voluntarily repossession, is it an option?

[Ashbabby86]

a few months back my car was impounded, within a few days of the incident, i was laid off from work. I can not afford to pay to get the car out, i have tried everythign i can think of ( loans, family and friends, not options with any of those). the car is being fiananced, and due to my work situation, i can barly keep payments current on the car. i would like to have it voluntarily reposesed, but am unsure if that would work. can it be repod if the car is sitting in a tow yard? i would also like to get my personal things from the car, and put back some stuff that belongs in the car ( the cd player deck componant, some car papers), is that possible? what are the laws regaurding that?

 

[Theresagail]

If you don't go get it the finance company will-- your belongings that are loose in the car you may be able to get back-- things that are attached to the car is part of the car. Once they get the car and pay all the fees to get it out plus the repo fee-- they will sale it more then likely @ auction and they will come after you for the difference -- even though you do a voluntary repo they want all of the money they loaned you-- they do not look at you borrowing the car they look at you borrowing the $$.

 

[Ashbabby86]

in speaking with the tow place, they have no problem releasing it to the company, however the company wants me to pay for it to be released now. i have no money for that, if i do i wouldnt be in the situation to have to go to these measures

 

[Theresagail]

The tow company wants ANY one to pay for it -- of course the tow company will release it to them because they will have to -- weather you pay for it or they do they are going to give the car back to who ever pays for it-- if no one pays then they will put a lien on it and sale it

 

[Theresagail]

I re read your post-- this car has been in there for 3 months? WOW those fees are astronomical-- the finacne company might not get it-- a matter a fact I am suprised they havent yet--- How much are the fees? how much do you owe ? what is the car worth?

 

[Duranie]

You are still going to owe money if it is repoed. Chances are the bank is not going to get what you owe so they will go after you for the difference.

 

[Ashbabby86]

the fees werent as bad as everyone might think, id perfer not to state any real numbers on here though. i understand i will still be liable for the difference, however, i can not afford to do everything, which is why i am in this mess. and yes i realise i made a huge mistake, however, im trying my best just to get by right now on very little income. all i really want, now that i know there is a way to give it to the car company, is my stuff, some of which has no value if they tried to sell it ( pictures of my nephew ad niece, a notebook, a letter my mom wrote me before she had a stroke). are there any laws regaurding belongings in a impounded or reposessed car? the tow yard will not let me get anything untill they get paid their money.

 

[Theresagail]

No, the tow yard does not have to give you anything. I am so sorry you are not getting the answers you would like, there is no way a finance company or a tow yard is going to go thru your stuff and sell it-- for your balance-- I have already told you what will end up happing-- all of these folks involved want $$ and they are not going to give you anything until they get it they really don't care if you have the money or not.Once the finance company gets the car you will have a chance to get your stuff from them @ that time. However with the time delay the tow yard should be getting close to filing a mechanic lien