House Repossession Help

this man came over to my friends house today with a tow truck and said that his dad is voluntary repossession our car and he doesnt want to return it because he wasnt from toyota. and then he said he would call the police then drove off and hid in a street a couple blocks away.he said hes going to “called the police” but they never showed up.
then his dad told the guy with the tow truck to tell toyota to call him and some other guy called him and siad he was from toyota
his dad said to read his pin or something to verify he was from toyota and got it wrong.
this man came over to my house today with a tow truck and said that my dad is voluntary repossession our car and he doesnt want to return it because he wasnt from toyota. and then he said he would call the police then drove off and hid in a street a couple blocks away.he said hes going to “called the police” but they never showed up.
then my dad told the guy with the tow truck to tell toyota to call him and some other guy called him and siad he was from toyota
my dad said to read his pin or something and got it wrong.

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In 2002 a family member had a auto accident (their fault) and was in a bad financial state. She came to me for assistance because she needed a co-signer. When we went to the dealer co-signing wasn’t good enough because even with my signing her credit was so messed up that her interest rate was through the roof. So I decided to sign as the primary and not use her on the loan. Well fast forward about 1 year, I decide to join the US Army and while in basic training I find out that the vehicle will be repo’d and that she had missed three consecutive payments. So I tried to fix the situation the best I could over the phone however due to my circumstance at the time I wasn’t in a position to clear the issue up as I really wanted. So I phoned a friend who went to her house and picked up the car. He then took the car to the bank, basically a voluntary repossession to avoid any additional charges. The vehicle was sold at auction and after about 6 months the loan showed charge off on my credit report. I have attempted to collect the difference ($6,052) from her but have had no such luck. It’s my understanding that it will disappear from my credit report in approx. 7 1/2 years after the repossession. My question is am I required to pay the balance for it to disappear or will it just go away. The particular financial institution has made no attempt to contact me and according to my credit report it was turned into collections. However on another portion of my credit report it shows no accounts have been turned into collections. I am very confused by this and wish for this situation to leave my life. Should I dispute this or will I be opening a pandoras box?

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Basically: (before she met me) she bought a used car, it was a lemon. Didn’t have the money to repair it and it got impounded. Didn’t have the money to pay the impound fees, so the lender or whoever told her to let them auction it. However, she still had the pay the remaining balance, it was a bad deal, and she thought she was being responsible but it ruined her credit. That was in mid 2004.

Problem now is she has a red flag for 7 years. Everything else on credit report is fine, she could probably get 700+ score with a little work – but the repo will affect our ability to get a mortgage in a couple years when the house prices drop more and we decide to move. What can we do? She can’t dispute that it happened, but we need to remove it somehow.

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Here is the situation. My boyfriend is about to buy a house, we will be signing the papers sometime this week. He has a $406.00 a month truck payment. needless to say, that money going toward the truck will need to be used for the house payment. now- he is going to sign for the house, and right after, get a voluntary repossession on the truck. when he does this, the truck goes to auction, correct? and after the auction, he will need to pay the balance that is left, right? Now the main question is… how does he go about paying off the remaining balance on the truck? does he still have to make the 406 dollar a month payment until the balance is payed off?! OR is there a special credit card that he can get beforehand ( to make sure he has a good intrist rate before his credit goes down the drain due to the repossession) that he can put the balance on, and make smaller monthly payments?!?!?! someone with actual knowledge or experience in this situation PLEASE HELP! =(…. THANKS!

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My husband is being laid off this week. We are trying to plan ahead using “worst case” senario. We just bought our house in Sept. 08. Our house payment is very reasonable and we were not one of these couples who purchased a home that they could not afford. Saving our home and feeding our kids is the first priority. I currently work and receive monthly child support benefits from my first marriage. With my husband’s unemployment benefits that he will be receiving we should be able to “squeek” by. The only thing that would put us in the hole is his car payment. He is MAJOR upside down. It is a 2007 Scion TC that we own around $22000 for. Would it be more benificial to let this car go back to the bank and take $3000 and go pay cash for a used car? I understand what this would do to his credit, however, it would give us enough money to live until he can find something else. After all, we do not plan on buying anything on credit and we already have our house. Remember…I am toying with a worse case senario.

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Here is the situation. My boyfriend is about to buy a house, we will be signing the papers sometime this week. He has a $406.00 a month truck payment. needless to say, that money going toward the truck will need to be used for the house payment. now- he is going to sign for the house, and right after, get a voluntary repossession on the truck. when he does this, the truck goes to auction, correct? and after the auction, he will need to pay the balance that is left, right? Now the main question is… how does he go about paying off the remaining balance on the truck? does he still have to make the 406 dollar a month payment until the balance is payed off?! OR is there a special credit card that he can get beforehand ( to make sure he has a good intrist rate before his credit goes down the drain due to the repossession) that he can put the balance on, and make smaller monthly payments?!?!?! someone with actual knowledge or experience in this situation PLEASE HELP! =(…. THANKS!

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Here is the situation. My boyfriend is about to buy a house, we will be signing the papers sometime this week. He has a $406.00 a month truck payment. needless to say, that money going toward the truck will need to be used for the house payment. now- he is going to sign for the house, and right after, get a voluntary repossession on the truck. when he does this, the truck goes to auction, correct? and after the auction, he will need to pay the balance that is left, right? Now the main question is… how does he go about paying off the remaining balance on the truck? does he still have to make the 406 dollar a month payment until the balance is payed off?! OR is there a special credit card that he can get beforehand ( to make sure he has a good intrist rate before his credit goes down the drain due to the repossession) that he can put the balance on, and make smaller monthly payments?!?!?! someone with actual knowledge or experience in this situation PLEASE HELP! =(…. THANKS!

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Well we can’t afford to have my car anymore. I’m sure it’s not quite uncommon in this economy, but definitely has me embarrassed. My husband got out of the military and now can’t find work. And the only job that I’ve been able to even get is a part time minimum wager. If I tried to sell it out right, we’d owe way too much. The economy has made my vehicle lose too much value. I know this is not as bad as bankruptcy, but I really don’t want this to affect our future. I’ll be going to school starting in summer, and I don’t want to have problems getting a job when I graduate.
So my questions are:
1. Will this hurt my future job?
-and why is it legal to discriminate against bad credit in the workforce?
2. How bad will it hurt to get an apartment/house/utilities?
3. If I make payments on the remaining balance, will it be as bad?
4. Will this economy affect how much the car would go for at the auction?

Thanks in advance for your answers! I appreciate the help.
1. I don’t have any extra money to pay off the balance if I sold it
2. I don’t have good enough credit to get a loan to cover what it would sell for
3. My car was 2 years old when I bought it…I don’t buy new

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Here is the situation. My boyfriend is about to buy a house, we will be signing the papers sometime this week. He has a $406.00 a month truck payment. needless to say, that money going toward the truck will need to be used for the house payment. now- he is going to sign for the house, and right after, get a voluntary repossession on the truck. when he does this, the truck goes to auction, correct? and after the auction, he will need to pay the balance that is left, right? Now the main question is… how does he go about paying off the remaining balance on the truck? does he still have to make the 406 dollar a month payment until the balance is payed off?! OR is there a special credit card that he can get beforehand ( to make sure he has a good intrist rate before his credit goes down the drain due to the repossession) that he can put the balance on, and make smaller monthly payments?!?!?! someone with actual knowledge or experience in this situation PLEASE HELP! =(…. THANKS!

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