I can't let the car go, because I've already put so much into and then I really won't be able to afford to get it back, but I'm nervous, because I've never been through this and I don't know what'll happen if I just try to hide it for the next 10 days until I can pay.



Any advice, besides giving it back?You need to come up with the money today. Borrow from a friend or family member. Because in 10 days they may not accept the payments and repo it and / or may call the whole balance of the loan in. Its there call.................&&&................鈥?you let them repo it anyway they w ill sue you for the balance on the loan after they dispose of the car. Giving it back doesn't relieve you of the debt.................&&&
Unfortunate for you that "so much into it" wasn't in regards to payments but probably junk like 24" wheels and fake fender portholes and not getting that title in your hands, but I wouldn't be hiding THEIR car...
I really feel for you, this is a tough spot to be in. The other poster is correct, when you financed your car the finance co. likely has the option to "call the loan" which essentially means you must pay the balance in full right then and there.



How is your credit? I assume its taken a ding because of the layoff. If at all possible try to refinance the vehicle with lower payments, be upfront about your situation. Try to get a loan even if its a PAYDAY loan (which are awful), sell personal items immediately, somehow do everything in your power to get $ today. Even if you do hide it, they can and likely will call the loan. If you can't come up with the $ then start trying to refinance, because eventually they'll get it and you won't get it back unless you pay the full balance.



I really hope that you make it through this, I know its hard out there right now. But like all other pains and trouble in life, this too will pass.
Hide the car until you get 100% caught up on your payments plus interest & late fees and someone at the finance company confirms to you that they have pulled the repo order. Id even ask for something in writing by fax just in case a repo man shows up.



Otherwise, if could get repoed and you will owe the repo fee & storage no matter if you are now caught up.



They MAY not have actually put it up for repo. They often SAY that to create urgency. But you cant assume they haven't either.



repo men can be very resourceful so its not as easy as parking it at your moms or a reference. They may look there for it.



However, if its in a LOCKED GARAGE it will not be repoed...legally anyway.



PS, if you hide the car permanently, it could be a crime so don't do this for more than a week or two.



PS 2. Call them back & tell them exactly when & exactly how you will pay then. Even offer to give them a postdated check. See what they say.



If they still say they are going to repo it, offer to drop it off where ever they want it.

But that you can & will pay in 10 days.



See what they say.



Dont actually return it, you are calling their bluff to see how they react.