Car finance Company process??

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Car finance Company process??
« on: January 22, 2014, 05:22:55 PM »

Hi Everyone, I'm probably too late for the discussion but I'm very very upset and need help! I got myself involved with a car loan which worked out to $400 a month, plus my insurance, rent, phone,  credit card, grocery, gas etc. I got the car in April 2013 and by July 2013 realized it was a huge mistake but couldn't give it back so got a 2nd full time job. After a couple of months of working over 80 hours a week, I crashed!
I spoke to my doctor who suggested i try getting debt counseling. By the time i started the process it was October 2013.
The Loan company tried to convince me to keep the car and i did try every way possible to get the money to pay what i owed outstanding plus my regular payments, but i was so behind by that time that it was no use!
So in December the loan company advised to take the car to the Auction in Milton.
I was sent a letter advising that the car was gonna be put up for auction as soon as possible but the option for me to keep the car was there. However in the process, until the car was sold, there would be charges for storage, interest, etc.
I am panicking because the proposal is supposed to help me out so that i can manage my financial situation. It seems ad though the loan company is not going to allow that.
I'm confused, frustrated, upset!!
Is this how it supposed to happen cause maybe i should just do a bankruptcy?!
If you can help to explain why this is taking place and what I could or can't do, I would really appreciate it!

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Re: Car finance Company process??
« Reply #1 on: January 25, 2014, 11:08:09 AM »
Hi Resejami,

I went to bankruptcy myself and had to give up a brand new car because  there  was no way for me to keep up with  monthly payments  .
Consumer  proposal is good if you can afford to make some payments  but bankruptcy is good if you can not afford to make payments  or arrangements  with your creditors. In both case,  sometimes you may not be able to keep your car since  there are assets limitations and  you don't choose which debt to pay or not . Don't be upset, things like that happen, sometimes  in life, we take some  poor decisions , made some mistakes  but there is hope.....
May be you just need to shop  for a cheap car and the let the new vehicle goes.....

All the best


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