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My car may get repossessed!

post #1 of 8
Thread Starter 
I am so freaking out right now! I found out on Friday that my car loan has defaulted! My insurance company that I have been with for over a year now, since I got my new car, looked into my credit history for whatever reason, and they found out that yes I have bad credit. I had missed a payment to a insurance company several years ago and my insurance was canceled. This was like over 5 years ago when I was 18 but I had cleared up the money owed to that company and they gave me insurance on my car again and continued to insure my car for the next few years. I got a letter from that company and faxed it to my insurance company explaining that I don't owe them any money and that after my missed payment they insured me again. My current insurance company wants me to pay for a full year of insurance in one payment or they won't insure me. I called other insurance companies and since my current company has canceled my policy no other insurance company will touch me unless I pay for a full years insurance up front! I don't have $3700 lying around!! I have looked into getting a loan to cover my insurance for a year but because my car loan defaulted and my insurance company dropped me I can't get a loan. The bank said clear those things up first and then we would be happy to give you a loan but I need the loan to clear them up!! Part of my car loan agreement is that I have to keep full coverage on my car or I default on the loan!

I talked to my parents to see if they can help me out and I just got yelled at for an hour about how my financial problems aren't their financial problems and maybe I should "downsize" my animal family and this wouldn't happen! Like rehoming my cats or selling my horses is going to fix my bad credit! Even without my animals I wouldn't have almost $4000 sitting in the bank! In the time that I need money to pay my insurance without losing my car I wouldn't be able to sell one of my horses for the amount that I would need seeing that its winter right now and horse prices here are rock bottom meat prices and I would rather lose my car than sell one of my horses and end up having them go for meat!! I own nothing of great value, tv, stereo, etc... so I have nothing else I could sell. I have a 2year old cheap Dell laptop, a 3year old 19" tv, and a over 5year old stereo! My camera and art supplies are worth more but they are part of how I make extra money every month to cover my rent, food, car and other payments!

So I guess I am just gonna have to get my old 79' Buick Park Avenue on the road again. I can keep insurance on it in monthly payments since I get the minimum legal coverage on my Buick to keep it on the road. I already have insurance and registration on it because to keep it legally parked in front of my place it has to have valid plates. I love my old car so much but it is such a hassle to drive. It gussles gas, it is huge(21' long and as wide as some lanes on the roads), and it has some small issues that are inconvenient! The wiring to electric locks and seats is all screwed up so something drains the battery and we have never been able to figure out what is doing it. I finally just put in a battery cut off switch but its under the hood so everytime you want start the car you have to pop the hood and flick the switch to start it. Then when you stop and turn the car off for more than an hour you have to pop the hood again flip the switch off or the battery will drain and you won't be able to start the car! It also is so loud! When I start it in the morning to go to work it sounds like I am starting a tractor. It keeps back firing and blowing out the muffler, I have replaced it like ten times over the years. I also don't have the money to put into the car to fix it up good enough to stop the back firing and battery issues. I have 69' Impala that drives a bit better but it is a convertable(to cold for -35) and the insurance is so much more because of how old it is. I would sell one of my old cars but neither of them are fixed up well enough to be worth much at all, like under $1200! My Buick is worthless to other people for more than just parts and I just put a new engine in my Impala last year but the body needs so much which I was gonna slowly fix over the next few years! Right now the Impala is dented and rusty!

I feel so backed into a corner right now! What am I supposed to do other than just sit back and wait for them to take my car?!!
post #2 of 8
That really stinks! It's a good thing you have a vehicle that will suffice in a pinch, even if it is a hassle.I hope you can find a company that will insure you without the huge payment before the car loan defaults.
post #3 of 8
Have you tried Geico or Progressive online? If not check with them. ..
post #4 of 8
I hope everything works out for you!
post #5 of 8
Find out if there is an ombudsperson at your insurance company - they can usually work some kind of amenable payment plan for you. Same thing with your bank re: a loan...
There is an Alberta Ombudsperson too if the insurance company is being unfair in dealing with you (eg cancelling insurance without notice without cause is unfair)...good luck
post #6 of 8
OMG!! What a terrible turn of events
Major prayers and vibes that you manage to keep your car on the way
post #7 of 8
I hope you can get this worked out. I can't imagine how stressful that is. I have horrible credit, but use Progressive and pay with an automatic debit monthly- it's $158 a month for both me and husband's cars with comprehensive coverage- we got the more expensive option 100/300k coverage. I have seriously bad credit and still get good coverage, so you might want to check into Progressive, and get quotes from other companies.
post #8 of 8
The only way a car loan can be defaulted is that two to three payments have not been made? You have been making monthly payments??
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