Repossession of Accident Car

[DMAC74]

If anyone could give me any advice on this I would appreciate it.

I got in an accident in an accident with my car a few months ago, and during that time I fell asleep at the wheel and got into a major car wreck, totalling the car. During this time unfortunately my insurance had lapsed on my car, unfortunately to me forwarding my mail to my new address and not receiving a notice of cancellation until two weeks after the accident. The people that hold the loan do provide coverage to cover them but do not until two months after your origional plan expires.

So anyway, I havbe consulted with a bankruptcy person and do not want to take that route. (The note is around 38K)
Has anyone ever gone or gone to GMAC with this scenario before, and said something to the effect of........

This was an unfortunate accident, I am sorry believe me that it has happened,(I was in the hospital for three weeks)but I want to not let this thing fall to a repo, but then again I want to pay this debt off, but can not pay it off all at once, but I also want to go back to you and give you my business again because I need to buy another car. If I could scrap together 15-20K, at the same time getting my new car through you, would that be some thing that you would consider?

I would think that the money to them would be better than the repo and getting nothing correct? I am not a homeowner but someday want to be, and I don't want it to affect my credit. This happened in Texas by the way. Any help, suggestions at all would be greatly appreciated. Thanks.

DMAC74

 

[Michael Wechsler]

I'm sorry to hear about your situation. I tend to find that it helps to put yourself into the other person's shoes in deciding how to approach a matter. If you were thinking of lending a person money who was close to bankruptcy and had just had a casaulty loss, wouldn't you want some type of security for the money that you were going to lend out? It would seem that words might not make you feel comfortable enough to just give this person, who was in an unfortunate accident, the money that you earned. With regard to "future business", it is tenuous, can change at any time, and would probably want to think about what has been happening with the past business. They may have better risks than yourself to make loans.... it doesn't mean that what you way might not work, but think about what you are doing before you do it.

 

[DMAC74]

Thanks for the information.

I am not in a position where I need to go through bamkruptcy even if I continued to make a car payment to them along with another one as long as my jopb continued the way that it did. What I do not want though is to have two notes. I understand that they could say no, but I also know that I could tell them just repo the car (it is sitting in there dealership lot) and yeah it would suck for my credit, but I don't think it is worth 38K dollars to me. I also know that I could scrap together the money somehow for the one lump payment from family and friends. I just got caught in a really bad situation unfortunately. I just thought that if I approached them with the opportunity to recoup some of there loss without nothing on a repo along with some business then that might be something that they would consider. It is like anything, I couldn't promise them that I could come up with 38k over the time, but I could come up hopefully with some kind of upfront payment. Thanks.

DMAC74