Auto loan write off.
The clarify on the auto loan post.
I’m not sure what info you all think is missing or why it sounds fishy.
I had some financial issues and put me behind in my auto payments. I had made arrangements to get caught up and have 4 out of 6 payments deferred to the end of the loan and pay the $900+ in penalty fees when I had extra cash to do so.
Made a few payments and found it was leaving me with next to nothing to get by to the next pay day.
I’m a single parent and need to make sure my child is fed first and foremost. And no I’m not playing the single parent card. I had to make large payments to try and catch up. I just couldn’t. I tried.
The arrangement was broken at which time the loan company told me the loan is now written off. I asked what happens with the vehicle and they said there is no value in them picking it up because it needs some mechanical repairs after slipping off the road.
The repairs are nothing major (to my knowledge)
Insurance didn’t pay nothing because I had no collision at the time, just your basic PLPD (bad mistake on my part, I already know this, lesson learnt)
YES I was insured at the time and am currently insured (driving a different vehicle right now) so to those that assumed I was driving with no insurance you can rest easy now.
I just figured if I could legally sell it as a parts vehicle I could put that money towards the balance owing. The vehicle is in excellent shape and I’m sure there are many useable parts on it.
So what if they sue me? What am I looking at? I don’t have any assets at all to even sell to put towards the money owing.