How can I avoid losing my financed car while I am in drug rehabilitation?

Published February 3, 2011

Question by Thomas: How can I avoid losing my financed car while I am in drug rehabilitation?
My son bought a used car for $ 12,000 with nothing down and financed it over 7 years starting in July of 2010. By January of 2011 he admitted himself to a state certified Rehabilitation center for substance abuse and will apparently will be there for several months. I have no money to make the payments on the car and his short term disability from his employer is needed to pay for medical expenses. Is there any way he can avoid the inevitable repossession of the vehicle by the bank? How many months in arrears does a consumer have to be on an auto loan before the bank considers repossession? Recovery without the car will be very difficult as he needs the vehicle to get to work – even if he lives in a half way house. I realize sentiment is to let the bum fall in the grave that he dug – but he is my son and I believe he can get over his addiction. Any body have any advice or a direction I can pursue?

Best answer:

Answer by John E
First, anyone can tell that 7 yr financing of a 12K car = LOTS of profit for dealership on financing.

They technically could repossess anytime, depending on jurisdiction : Let the financial institution holding the loan that they can either repossess the vehicle ( in which case they are taking a car worth maybe 7K) or make an adjustment on the loan, extending it to cover failure to pay. If he is working, he should pay something, or they WILL take it. You gotta talk with them.

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