I have two questions here. I am from California. I have $11,200 left on my car loan and I was recently laid off. I cannot afford the vehicle anymore and I am going to let the bank come and pick it up. The Wholesale on it is like $8,600 so they should be able to get $7,000 for it at an auction although it does have a major dent in the passenger door. My payment is due in mid-September and wanted to know if the process will take at least until mid-January so I can pay the difference in cash through my tax rebate? Also, my wife works and makes about $1,600 a month. She is on the loan. Will they garnish her checks even though most of it goes for rent?
No, I mean the defieciency judgement. If I let the loan go in mid-september, shouldn’t it be until like mid-january before they want me to pay the defieciency from the loan and what they sold it for?
Originally posted 2009-06-19 09:32:08.
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If your wife is a co-signer on the loan, and you stop making payments, they will come to her to get the payments. If she doesn’t make them either, they will eventually repossess the car and add the costs of towing and selling it at auction to the balance on your loan. In the auction, it’s unlikely they will get wholesale price on it, they will accept top bidder,
Generally they won’t get serious about taking it back until 90 days have passed, but that’s not a hard and fast rule. So no, it’s unlikely they would go to mid January.
Yes, if you have no source of income but your wife, who is a co-signer does, they will attach her check.
It would be best to try and work out something with the folks who have the note. If you just go in default, there is no mercy. Try and talk to them before they come after you. Perhaps you can modify the payment schedule. Meanwhile get busy getting your unemployment payments coming.