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Old 03-12-2018, 11:58 AM   #1
Samk 5
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Default Past due on my car loan, and car was towed away

Maryland

am having 140 days past due on my car loan, car was towed away. Now they are asking total car value to pay off to get the car,
What options do I really have?
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Old 03-12-2018, 02:10 PM   #2
adjusterjack
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Default Re: Past due on my car loan, and car was towed away

That's almost 5 months. I'm surprised they didn't take the car sooner.

Pay the total or kiss the car goodbye.

Read your loan contract. There is an acceleration clause that makes the entire amount of the balance payable if you default.

Keep in mind that when the car sells at auction to car dealers for less than what you owe on it, you will still have a debt to pay.
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Old 03-21-2018, 12:24 AM   #3
olive
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Default Re: Past due on my car loan, and car was towed away

You certainly can try to negotiate, though you are not in a great position having defaulted on the loan. But it's always worth trying to negotiate, the creditors want payment in one way or another they normally do not want to litigation and further drama.
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