If you took out a 150000 loan on your vehicle and are presently disabled and the loan company knew that at the time could they still repossess even though that was your only transporation at the time?

Answer 1

It appears that you obtained a secured loan on your vehicle (you used your vehicle as collateral for the loan). Whether or not you were disabled at the time of the loan, you are obligated to the lender to fulfill the terms of your contract. Loan companies, banks, credit unions andpawn shops...they are all in business to make a profit. They do not care about your personal circumstances (i.e. that the vehicle is your only form of transportation). There are someorganizations known as "predatory lenders", that is, theywill underwrite a loan knowing that the borrower will probably NOT fulfill the terms of the contract. When the borrower defaults, they initiate foreclosure (in the case of real property) or repossession (if the property is a vehicle). Either way, they win. If you are having a problem making the payments, stay in communication with the lender. The mistake many people make is to hope that the situation will just "go away", so they say nothing to the lender. Bad decision. Talk to the lender. Explain your circumstances. See if you can get them to work with you for a short period until you get your finances back into alignment. If they won't work with you, try to get assistance from family or friends. If all else fails you may want to have someone take over the payments on the loan (sign the vehicle over to them) so you can get away from it. You do not want a repo on your credit report. Make sure you talk to someone who knows the legal "ins and outs" in your state before you make a decision that could make things worse for you.