- October 24, 2023
- Posted by: legaleseblogger
- Category: Related News
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Heading: Situation with Delinquent Car Loan and the Need for AI Legalese Decoder
Introduction:
The current situation revolves around a 2017 Volkswagen Atlas, although the specific trim package is not known. This vehicle has a significant trim package, including the tech package, tow package, sun/moon roof, and captain seats. When the loan was charged off, the outstanding balance was approximately $40,000. Unfortunately, due to a lack of timely action, the financial burden became apparent after getting married.
Background:
Approximately four months ago, after getting married, the car loan fell into arrears. The individual in question owns a business that has faced significant challenges over the past year. Thankfully, they were able to acquire another vehicle in the recent month. Presently, the car is at risk of repossession; however, there has been no communication from the loan owner for approximately two months. It is important to note that the car has not been used during this time and remains insured.
Available Options:
Based on the situation, it appears that the only option left is to voluntarily surrender the vehicle. Although the idea of selling it privately and securing a personal loan to cover the difference has been explored, research suggests that selling a car with a charged-off loan may not be possible.
Request for Assistance from AI Legalese Decoder:
This is where the AI Legalese Decoder could potentially help provide much-needed guidance and clarity. It would be beneficial to utilize this tool to decipher the intricacies of the legal aspects surrounding the situation. The AI Legalese Decoder could analyze the loan agreement, terms, and conditions, as well as relevant laws and regulations to offer insights into any potential alternatives or exceptions. By understanding the legal framework, it may be possible to find a solution other than voluntary surrender.
Conclusion:
While the current plan is to surrender the vehicle voluntarily, it is essential to gather all available information and explore every possible avenue. Seeking assistance from the AI Legalese Decoder could provide a deeper understanding of the legal implications and potentially uncover alternative courses of action. Taking proactive measures will ensure that informed decisions are made to resolve the situation effectively.
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AI Legalese Decoder: Simplifying Legal Texts for Everyone
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****** just grabbed a
ItÔÇÖs too late, just surrender the car. Not worth the hassle of trying to do ÔÇ£other dealsÔÇØ with it. And move on. Unfortunately it probably has destroyed her credit history and I would get to thinking what else has she not paid on as well?
Surrender the car before the actual owner sends a repo team to literally stalk you at your house just to repossess your car.
How would you sell the car if you donÔÇÖt have the title to it? Your only option at this point is to voluntarily surrender the vehicle.
How does one not ÔÇ£connect the dotsÔÇØ that you need to pay your car loan every month yet also somehow run a business?
Selling the car can get you a criminal conviction. The only think you can possibly do is to offer the full payment, and see if they’ll change their mind.
PS. Other than surrendering the car, I mean.
Turn it in and cancel the insurance on it. YouÔÇÖre wasting money every month. You could never have sold it. You donÔÇÖt own it. The bank does. The best she could have done was take it back to the dealership and try to trade it in. A brand new Atlas is $47k near me so she must have WAY overpaid for it and had a horrible car loan. A 2018 Atlas I can buy for $18k right now. Bad purchase & bad loan give it back and save the insurance money.
May take them awhile but they will come for it. A friend had a repo took the bank another 4 months to send a tow truck. And yes it is illegal to attempt to sell a car you donÔÇÖt own. The bank owns it and doing that will just make things much worse.
Regardless of the car situation, you better schedule some time to have some serious financial conversations about everything with her.
I donÔÇÖt understand how she owed $40k on a 6 year old Volkswagen Atlas?! You can get a brand new one for $40k. Did she roll negative equity from a previous vehicle into this one or something?
You need the title to a car before you can sell it and the lender has the title. Just surrender it.
Not to be pedantic, but the msrp on my 2018 atlas SE w/tech trim (middle of the pack) was 41k. 2018 was also the first model year. Something doesn’t add up. Current value is probably around 25k fwiw.
Pays for insurance on the car but doesnÔÇÖt pay for said car. ThatÔÇÖs an interesting approach!
Ok, selling it is actually an option, but it requires the bank to be on-board and willing to receive payment for the loan in whole.
It doesn’t sound like you have that. So repossession is likely your best bet, voluntary or otherwise.
I’m going to disagree with what’s below after reading the Nerd Wallet information.
1. Negotiate with your lender. Maybe they haven’t sold the debt and will let you get current on the loan.
2. Maybe you can sell the car and get more than what the lender or their buyer will get which will reduce the deficiency you owe.
3. NEGOTIATE. YOU WILL LOOK BETTER THAN JUST THE PERSON WHO WAITS FOR A REPO.
​
https://www.creditkarma.com/auto/i/auto-loan-chargeoff-without-repossession
From Nerd Wallet:
What can I do if my auto loan is charged off?
If your auto loan is charged off, you may be able to negotiate a payment plan with the lender ÔÇö or collection agency or debt buyer, if the debt has been transferred ÔÇö to repay what you owe. While repaying the loan wonÔÇÖt remove the charge-off from your credit reports, it may help lessen the negative impact on your credit scores or your ability to get a loan in the future.
If your lender hasnÔÇÖt sold your account to a debt collector, you can ask it to remove the charge-off from your credit reports after you pay off the debt. But the lender isnÔÇÖt obligated to do this.
Are you sure the loan was charged off? That would be very odd to do when the vehicle hasnÔÇÖt even been reposed and auctioned off yet. How long has it been delinquent?
Apply for another vehicle , let this one go and deal with it at some point . Credit already took a hit
[deleted]
You can’t see a car with a loan…charged off or not. There’s a lien against the title. I don’t think you even have the title to sell it–I’ve never had the title to a car that wasn’t paid off, on the registration.
Why didnÔÇÖt you trade that car in and see about rolling the negative equity into the new loan?
Can you sell the car to Carmax and pay off the rest with the cash you do have?
In my state, a $40k charge off would not only be a repossession, but a judgment, and lien on all property in her name! Depending on how your state titles real estate and personal property, could be substantial. also a possibility is a bank lien (including that of self employed)!
Yeah man, you canÔÇÖt sell a car you donÔÇÖt own. IÔÇÖd surrender it and work with the dealership or whatever to set up a payment plan. They will make you pay for that time – surrendered or not.
If you have the money why not pay it off in full? When you default on the loan they either ask you for payment in full or repossess the vehicle.
Also why havenÔÇÖt you called the company that held the loan to discuss options?