WILL MY CAR BE REPOSESSED?

Question

I have a car loan with gmac and I am behind two payments..I am not going to be able to make this months either due to a job loss. I did get a new job finally and start next week however I am so backed up on my bills that I can not start sending them money on a regular basis until I get caught up on my rent.I have used up all my extensions for the life of the loan and will not be granted anymore at all.My question is ,how long until they can take my car for non-payment?When I talk to them,they threaten me and say that they wont wait any longer and I have to surrender my car.I can start paying on a regular basis next month,however they say not acceptable . Is this just a threat ,or will they come and get it.I AM WORRIED SICK!!!!!

Answer 1

The Bank my car was financed through came after it when I was only 2 months behind. It did however take them about a month and a half to find it as I was never home when the Repo Guy came looking.

Answer 2

You probably should have called them when you first knew you weren't going to be able to make your payment.  Usually they are understanding and will allow you some extra time to make your payment.  It might be too late now.  You can say that you will pay but you haven't paid them anything in the last few months so why would they believe you now?  They can take your car from you and I don't want to scare you but they probably will.  Make sure you take all of your personal belongings out of the car so if they do take it you don't lose that stuff too.   I would start reading up on repo's online.  It 's a pretty serious thing.  If they do take your car and you can't work out some kind of agreement (usually you have to pay all your late payments plus any fee they incurred from the company that repo'd it), they will sell the car at an auction.  If they don't get enough money to cover the balance of your loan, you are responsible for it.  It might not hurt to talk to a lawyer if you are really concerned.

Answer 3

One day late is late enough to get repoed.

GMAC is also pretty unsympathetic from what I have heard.

You are right to be worried.

Since you can't afford the car, better resort to Craigslist and hope someone will take that debt trap off your hands.  Then again, who can you convince to do that now?

Answer 4

2 1/2 months is it....take all your important papers and stuff out...one day soon it will be gone.[with your credit]...good luck

Answer 5

If its to that stage, better get your valuables out of it and find a way to get to your new job 'cuz its fixen to go away.....They may or may not ring your doorbell and tell you but generally not.