How long can you hide from the "repo" man?

Question

My husband is extremely behind on his car payment. The leinholder hasn't repossessed the vehicle yet but I am sure they are looking for it. My husband refuses to voluntarily give it back, as we have put alot of money into it. He is currently saving in hopes that they will settle with him. Right now it is reflected as a charge off on his credit file. Do leinholders ever report vehicles stolen if they are in situations like this, and as it is listed as a charge off, how likely is it that we will be able to keep the vehicle? Thank you

Answer 1

there really is no way to avoid it.  why don't you use the money that you already have saved up and see if they will accept that for now.  your husband really should have just paid his car payments.

Answer 2

I don't understand why you feel you have the right to keep something you have not paid for. Morally if nothing else that is stealing.

Answer 3

The leinholder cannot report the vehicle stolen, because your husband has a finance contract on the vehicle.  The last person to post is correct.  They will not give up and they will not settle.  

It's in your best interest to give up the vehicle.  Say the vehicle sells at auction for $6,000 and he owes $10,000.  The bank will go after you for the balance of $4,000 plus expenses.  If he doesn't give up the car, the bank will charge off the entire loan and go after him for $10,000 plus expenses.

Answer 4

No long I use to repo cars and it will happen when you least expect it. He may be at work or the store with your kids, at a movie in a restaurant. We use to park down the street in the early morning and wait for the car to leave. We would follow it and wait for the driver to leave the car. within 2-3 minutes we have a wrecker hook to it and its ours. Then its pay the entire balance due. Lenders do not make deals with people who do this. If you cant pay it off in full, then it will go to the auction, if it sell for less the what is owed then a judgement will be entered and you will not be able to finance a car for a long time. We love the game of hunt and chase. Trust me they are looking for it and they will get it.