Repossed Car

[romieroach]

What is the name of your state (only U.S. law)? NJ US

I have a loan with dealer services and they repo my car and said i need to send in a certain amount of money plus stubs and insurance and so fortth. After i made the payment and send in the required documents they said they cannot accept it because i am unemployed and that i need to make the full payment. what can i do in this case. i did send them the unemployment stubs i get per week but they will not accept that. it is only 1700 balance left on the vehicle too. i need advice before making anymore payments. they did not tell me upfront about not accepting unemployment stubs. please and thanks

 

[swalsh411]

You defaulted on the loan and they took the collateral. This is how it works. If you want your car back you need to pay off the loan.

 

[sandyclaus]

What is the name of your state (only U.S. law)? NJ US

I have a loan with dealer services and they repo my car and said i need to send in a certain amount of money plus stubs and insurance and so fortth. After i made the payment and send in the required documents they said they cannot accept it because i am unemployed and that i need to make the full payment. what can i do in this case. i did send them the unemployment stubs i get per week but they will not accept that. it is only 1700 balance left on the vehicle too. i need advice before making anymore payments. they did not tell me upfront about not accepting unemployment stubs. please and thanks

It sounds to me like you not only defaulted on the loan by failing to make payments, but that you failed to maintain current insurance coverage on the vehicle.

While some finance companies will accept only the outstanding balance to reinstate a car loan, it's not unusual for them to demand the full unpaid balance instead before returning it. You are currently unemployed, and they are understandably concerned that they will end up in the same situation all over again in a matter of a month or two.

I know that times are tough, but unfortunately, if you want to redeem the car, you're going to have to pay it off. Once you do that, it's all yours to do with as you wish. Until then, the finance company owns that car and is doing what the feel is best in order to protect their collateral.