New Mexico car repo questions

[nmmom]

What is the name of your state? NM
My son called me this afternoon, wanting help as he is two payments behind on his car. After doing the mom duty and chewing him out for letting it go so long without telling me, he told me he was told they were going to come repo it *tomorrow*.. wanted me to cosign a loan for another car since he found a dealership who would *buy* his current one for $2k less than he owes, pay it off and roll the 2k into another loan on a cheaper car so he could afford payments, but of course won't do the loan unless he gets cosigner.. told him *no*, cannot do that for him and he understands.. however, he is still worried about his car and i am trying to find some other way to help him as i cannot do anything financially for him. is there any kind of time frame as far as how long a payment has to be overdue before they can come take his car? the only other thing i suggested to him was ch13 filing and get it worked out that way. his credit is screwed anyway for other reasons, so it's not like that would hurt him even more. his problems stem from starting a new job a couple months ago and it was 3 weeks before he got paid, and before that, he was working but not getting paid enough to keep up. the new job is a great one but the big hanger here is.. he HAS to have his own vehicle, as it's a sales job. he gets a really good base salary, so all he needs is time to catch up but this guy at Ford credit is being a jerk from what i can tell. he got paid last friday but had rent and other things he felt were more important (yes i got on to him for that but... doesn't help now anyway) he could make a payment and a half in two weeks and another payment and a half two weeks after that, etc, till he is caught up and since only two payments, shouldn't be that big a deal but as i said, he says the guy he has to deal with is being a jerk and threatening repo. are there any options here or is he stuck doing what i hated suggesting, and hiding his car for two weeks until he can send them some more money..

[LSCAP]

I wish I could answer your question. If it was me, I would make the payment and a half. He will owe much more than that if they repo. And if they didn't take it yet, there's a better chance they will give him time to make up the rest.

[nmmom]

This is what he WANTS to do but this jerk has refused to talk to him.. knowing my son, I am sure he got snotty with him at some point but sheesh how do they expect anyone to get out of these holes if they take the one major thing we all need to KEEP our jobs, our cars?? I have gotten in contact with an attorney so pursuing other options, even if it's just a consultation and the lawyers help in contacting the credit jerk.

[Dougthegreat]

Yeah, seriously. Darn that credit jerk for expecting your son to pay for the car! Doesn't he know that he NEEDS it, and shouldn't have to pay for it?

[nmmom]

you are an ******* and i am sure the absolute joy of your own life. he is not refusing to pay for anything. the issue has already been taken care of now so go find someone else to harass you self righteous jackass. you are of no use to this forum.. or to the world for that matter. we could all do without people like you taking up space.

[Dougthegreat]

Originally Posted by nmmom

you are an ******* and i am sure the absolute joy of your own life. he is not refusing to pay for anything. the issue has already been taken care of now so go find someone else to harass you self righteous jackass. you are of no use to this forum.. or to the world for that matter. we could all do without people like you taking up space.

And we could all do without people like you who try to default on their car payments, have the car repo'ed, are assessed the remaining balance, and then declare bankruptcy on it - meanwhile, passing along the added cost to us honest people.

It's good to hear that you worked something out though - according to statistics, 56% of borrowers that go into default never contact their lenders to try and figure out a plan.
Edit: This statistic apparently is in relation to mortgages - I assume it's going to be similar for other types of lending.

[debtcollector`]

Originally Posted by nmmom

knowing my son, I am sure he got snotty with him at some point

SO, as you said in an earlier post -- you're son had more important things on which to spend his money than his car payment. Then your son cops an attitude with the finance person handling the account -- and you are actually surprised that you son is given no leeway? Perhaps he has gotten far too much leeway already.

Originally Posted by nmmom

but sheesh how do they expect anyone to get out of these holes if they take the one major thing we all need to KEEP our jobs, our cars??

By people being responsible and paying their bills on time. You didn't cite hardship -- you cited spoiled child... "e got paid last friday but had rent and other things he felt were more important (yes i got on to him for that)"

Originally Posted by nmmom

I have gotten in contact with an attorney so pursuing other options, even if it's just a consultation and the lawyers help in contacting the credit jerk.

Instead of spending the money on an attorney to try and screw Ford -- why don't you just loan him the money to make his account good?

DC