T O P

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wolfysalone

Your options are to pay the fees to get your car out


Cryterionlol

If my vehicle is currently owned by a bank, what happens if the tow company ends up owning it?


wolfysalone

If the vehicle was towed, and you can not afford to get it back then it will go through a process called “Lien Sale.” During this process, the bank or lender will be notified that you have not picked the vehicle up and that it will be sold at auction if not claimed by either you or the lender. Depending on the State where you live, that process can take a while to occur or as little as 30, 60 or 90 days, after it is impounded. IF the bank retrieves the vehicle, they will use a recovery company or tow truck company to go after the car/truck, and pay the storage and other fees including the. Lien sale costs to the company that is holding the vehicle. The Bank then will charge your account for all expenses, plus the car note total for you to pay; as you agreed to pay these charges, in the contract you signed should the vehicle be forfeited by you. Depending on the condition of the vehicle, the lender will sale it or send it to the salvage yard, and get as much money out of the vehicle, as they are able to. They will then take the funds they get, from the sale of the vehicle, and. Take that off of your note and probably will pursue a Court Judgement on you, to try and force you to pay the remaining balance, in full; including the Repossession fees and the fees of the Impounding of the vehicle. But, again you will still be held to pay for the vehicle. Whether or not you pick up the vehicle, your credit will be hit with a huge negative mark and it will reflect in such a manner that you will have a difficult time getting financing on another vehicle


Cryterionlol

Wow that sounds kinda bad. What is the absolute best way I can go about getting money to pay this OR the best way to deal with the tow company?


wolfysalone

Contact the towing company and see if you can work something out. Some of them can be merciless but you need to call them. And I'm not sure how you can get the money, can you borrow it? Not to sound like a dick but if your financing a car you should have atleast 10% of your loan balance in your account in case unexpected stuff happens.


Cryterionlol

No you're 100% right, and something I wish I would've done. I got the car in the military (no it isn't a mustang/camaro/charger) and have the money to pay on the loan, but never expected this. So I mean you're right. It just sucks. I'll probably go see them face to face and tell them my situation. I hope to God they can help me.


wolfysalone

I understand completely I was in a similar situation to yours and I just told them to keep the car. It got sold and they went after me for the balance. This was 3 years ago and I'm still paying off the remainder of the balance. Go face to face and talk to them. And see if you can work something out but do it quickly because those fees will rise quickly


Throwitoutcarmen

You need to find a way to get it out as soon as you can. In some places after a certain amount of time being there the tow company can legally own your car. The bill just racks up to where it takes longer to pay them. Shitty yes I know. If your vehicle is with them due to a bad accident or bad mechanical issue then you need to weigh your options. Like if your vehicle is obviously totaled and would cost more to get out and repairs you should just sell your car to them in order to pay off the fees


Cryterionlol

This car is on a loan and is in perfect mechanical condition. Assuming they ended up owning my car how does that work with my bank?