Please,Please advise

Ok here is my problem....my 2003 Mits. lancer OZ Ralley got repo'd during the night. My stuff and my kids things were in the car. They said I can pay 125.00 and get the things out today. But thats not my problem. I can not afford to pay the whole price to get my car back which is like 13,849.10. I was wondering if anyone knows of a company that will pay the car off to get it out of repo and take it?? I can not even get another car for me and my kids. Not even a 2,000 dollar car. I contacted Mits and they told me they would send a letter in the mail to me offering a settlement and it would be at a cheaper price and I will have so many days to do the settlement.I do not know how that works. I have never had anything like this happen to me. I am a single parent of 2 boys.My life feels as tho it is falling apart which it really is ....lord knows i try hard to take care of me and the kids without any child support but it is hard. I was only behind one payment that was 7 months ago I just found out. When i got my taxes 2 months ago I paid what they told me I owed which was a little over 1,500 and I "thought" I was caught up...but the reason they repo'd the car was for a car payment I missed 7 months ago and late fees....thats what upsets me....I have the money now to pay it but they will not let me.All I know to do is to try to find a company if there is any out there thet is willing or would send a check to the finacial company to pay the car off and then take the car and sell it. The car has very low miles not even 40,000 and has very nice chrome rims and low profile tires and has alot of add on's. The car is yellow and has a spoiler. I got the car at a 2003 car show and they added alot of things to the car. It has no dents or anything. It has new tires ,new brakes...very clean, and has no scrathes on it anywhere. If anyone has any ideas or knows of a company that does this sort of thing I am asking could you please contact me? My e-mail addy is [email protected]
Thank you so much for reading and sorry to ramble but I am at my wits end not knowing what to do or how to go about it. i guess some of you are wondering why not just let them repo it and not worry about someone else buying it....but I do know they will come back to me if they can not sell the car for the remaining balance and I do not want that to happen. I can hardley afford food for me and the kids let alone a big balance for somethign i wont have. Thank you guys again.

did you do the mods *chrome and upkeep* before feeding your kids? even so, your situation really sucks and i'm sorry to hear about it. are you eligible for welfare or some sort of aide? i think the most important thing right now is making sure your kids are safe and fed. being a single parent must really be difficult and i admire your courage to continue each day with it. idk much abuot repos on cars but i wish you the best of luck getting your car and things back.

the upkeep on the car always came last....I drove the car knowing it needed breaks and finally had to get them when they totally went out...my kids come first and always will even before a stupid car but I do need a car in order to get my kids to school and to dr appointments....I have tried to get on assistance for months now and they say i get too much money even tho I no longer get child support and they know that but oh well...thanks for the advice

The only way your car is getting out of repo is if you settle with mitsubishi, or when it goes to auction. If it goes to auction, odds are its going to sell for alot less than you owe on it, then you get stuck with the balance. It's a crappy situation, but theres not much you can do about it unless you can find a bank or other financial institution willing to refinance it for you. Get all your receipts together, call mitsu. and ask them for the entire history of your loan, make sure everything matches. If they missed a payment you made, give them a copy of the receipt, make sure you get credit for everything you paid them. Good luck.

good advice.

About the car...sorry but your going to be hurtin from it.

You should be able to get food stamps, at least a hundred extra twords food a month. Also, try checking local churches...sometimes they give away bags of free food to the needy. Are the kids old enough to take care of themselves at all? Maby look for a better job?

Are you livin in a 2 bdrm? Move to a studio...kids wont like it probally, but believe me...lossing everything is far worse.

why do i think this was just a ploy to sell the car? not accusing anyone, but.....

^ agree. Why would they repo a car after missing a payment 7 months ago. Doesn't make sense...

Well I guess we have to understand the structure of the payments first.

I call B.S. I work with some of the most fickle lenders in the automobile industry(And some of the friendliest!). Not one of them would repo a car for ONE missed payment. Especially if it was 7 months ago, and you've made all the other payments on time. Secondly, I doubt you waited until the brakes "Totally went out", but that's just semantics. I wish you the best of luck, and you, and your kids most surely will be in my prayers. Do yourself a favor, and more importantly, do it for your kids. Handle your business like grown folks do. When we get into debt, we have to pay it. No way around it. I pay taxes so that people like you CAN use my money for living expenses. Please feel free to do so, so it doesn't go to a crack head mother of 19, with 22 babies daddies that doesn't get child support. Also, please get child support. Th courts are more than understanding when working cases for a single mom or dad. Sorry, but this hits really close to home. My sister-in-law is in those shoes, and she live off the family. NOT welfare like she should be doing(Along with getting an actual J_O_B) I have friends who've been there too.

As far as getting someone to buy a popped car back, no chance. Unless you find some sweet philanthropist who will just toss money around. In that case, have him/her buy you an EVO wagon instead. The financial company that is going to send you a settlement, either already has(For the amount owed , before the repo, or the one you are getting is the judgement against you for the balance of what they couldn't get from the auction house. Either way, it's an I9. AKA repo. Done, over, fin. The best thing you could do is look into a buy here pay here lot, which will need a down payment for sure, or wait a little bit(About a year) for a secondary lender to be able to convince themselves to give you another car loan. Good luck sister. And God bless you and the kids. I mean that.

A finance compant won't repo for one missing payment, and as for the late fees, they do not count towards not payment, if not paid they are added to the end of the contract with interest. The company would rather keep getting payments with one behind than repo and send to auction. When they repo and auction, the auctions are usually where dealers buy. If you owe 13k, it's probably got a high book of of about 9-10. Its trade in value is then about 7k. At auction it will go for about 4-5000. If it sells for 5k, the finance company will then sue you for the remaining balance + fees, @ 9-10 with the repo and auction fees. The finance company cannot settle the debt with you until the car is auctioned. If they do want to settle the debt before auction, that would be good for you. If they settle before auction and you pay it you still get the car. If they give you an amount to settle, and it is much lower than book value, you could get a bank to finance it for you. I seriosly doubt they will ask to settle before auction though. They cannot settle before auction and keep the car bacause they do not know the amount of monetary damages they have accrued because they have not recuperated money from the sale of the car. If they settle with you for say 9000 and keep the car and send it to auction and get 6000, then they have made a profit by repoing it and that is illegal. Now if they auction it and then make you an offer, if you pay it it will only keep your credit a little cleaner and keep them from garnishing your wages, however most places will accept an offer of about half of the remaining debt if they think you will be filing bankruptcy. But you are still paying for a car you don't have. It is complicated, and I don't suggest bankruptcy, you aquired a debt and should be held responsable for payment. If what you say is true, you should probably find an attorney on a contingencey basis, depending on your contact and state, alot of places it is illegal to repo for just one delinquent payment. It may be worth checking into. Most lawyers give a free consultation. The whole thing sounds a little fishy to me, for one, no finance company will repo for one payment, and they cannot sell you your property back to you that is not part of the loan. They personal belongings in the car are not part of the collateral of the loan. Improvements on the car however are and do stay with the car. Good luck and make sure to get all the right info on what you can do in your state, but no, you will not find anybody to buy the loan or the car for that price because you are already upside down in it, you owe more than its worth.

I call B.S. I work with some of the most fickle lenders in the automobile industry(And some of the friendliest!). Not one of them would repo a car for ONE missed payment. Especially if it was 7 months ago, and you've made all the other payments on time. Secondly, I doubt you waited until the brakes "Totally went out", but that's just semantics. I wish you the best of luck, and you, and your kids most surely will be in my prayers. Do yourself a favor, and more importantly, do it for your kids. Handle your business like grown folks do. When we get into debt, we have to pay it. No way around it. I pay taxes so that people like you CAN use my money for living expenses. Please feel free to do so, so it doesn't go to a crack head mother of 19, with 22 babies daddies that doesn't get child support. Also, please get child support. Th courts are more than understanding when working cases for a single mom or dad. Sorry, but this hits really close to home. My sister-in-law is in those shoes, and she live off the family. NOT welfare like she should be doing(Along with getting an actual J_O_B) I have friends who've been there too.

As far as getting someone to buy a popped car back, no chance. Unless you find some sweet philanthropist who will just toss money around. In that case, have him/her buy you an EVO wagon instead. The financial company that is going to send you a settlement, either already has(For the amount owed , before the repo, or the one you are getting is the judgement against you for the balance of what they couldn't get from the auction house. Either way, it's an I9. AKA repo. Done, over, fin. The best thing you could do is look into a buy here pay here lot, which will need a down payment for sure, or wait a little bit(About a year) for a secondary lender to be able to convince themselves to give you another car loan. Good luck sister. And God bless you and the kids. I mean that. You said it very poetically, Thank you I like to see people say it the way it is.

One more ? , if you can barely afford food for your kids, why in the world are you paying for Internet service? If I was that hard up, that would be the first luxury to go, and cable,etc.

My buddy Wade works for A repo company here in Minnesota. He says that all the repos he does are people who haven't paid period for the last seven months. Not for missing one payment. He says in a case like that, they would most likely just put that one payment at the end and charge you late fees the entire time.

Partially tru allworld. 'cept it won't be 7 months. Unless you hide. No way around it, it's time to prioritize(SP).

He says 75% of the people do hide. He was telling me about a realtor who they were trying to track him down for a long time. Finally they set up a veiwing for one of his homes he was elling, and when he went into the house to get things ready, they picked up his escalade. It gets pretty ruthless. I like hearing the stories

That's great. A realtor. What a story. I don't perticularly care for them in my business either. heya cry that car guys make such a percentage, but it's only on profit, not like a realtor that gets paid on the whole price. I had a buddy that popped cars for a long time too, he was alwyas about to get his ass kicked. One time he did it out fron of my apartment, and I saw him almost get mauled. there were like 12 people standing around yelling at him and what not. I ran out there with my 1911 under my shirt and yelled that I'd called the cops. They thought I was kidding. Next thing yo know there were 3 Sherrif's deputies cars out there. What a show. It takes some satchel

One more ? , if you can barely afford food for your kids, why in the world are you paying for Internet service? If I was that hard up, that would be the first luxury to go, and cable,etc.

Many public libraries offer free internet access. Just because someone is posting on AF doesn't mean they are paying for service.

But why would you post on AF?? Of all the places you could go for help, she choose AF. I would be calling trying to get the car refinanced before i started posting on message boards.

and she would post back too if this was real :rolleyes:

oh well, at least we got some posts in?

Its not a library access, look at the email address she gave at the beginning, its comcast, $42ish a month if you bundle it with cable. I agree, set your priorities and stick to them.

But why would you post on AF?? Of all the places you could go for help, she choose AF. I would be calling trying to get the car refinanced before i started posting on message boards.


They've got the car. There is no refi now. It's over. She'll just have to wait for a year or so to buy another one. 'Cept, this time it'll have to be less car, more money down, and at higher interest. I pity us all. We just got sucked into a huge discussion about how to grow up and pay your bills. shame, shame, shame.

the upkeep on the car always came last....I drove the car knowing it needed breaks and finally had to get them when they totally went out...my kids come first and always will even before a stupid car but I do need a car in order to get my kids to school and to dr appointments....I have tried to get on assistance for months now and they say i get too much money even tho I no longer get child support and they know that but oh well...thanks for the advice
I think you should have put the car back to stock and sold all the parts you put on it on ebay. If the car was repoed it was not for one missed payment as stated. When the car is repoed your pretty much screwed. So good luck. IF you do get the car get rid of whatever you put on it and put it back to stocl for money and ditch luxuries such as internet and cable.