My car is going to be repossessed tonight, I’ve voluntarily given it up. The man I spoke with said that by California law I have 15 days to reinstate my loan. Can anyone tell me the details of this procedure? What kind of fees am I looking at and is it worth it? It’s a 2002 Civic and I still have a little over 10,000 to pay. Thanks in advance for your advice and please don’t tell me what I should have done, my situation was horrible for a period of time and now it’s better. Obviously I’m already in this situation I just need advice on what to do from this point. Thanks again.
If I decide to reinstate and pay all of the back fees, what are my chances of turning around and trading it in for a new car?
How to reinstate a car loan?
April 29th, 2010 by admin Leave a reply »
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You will have to pay all the payments that you are behind on and the repossession fees that you are going to be chareged.
If you have that kind of money then call them and make arrangements so you do not lose your car. If will stay on your credit as a repo even if you get the car back.
Im not sure about how much in fees you’ll pay to get it back. Surely it’ll be cheaper than letting the bank sell it for way less than what its worth and coming after you for the rest. And thats exactly what they will do when they get it.
Don’t feel too bad. There are many people out there (myself included) who’ve had this experience. The first thing to do is talk to your finance company (preferably a supervisor). Explain your situation and ask if they have any programs available that can help you get your loan current. Also ask them what it will cost for you to get your car back. The fact that you voluntarily surrendered it will go in your favor. Whatever arrangements you secure, make sure to get the person’s name you spoke to and get everything in writing in case you have any problems down the road. I wish you the best of luck and hope you’ll be back on the road soon
Auto finance is what I do for a living and you will have to pay all back due payments plus fees for the repossession, towing, storage, interest and lawyers.
Even if you do this, the repossession will still show on your credit as a “Redeemed repossession” unless you can get them to agree not to report it this way. If they do, get it in writing.
If you wait until they actually pick up the car you will have to pay all the back payments and the repo fees. Repo fees usually range about $500. You will need to make sure you have valid insurance and will basically have to re qualify again by giving income, references, and place of employment information.
Good luck!