I've been unemployed since 2/09 and needless to say the bills are piling up. I'm past due on my car loan (1000) and haave been advised that the finance company is ready to repo. We've discussed several options, but they all include nothing less than a full payment and preferably a lot more. At their recommendation I took the vehicle to Car Max for a quote to purchase. I was advised they would give me the auction value of 3500. This is obviosly too low. I also got an offer from the dealer I purchased the car at for 5000. The finance company stated this was unacceptable. My question is, can they refuse an offer that is higher than the going auction rate and force me to let it go at an auction? Thanks for your time and advice. James
1 Answer from Attorneys
I would sell the car for whatever money that you can get and then pay off the remainder. All they are really interested in is the money and they do not want the car back.