Car Loan Dallas

My girlfriend is late on his car loan and was threatened with repossession. To make matters worse, she had an accident (her fault) the same day his insurance lapsed and did $ 3,000 damage to the car. She can not afford to repair the car or make payments more, then it will abandon the car for the voluntary return. My question is: When the car is sold and the amount is calculated deficit, will make a small payment each month to prevent them from pursuing a trial against her?

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Dallas, Texas

They will go after all the first signatories.

Depends on how the Bank conducts its business with the car now a worthless piece, the bank will probably after a co-signer. If there is no co-signer then they continue ruling aginst it. They already know she can not pay, is unable to provide the car and basically distroyed the car in the process, co-signer is therefore likely to side then stop. Anyway, the bank seeking the balance of the car, because they can not sell it for what it was worth before the accident.

Only if the finance company decides to accept the minimum payments. Do not bet on it, though. Small consolation, however, that you live in TX they can not garnish his wages. Of course, his credit will be trashed for over a decade with a trial and a repo about it.

It would certainly go for it

No. .. The bank offers a payment plan to repay the remaining balance. This does not mean that payments will be small. They go after the co-signer, if it exists. If she decides not to repay, they can actually garnish his wages with a court before and the trial against her. Since credit is probably screwed anyway and now it displays a repossession, you have an option.

Once you know how much the bank will want, you can negotiate. The bank should not go to go to court and waste money to get a trial if the balance due is not a significant amount. Substantial meaning $ 20,000 or more. Let's say they want $ 12,000. If I were you I would tell them that you do not pay anything or you will pay $ 7,500 over two years. Sometimes they settle for a lot less if you can pay immediately. Then they will put a note on your credit file that shows "settled for less than full BALANCE.

This is not a foolproof plan well. It depends on the amount and policy banks. The big banks like GMAC and Ford Credit mentioned above because 9 times out of 10 to avoid legal fees.

Hope this helps .... BTW .. If she needs a new car, it is now time to get it before the board or settlement shows his credit report. Capone, HSBC, WellsFargo, Drive Financial are some banks that have programs approved it, even if it had a slow car loan paid.

and if she has a co-signer they really going to ask if they can help, but if not it will be bad for her because she spent money to pay for his car will be used for anything and there will be a bad credit history in its way, perhaps it will not get a bigger loan, but here's what I can say that she needs to find another mechanic who can repair his car for less and if they find one. she needs to get to the part itself eBay.com because it is less costly and after that they get the parts and it should take the parties to the mechanics to install them, but before that it needs to know the damage the car, I mean all the parties and after that it can take action or it can ask for it any close relative or friend to lend him money for it can get back on his feet, and if no body can help, she can apply for loans and we hope she will get one, but I just want to know how did it get into t.