auto repossession question

[kl2233]

What is the name of your state? Tennessee

My car is supposed to be repossessed, soon. I am borrowing the money from my 401k to pay the entire balance of the "title" loan, but will not recieve it until Dec. 2nd.

If loan agency decides to take possession, can I still pay off the balance and fees to get my car back, and how soon can they sell the car?

Thank you for all replies

[seniorjudge]

Originally Posted by kl2233

What is the name of your state? Tennessee

My car is supposed to be repossessed, soon. I am borrowing the money from my 401k to pay the entire balance of the "title" loan, but will not recieve it until Dec. 2nd.

If loan agency decides to take possession, can I still pay off the balance and fees to get my car back, and how soon can they sell the car?

Thank you for all replies

[url]http://forum.freeadvice.com/search.php?searchid=861142[/url]

If they already have the car, then it probably will be sold shortly.

Otherwise, you will get the car when you pay off. If you can give the lender some kind of tangible PROOF that you will be getting money and let them get an assignment on that money some way, then MAYBE they will give you more time. Ask them.

[kl2233]

I appreciate the response,

Unfortunately, I have already tried that and they are bound and detrmined to get the car.

I had some trouble and was off work, for a little bit, then my 28 year old wife had a very unexpected heart attack, and I got behind on the loan.

It is a 2001 mustang gt worth about 12k give or take, and I only borrowed 3k of which I have already payed 1200.

So, basically this guy wants to get my 12,000 dollar car for approx. 2 grand.

Anyay, its a long drawn out drama, and thanks for the advice.

[seniorjudge]

Originally Posted by kl2233

I appreciate the response,

Unfortunately, I have already tried that and they are bound and detrmined to get the car.

I had some trouble and was off work, for a little bit, then my 28 year old wife had a very unexpected heart attack, and I got behind on the loan.

It is a 2001 mustang gt worth about 12k give or take, and I only borrowed 3k of which I have already payed 1200.

So, basically this guy wants to get my 12,000 dollar car for approx. 2 grand.

Anyay, its a long drawn out drama, and thanks for the advice.

If it is worth that much, take out a second loan and pay off the first.