Help: What is the Best thing to do for Repo Car

[eleyn27]

Hi! I just want to ask regarding the best possible options for a car that has been repo by the bank? The thing is I want to settle for the missed payments but they already filed it.. what would be the best thing for this type of situation? Thanks!

[ghosthunter]

Hi! I just want to ask regarding the best possible options for a car that has been repo by the bank? The thing is I want to settle for the missed payments but they already filed it.. what would be the best thing for this type of situation? Thanks!

Best to first talk with the bank to see what your options are with them.

[shadow]

reinstatement...pay your arrears plus penalties and bank will be amenable I think t since repossess car is another dead asset to them

[eleyn27]

that's what I wanted but they want me to pay 180k worth of legal fees?

[1D4LV]

if that is the case, give it up..... since your loan is directly tied up with the car.
next time, buy in cash.....

[eleyn27]

I already talked to them and here are the options they presented:

a. Let the bank repo the car and sign the form saying that I am already cleared with the debt (Is there really such a thing?)
b. Write a letter of request asking for reinstatement/consideration but I have to pay daw worth 180k lawyer fees

I read that if the bank repo'd the car, it will reflect to your bank credibility for at least 10 years...

[shadow]

I already talked to them and here are the options they presented:

a. Let the bank repo the car and sign the form saying that I am already cleared with the debt (Is there really such a thing?)
b. Write a letter of request asking for reinstatement/consideration but I have to pay daw worth 180k lawyer fees

I read that if the bank repo'd the car, it will reflect to your bank credibility for at least 10 years...

180l is BS....sino kausap mo sa bank? sa kanila na yun kotse...

[eleyn27]

Hi yung isang officer dun sa bank yung kausap ko kanina.. is that legal or really the norm in this case?

[Syuryuken]

kung ipipilit yung 180k hayaan mo na

[ghosthunter]

I already talked to them and here are the options they presented:

a. Let the bank repo the car and sign the form saying that I am already cleared with the debt (Is there really such a thing?)
b. Write a letter of request asking for reinstatement/consideration but I have to pay daw worth 180k lawyer fees

I read that if the bank repo'd the car, it will reflect to your bank credibility for at least 10 years...

I think you can still negotiate so you can continue payment on the car without having to pay the lawyer's fees. Trying talking to someone higher up the food chain at the bank than the minions because the minions will just carry out the orders, they have no deciding capacity.


By the way, how many payments is your bank load, how many have you done and how many have you missed?