My question involves bankruptcy in the state of: WI
I am looking for answers in regards to discarding/ getting rid of a vehicle in which the title is still with the creditor and is the lien holder. I am very aware that I fell short of my financial obligations and have learned much from this experience!!
With this said, I am looking for some information as to how to move forward and to determine which steps to make that are legal to discard/ get rid of/ junk the vehicle.
I purchased the vehicle in August of 2002 with Nuvell Credit as the financial institute and made the payments accordingly; but than I made some poor financial decisions, lost my job because of technical changes within financial institution, and then had health issues. Unfortunately, the health issues have continued and I am only able to work part time reducing my income to half my previous salary. After being over my head in debt for years and just beginning to work again over the past almost 2 years I am trying to resolve getting rid of this vehicle.
The vehicle was never repossessed by the creditor and it was at one time listed negatively on my credit report (default/charge off). However, it was removed from my credit report some time ago, and I would assume it was charged off by the financial institute. The vehicle has never been in hiding and I for a long time had continued to carry insurance on it. The vehicle is now 15 years old and I have not driven it in almost 3 years. I am in a better place now, financially speaking, but still have some ways to go being I just started working at a part time status. I must say tho, I am much more responsible with my finances being poor than I have ever been. I guess it took loosing lots in order to figure it out!!!
I have no intent on keeping the vehicle for the rest of my life, but I am not sure what options I have as far as even being able to obtain the title for the vehicle. I honestly do not even remember what the balance was, but in all sincerity would still not be able to pay it off. I live in the state of WI, and would like to move forward from this vehicle and previous nightmares in my life. Thus far this is what I have read on-line in regards to how to handle it but I am worried that it could reappear on my credit report or that they could possibly come after me. Not that I have anything to really give!!
[*]Call the bank that is owed money for the car. You cannot legally junk a car unless you have complete permission and the title of ownership. You do not have the full, open title until all is made well with the auto loan company.
----------NOT SURE ALL CAN BE MADE WELL WITH LOAN COMPANY, because I cannot afford to pay them.
[*]Find out how much you owe them, and whether they would accept a lesser amount since the car no longer operates. Pay the amount, if you so choose, obtain the full open title and junk the car.
---------AGAIN, NOT SURE THIS IS AN OPTION because I cannot afford to pay them.
[*]Tell the car loan company that they can come pick up the car. The car is officially theirs if there is a lien against it. Junk the car by providing the address and telephone number of the location where the car sits and junk the car by allowing them to come pick it up.
---------I DO NOT UNDERSTAND EXACTLY WHAT THIS MEANS? I am supposed to junk the car by providing the address and telephone number in which the car is located? So is the financial institute going to have someone come tow it and receive the money for it being junked? I am a little confused?
[*]Send your car loan company a certified letter, notifying them that they need to junk the car. It is theirs and they need to pick it up from your property.
---------- I understand what they are suggesting here, not sure if it is an option? Additionally, there are 3 different locations listed but I would imagine that I'd use the address that came up on DMV with the Vin#. It seems as if something financially came about with the financial institution that originally gave me the loan?
[*]Haul the car to a local junkyard with the clear title, when you obtain that document. Hand the title to the junkyard official along with the keys to your car. You might make some money from donating the scrap metal.
----------Ummm, question? How do I get the title cleared? Not really looking to make money off of the vehicle?
So as mentioned above, I am concerned that negative reporting could reappear on my credit report from trying to get rid of the vehicle. While I know this is my problem and that I was irresponsible and then fell on hard times I am not sure of how to handle it. I honestly am not able to pay any balance and the most I could probably come up with it $500.00 and that would be a struggle. However, if need be I would drain the $500.00 from my account, lord knows I've gone by with less!
Left with the question of do I send a certified letter???
Thanks for all your help in advance :)
I am looking for answers in regards to discarding/ getting rid of a vehicle in which the title is still with the creditor and is the lien holder. I am very aware that I fell short of my financial obligations and have learned much from this experience!!
With this said, I am looking for some information as to how to move forward and to determine which steps to make that are legal to discard/ get rid of/ junk the vehicle.
I purchased the vehicle in August of 2002 with Nuvell Credit as the financial institute and made the payments accordingly; but than I made some poor financial decisions, lost my job because of technical changes within financial institution, and then had health issues. Unfortunately, the health issues have continued and I am only able to work part time reducing my income to half my previous salary. After being over my head in debt for years and just beginning to work again over the past almost 2 years I am trying to resolve getting rid of this vehicle.
The vehicle was never repossessed by the creditor and it was at one time listed negatively on my credit report (default/charge off). However, it was removed from my credit report some time ago, and I would assume it was charged off by the financial institute. The vehicle has never been in hiding and I for a long time had continued to carry insurance on it. The vehicle is now 15 years old and I have not driven it in almost 3 years. I am in a better place now, financially speaking, but still have some ways to go being I just started working at a part time status. I must say tho, I am much more responsible with my finances being poor than I have ever been. I guess it took loosing lots in order to figure it out!!!
I have no intent on keeping the vehicle for the rest of my life, but I am not sure what options I have as far as even being able to obtain the title for the vehicle. I honestly do not even remember what the balance was, but in all sincerity would still not be able to pay it off. I live in the state of WI, and would like to move forward from this vehicle and previous nightmares in my life. Thus far this is what I have read on-line in regards to how to handle it but I am worried that it could reappear on my credit report or that they could possibly come after me. Not that I have anything to really give!!
[*]Call the bank that is owed money for the car. You cannot legally junk a car unless you have complete permission and the title of ownership. You do not have the full, open title until all is made well with the auto loan company.
----------NOT SURE ALL CAN BE MADE WELL WITH LOAN COMPANY, because I cannot afford to pay them.
[*]Find out how much you owe them, and whether they would accept a lesser amount since the car no longer operates. Pay the amount, if you so choose, obtain the full open title and junk the car.
---------AGAIN, NOT SURE THIS IS AN OPTION because I cannot afford to pay them.
[*]Tell the car loan company that they can come pick up the car. The car is officially theirs if there is a lien against it. Junk the car by providing the address and telephone number of the location where the car sits and junk the car by allowing them to come pick it up.
---------I DO NOT UNDERSTAND EXACTLY WHAT THIS MEANS? I am supposed to junk the car by providing the address and telephone number in which the car is located? So is the financial institute going to have someone come tow it and receive the money for it being junked? I am a little confused?
[*]Send your car loan company a certified letter, notifying them that they need to junk the car. It is theirs and they need to pick it up from your property.
---------- I understand what they are suggesting here, not sure if it is an option? Additionally, there are 3 different locations listed but I would imagine that I'd use the address that came up on DMV with the Vin#. It seems as if something financially came about with the financial institution that originally gave me the loan?
[*]Haul the car to a local junkyard with the clear title, when you obtain that document. Hand the title to the junkyard official along with the keys to your car. You might make some money from donating the scrap metal.
----------Ummm, question? How do I get the title cleared? Not really looking to make money off of the vehicle?
So as mentioned above, I am concerned that negative reporting could reappear on my credit report from trying to get rid of the vehicle. While I know this is my problem and that I was irresponsible and then fell on hard times I am not sure of how to handle it. I honestly am not able to pay any balance and the most I could probably come up with it $500.00 and that would be a struggle. However, if need be I would drain the $500.00 from my account, lord knows I've gone by with less!
Left with the question of do I send a certified letter???
Thanks for all your help in advance :)
How Do I Get Rid of Car with a Lien on It-No Longer on Credit Report/Collections
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