Auto Loan Default - Call The Attorney

[recentlyseeking]

What is the name of your state (only U.S. law)? Illinois

I just called my bank that I have an auto loan through to make payments to get my account current and they told me to contact their lawyer who was now handling my account.

So needless to say, now I'm terrified to call and I would love it someone out there can lend me some advice as to what I can expect or what I should do...

Thank you!

 

[Zigner]

What is the name of your state (only U.S. law)? Illinois

I just called my bank that I have an auto loan through to make payments to get my account current and they told me to contact their lawyer who was now handling my account.

So needless to say, now I'm terrified to call and I would love it someone out there can lend me some advice as to what I can expect or what I should do...

Thank you!

Maybe you should call the attorney...

 

[recentlyseeking]

Maybe you should call the attorney...

I want to and of course I will, I've just never been in this situation and I don't know what to expect or what I should say.

 

[Antigone*]

You can expect that they will ask you for the balance of the contract. Since you have missed payments and not been willing to negotiate with the lender in any way until now, this is most likely what will happen.

You can expect that they may ask for the vehicle ~ a true possibility.

You can expect the possibility that a law suit will be filed against you.

All of these things are possible. Is it the end of the world - no it isn't; but the outcome of the situation will be dependent on the way conduct yourself.

 

[recentlyseeking]

You can expect that they will ask you for the balance of the contract. Since you have missed payments and not been willing to negotiate with the lender in any way until now, this is most likely what will happen.

You can expect that they may ask for the vehicle ~ a true possibility.

You can expect the possibility that a law suit will be filed against you.

All of these things are possible. Is it the end of the world - no it isn't; but the outcome of the situation will be dependent on the way conduct yourself.

Thank you so much for the reply!

Do you think there's any possibility that I could negotiate a payment plan of some sort?

 

[Antigone*]

Thank you so much for the reply!

Do you think there's any possibility that I could negotiate a payment plan of some sort?

The person to answer that question is only a phone call away

 

[Texas Pooh]

OP,

Be prepared before you call. Have your statements added up; know exactly how much you owe. Be prepared with a reasonable plan to catch up the amount due as well as make the current payments. Make sure it is a plan that you will absolutely be able to live with - if you are a single day late, you will not be given a second chance.

Have a list in front of you of your reasonable monthly expenses and your income. You may be asked to justify your plan and why you can't pay any more.

If you reach agreement, make sure either the lawyer will send you written confirmation, or be prepared to send the confirmation yourself. If you don't receive the written confirmation in the next few days, do it yourself.

Be sure you have the basics ... where to send payment, who to send it to, what date it is due, etc. ... from the lawyer and confirm all that in the writing.

There is no reason to be scared or intimitated, but do be organized and polite.

Good luck!