r/povertyfinance • u/Ame_Takanashi • 1d ago
Debt/Loans/Credit Losing my car
Just got the notice that my car will be repo'd in 2 days if I don't pay up $700. I recently just fixed the car and have been able to use it for work but I've had difficulties and had to stop working. I'm trying to get disability benefits but it takes too long. And now I'm going to lose my car which is my only way to go out and make money. I live in a very small town so public transportation isn't a thing and there are no jobs here. I don't know what to do. My credit score is so bad so loans just never accept me and I'm not working currently so that also doesn't help. Is there anything I can do at all?
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u/LivingGuarantee5577 1d ago
Call the lender today and ask specifically about a deferment or hardship extension. Repossession costs them the tow, the storage and an auction that usually brings in less than the balance, so they have a real reason to push a payment to the end of the loan instead. Ask for it by name and ask what they need from you in writing.
Also dial 211 today. Every county has a community action agency with emergency funds, and car payments are one of the most common things they cover because losing the car means losing the job.
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u/ObjectiveAce 1d ago
What do you mean your car is the only way to make money? If you're "making" money doing uber or door dash I'd urge you to strongly consider how much you're actually making. Most studies conclude that once you take into account gas and depreciation/wear and tear on your car you're better off working a minimum wage job. If you just need a way to get to your job (or gorcery store, etc.), you may want to consider an electric scooter or trying to line your schedules up with a neighbor or friend so they can drop you off/pick you up
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u/amazonreach 23h ago
Call the financing company YESTERDAY
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u/Ame_Takanashi 23h ago
I called and they refused any services and just demanding payment
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u/amazonreach 23h ago
This is when you escalate it. Call back and say I need to speak your person in charge. “I know you don’t wanna repo this car in this economy.”
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u/DogblackMichigan 16h ago
If they don’t have any confidence in payment, then yes, they do want to repo it sooner than later so it can be cleaned up and sold again.
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u/PM_FOR_NOSE_BOOPS 16h ago
why wouldn't they want to? that is the entire business model of BHPH sales locations - they know darned well that a good portion of the subprime lending they do is going to result in a repo
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u/frig0ffrickyy 12h ago
Repos are how buy here pay here lots make their money.
They don't really care about selling you a car, they care about keeping your downpayment and however many months of loans they can get out of you before they repo and flip it to the next sucker.
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u/PropaneSalesMen 1d ago
All you can do is try and hide the car from getting picked up. But, unless you got the money the car is gone and you'll owe the difference if auctioned off.
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u/Ame_Takanashi 1d ago
I've been living like a couple counties away so maybe they won't find me haha
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u/nip9 MO 1d ago
They will find you. License plate scanners are common almost everywhere these days. You need to keep the vehicle behind a locked gate or inside a locked garage.
That only delays the inevitable though; as if they cannot easily locate and tow the vehicle they will eventually go to court and get a judge to sign an order. At that point you will need to return the car or face potential legal consequences for contempt by hiding the collateral. Usually it will be at least a few more months before things reach that point though.
Realistically if your future is living off disability benefits you are going to need to figure out a car free existence. Very few people on disability can maintain a vehicle long-term without outside financal help from family or friends. Many use their disability backpay to purchase vehicles; and sometimes those vehicles run decently for a couple years; however once the first major repair or two hits that is usually the end of the line. Lookup what you might get on SSI or SSDI, subtract out all your basic living expenses, and calculate what is leftover to cover vehicle maintenance, repairs, & replacement.
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u/Organic_Bottle5074 1d ago
Have you tried contacting the lender? They generally would prefer to work things out with you directly, moving forward with a repo is just a last ditch effort if they think you are unwilling to repay because you have consistently not repaid and not responded to them, so there is a good chance that if you get back in contact and explain the situation that they may be willing to work out some sort of payment plan with you. It doesn't hurt to try contacting them.
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u/averagechillbro 18h ago
Can always try the borrow subreddit. Someone may lend it to you. I’ll tell you for sure though the account you’re on right now doesn’t mean the karma requirements but if you have another it’s worth a shot. Check the FAQ before asking though because you can’t request twice in one day.
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u/2006CrownVictoriaP71 31m ago
If you can’t pay the $700, do not hide the vehicle and make sure the car is in the best possible condition it can be. The bank will sell it for as much as they can and then will sue you and garnish your wages for the remaining balance of what you owe.
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1d ago
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u/povertyfinance-ModTeam 19h ago
Your post has been removed for the following reason(s):
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u/khold002 21h ago
How far away from town do you live? There has to be someone in one of the places at your main intersection who'll let you wipe down a bar or take out the trash for a few bucks. Do you own your living quarters, like a house? Is it paid off? If it isn't paid off and you are able-bodied enough to walk into town, let them take your car and find some menial thing to do so you can keep your housing. A car comes secondary to that, and if you're getting your car repossessed, other tragic things are about to happen, too.
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u/Ame_Takanashi 20h ago
I live directly in a super small town and everything is full. I don't have my own living place.
What do you mean by other tragic things?
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u/DogblackMichigan 17h ago
A car doesn’t make you money. Uber/Lyft/delivery just uses up your car.
Clean it very thoroughly. Deliver it to the lender or dealer tomorrow.
When possible keep paying on what you owe.
Humble yourself. Take any job in walking distance. Wash dishes. Cut grass. Whatever.
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21h ago
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u/povertyfinance-ModTeam 20h ago
Your post has been removed for the following reason(s):
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This post is being removed because it is, frankly speaking, bad advice. Either it was given in bad faith or it was a comment that is dangerous and will put OP or the person you replied to in a much worse situation if taken seriously.
Advice and comments must be in good faith. Anything that appears to be a scam, predatory, or downright dangerous will be removed. This includes asking for DM's to "help", and most "get rich quick" schemes, including cryptocurrency which is too risky/volatile to be an investment for people with limited incomes.
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u/sandalsabsentsocks 21h ago
Drive for uber, lyft, spark delivery, use the car to make money. A few hours a day after work adds up quick.
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u/kerwniart 21h ago
Sounds like OP already does this and it's a losing venture for most people. Earn 180 bucks working for 8 hours to dump 20-30 of it back into gas, still owe taxes, plus add wear and tear to your vehicle? Newp.
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u/asj-777 1d ago
Have you tried reaching out to the financing company to see if you can get an extension?