Past Due Car Loan

[nohope]

I'm 30+ past due on my car loan with Capital One. Can't pay them until the 15 which will make me about 50 days past due. Haven't spoken with them. They've left messages that they have "offers". What should I do?

[Faust]

Are you planning on keeping the car or surrendering it?

[debtprison]

Also do you think this is just a one time problem where you can't pay or do you think this is likely to happen in the future too? Sometimes it is better to simply let go rather than trying to tread water all the while moving closer and closer to a massive waterfall. Think long and hard before taking action. Evaluate all options. Being here is a good move.

[nohope]

I plan to keep the car - I probably owe about/more than what's it's worth - it's a 2003 I bought used in 2005 - I have 12 payments left. I've been running about 45 days for quite a few months. I'm nervous to speak with them. What sort of questions do they ask? How long before a car loan lender repossess your car?

[Faust]

If you plan to keep it I would call them to see what if anything they are offering. It can't hurt.

[LimpDisc]

I plan to keep the car - I probably owe about/more than what's it's worth - it's a 2003 I bought used in 2005 - I have 12 payments left. I've been running about 45 days for quite a few months. I'm nervous to speak with them. What sort of questions do they ask? How long before a car loan lender repossess your car?

So you haven't filed your BK yet?

I'm very interested in your story because both my auto loans are with Capital One.

[Bell30656]

Each state law on when they can repossess the vehicle is different. Here in Georgia the law says that they can repossess the vehicle when you are in breach of the terms of the agreement. I would about say that could mean day one after the due date.

I think, in my opinion I'd talk to them about the car. If you can promise them a payment on a certain date, you may be able to keep them at bay. They really don't want your car, they want your money. However, remember that they will lie. They will promise you all is well while the tow truck is hooking up your car.