So I bought a car for my mom 2 years ago using a loan with my bank. The vehicle is registered under my name only. I am on her insurance policy. She is the primary holder. She got into an accident recently and took the car to the mechanic for repairs. She received the insurance claim check and chose to spend the money on something else instead of getting my car out. I get a call a month later from the bank telling me about the situation (I was unaware of what was going on and assumed everything was being handled). They tell me that the mechanic is processing a lien on my car and its going to get repossessed if I dont work it out with the mechanic. The mechanic is asking for a total of 5,400 which includes 1950 in storage fees for 30 days. I only have about a fifth of that. Shes only willing to take the 3 grand then the rest in payments and she wants a decision by the 21st. I do not have 3 grand. I tried to apply for many loans and have been denied. Im wondering what my options are at this point. Do I let the bank repossess it? Is the car worth getting out? Will bankruptcy be my best option? I still owe 17,000 on the vehicle and I have over 6,000 in credit card debt that I've accumulated this year due to the first covid lockdown. I've heard of surrendering a vehicle but not sure how that would work and I would think I'd still have to pay the mechanic to do that.
I tried to keep this as short and straight to point as possible. If there's any questions I will gladly answer them. Any help is very much appreciated. I am 27 and made the wrong decision by trusting my mom and I dont want to make another bad decision. Thanks ahead of time.
Submitted December 18, 2020 at 06:23PM by hellascrewed https://ift.tt/38lNOCK
