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LawTalk, Attorney
Category: Legal
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Experience:  I am a practicing attorney with more than 3 decades of experience in the legal field.
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I have had my car repossessed for the second time. The first

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I have had my car repossessed for the second time. The first was due to a financial problem I had at the time and that was about 2 years ago. This last time was due to the fact, that I was having so many problems with the vehicle, since I had bought it that I, for a few months, I didn't make my loan payments. The last two months I did make my payments. I was angry at Chevy and I thought for a short period of time that I wasn't going to pay for a vehicle, that was in the shop, at least once a month. Stupid for doing that. I only hurt myself. Now, the bank wants the full amount and said that I have to go to another lender. Otherwise, the vehicle will get sold at auction. I know I made a big mistake and I make decent money. I was not thinking and now I am paying for it. The bank won't work with me at all and I don't blame them. I'm trying to get someone to help me refinance me, but that has been a no go. Who would want to give me a loan? I wouldn't. But, it's my only form of transportation to work and I can't lose my job. I'm at a loss and am trying to find out if there is anything that I can do. Is the bank final on their say? It sure sounds like it. My parents can give me about 3000.00 and I can come up with 2000.00. I figured that would be helpful on retaining my car, but that was not good enough. Please help.
Submitted: 6 years ago.
Category: Legal
Expert:  LawTalk replied 6 years ago.
Good morning,

I'm sorry to hear of your dilemma.

Unfortunately, when you breached the sales contract by failing to make the payments, the lender had the legal right to repossess the vehicle. After that, they have no obligation to do anything other than to allow you to pay the vehicle off in full. Your inability to do that will allow them the right to sell the vehicle at auction.

There is no law which can be used to prevent the lender from enforcing the contract as written, I'm afraid. The simple fact is that the lender is holding all of the cards, and they may dictate the terms of you getting your vehicle back. Perhaps what you might consider is applying for a new loan and having your parents co-sign the loan for you. That would eliminate the need for the loan to be based solely on your credit score, and you would likely not have to pay the full $5,000 you are presently prepared to pay just to get the new loan.

I wish you the best in resolving your unfortunate problem.

I understand that you may be disappointed by the Answer you received, as it was not entirely favorable to your situation. Had I been able to provide an Answer which might have given you a successful legal outcome, it would have been my pleasure to do so. I do work diligently to provide you with the correct Answer under the law, and because I have no control over what the law is, I ask you not to hold that against me. It has been my pleasure to assist you, and it would be greatly appreciated if you would click the green Accept icon so that I can receive credit for having answered your Question. Thank you in advance.

Best regards,

Doug

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