Delinquent car payment, still HAVE the car

[laynec]

What is the name of your state? California (lending institution is BOFA, also in California)

I defaulted on my loan in April, 2002 due to my own financial issues at the time. I *should* have returned the car or let it be reposessed at that time, but it didn't happen. Additionally, I did not contact them, nor did they contact me. To this date, I have received no contact from them on this loan as well. I still have physical possession of the car, I still drive it, and it is legally registered - albeit with the bank registered as the lien holder on the title.

The amount due as of 04/02 was 3300$ w/ approximately 7000$ payed into the loan by me. The car's bluebook value now is around 3500$ and was probaby around 5000$ in 2002.

My situation is further compounded by the fact that I am *leaving the country permanently* in June of this year. I'm curious what my options are here for resolving the outstanding loan without the possibility of being hit with interest for the 5 years nothing has been payed on the principle. I just want to pay off the principle entirely, get the title, and sell the vehicle or provide it to a family member.

The car was never repoed, I was never threatened with repo, nor received any calls, mail, etc. about it. It's literally like it has disappeared off the radar - but I'm not so naive to believe it actually is. After all - they own the title. I'm less worried about being sued than I am about just taking care of the situation without a huge amount of hassle and retroactive charges. Hypothetically they could try to sue me, but they'd have to fly across the world to do it - and they won't be doing that for a 3k$ past due loan. On the same token, I'm not just going to dump the car somewhere and rid my hands of it.

I do take responsibility for the situation and defaulting on the loan. But I am not commited nor would I even be able to pay 7000$ or similar to resolve this if they were to try and apply interest on the outstanding amount + late fees for the 5 years between 2002 and now.

[moburkes]

They don't have to fly across the world to sue you.

My aunt's vehicle was repossessed several years after it should have been.

[laynec]

I suppose that is possible - I'm just trying to find the best way to approach the bank.

[moburkes]

Originally Posted by laynec

I suppose that is possible - I'm just trying to find the best way to approach the bank.

I don't know, but they certainly weren't accepting principal only payments from her.