You SHUDDA waited till you had something IN WRITING b/4 you made your first payment to anyone (settlement or otherwise)… - Posted by SusanL.–FL
Posted by SusanL.–FL on June 02, 2000 at 08:08:26:
I do know THIS—if you owe on a car loan (repo), they will hunt you down like a DOG till they get their LAST dime! This is fact, according to Dave Ramsey (author of Financial Peace). Recently he gave some STARTLING information regarding banks who make car loans.
Let’s say you have several other accounts with that bank (ckg,/savings/mortgages, etc.) and suddenly you ‘default’ on your car loan. They can (by law) and WILL dip into your checking account or clean out your savings account.
If you have just paid off a mortgage (with them) and are waiting for your ‘Satisfaction’ paperwork to be processed, they can refuse to give it to you UNTIL you have paid your car debt to them IN FULL! Scary, isn’t it? I didn’t know this.
I was driving along on my lunch hour a couple weeks ago when I heard this on his radio program. Shocked the ‘you know what’ outta me!
He said car loans are treated very different than other loans and they will HOUND you to death till you pay up.
I was nearly in your shoes last year. Things had gone haywire and I was having a devil of a time trying to make our two car payments (an original total of $62K!!). Talk about SCARY–but I got thru it.
Like you said, it is TOO bad that your wife just didn’t sell the car herself and make up the $difference$ out of her pocket. You would be over and done with it by now.
If nothing else comes from this experience, at least we can all learn from each other’s mistakes.
My advice is: Sit down with someone with some authority who will tell you ‘what the score is’ on what you owe. Put everything in writing then pay it off!