Anonymous
Anonymous asked in Cars & TransportationBuying & Selling · 1 month ago

If my car got repossessed once and since then I lost my job, will the bank be understanding that I lost my job and won’t be able to pay them?

Right away? I got a car loan from the bank and I lost my job so I’ll probably not be able to make November’s payment. My car already got repossessed and I had to pay $1,000 to get it back. If I call the bank and say that I’ll be late for November’s payment, will they be understanding and wait for me to get my first paycheck from a new job I get later down the road or will they take away my car right away?

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  • 1 month ago

    Nobody here knows what your bank is or isn't willing to do for you - so you'll have to call them - although I do know that a lot of them are being flexible with people due to Covid.

    You may have a 'grace period' that will allow you to still get your payment in on time, or you may be able to push a payment off to the end of the loan (although they will probably still want some money to let you do that).

    Of course, the fact that you have already had it repo'd once may mean that your bank is at the end of it's patience with you, and they may not be willing to work with you at all.

    Good luck!

  • Anonymous
    1 month ago

    Yes, they wil. It's called a "Charge Off". Your FICO will be 540

  • 1 month ago

    Once your vehicle is repossessed and resold, the proceeds from the sale are applied against the balance of your loan. If there is a balance still owed, yo'll be billed for that.

  • Anonymous
    1 month ago

    Yes, they wil. It's called a "Charge Off". Your FICO will be 540

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  • 1 month ago

    Why aren't you asking them?

  • garry
    Lv 5
    1 month ago

    long as you call them , and make the effort to pay , there should be ok , if you miss 2 months then they will foreclose , best to ring them and see what arrangements can be made or modified , banks really dont like  to lose money and give a little to . banks do understand especially with the covid hurting them and you .

    .

  • Anonymous
    1 month ago

    Losing your job IS NOT THEIR PROBLEM.

    IMAGINE THE WORST THAT CAN HAPPEN, for you are traveling on that road.  It will happen to you.

  • Anonymous
    1 month ago

    You already had it repoed once. The 2nd time, they will be quicker to repo.

    30 days is usually ok but 45-60 is problematic and they are not going to let you keep the car when you are 90 days late.

    You need to be getting another job NOW.  They would normally be more understanding during covid but you had this problem before when you had a job. So that probably offsets any covid understanding.

    And, a partial payment is better than no payment as it shows you are at least trying. I don't mean $5 or $10 but $50 or so.

  • 1 month ago

    Why you asking strangers instead of talking with your bank?!

  • Anonymous
    1 month ago

    They would rather have the money than the car, but they have their limits as you've already found out. If you were current on your loan at the time you lost your job, the countdown will usually just start over and you have the same amount of time. Stay on top of it though.

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