Thread: Car Reposessed....Question about my options

Hello,

thanks for a very informative forum. I have read through a couple of posts and learning a lot already.

I live in New Jersey

Well, I have a 5-year car loan from Suntrust bank ..and should finish paying April 2010. iThis loan was negotiated in Maryland in 2003. However. because of job instability, I am 3 months behind in my payment. I called the bank and told them about this, but they indicated that the car would likely be repossessed, even though I told them I should pay by the end of August. They couldn't wait, so the repo man came to my apartment around 5.30am and took my car. He was kind enough to ask me to collect all my personal stuff since there would be surcharge if they have to do it.

I called my auto company and they are asking me to catch up with my missed payments - about $1200 + $500 repo fee = ($1700 + storage fees, about 300). We had this verbal agreement on Friday. I told them I could come up with some money this Monday. But so far I have been able to raise only half of the money, but should be able to get enough money to pay the $1700 on August 31st. I am not sure what to do. and I have a few questions:

• Should I offer this to them? Pay the $800 and then tell them that I will pay the rest of the $900 at the end of the month?
• Are they likely to accept this offer, and will it stop any pending sale of the car?
  
• I have not received any single letter from them regarding the repo should I insist on getting a letter from them stating the terms of the offer?
  
• The repo man never showed me any documents, but did indicate that he was working on behalf of Suntrust. Is this a breach of some sort since I didn't sign any document?
  
• how long would they keep the car before deciding to offer it for sale. From reading this forum, it appears they would have to inform me about the pending sale.

I really don't want to lose the car, and can come up with the missed payments in a week, but I wouldn't them to take the payments and still go ahead and auction the car off.

thanks - PundaSmith

Although I can't help you much with specific information in this case, I think you should definitely seek both proof that the repo man was who he said he was and if so, get something in writing before you give anyone any money.

Good luck and keep us posted!