What will happen to the balance of my repossessed vehicle?

Answers:0   |   LastUpdateAt:2012-08-06 05:11:48  

Asked at 2012-08-06 05:11:48
I took out a loan to buy a car when he was 21. After 6 months the vehicle voluntarily surrendered to the credit union. My balance at the time was around $ 13k . The credit union car auction for about $ 6k, which left me with a balance of $ 8k. I'm sure I could have sold myself for more, but I was young and did not know what to do.

All this happened about 6 years. About 4 years ago I was called to establish a payment arrangement scheduled and was told that the account was closed, he could pay the amount he wanted, whenever I wanted, but could not establish scheduled payments. He never finished sending any payment.

Since then I have financed two vehicles (technically 3, but the engine blew after 2 days and the dealer was worth it ), I had a mortgage for a year , I had a secured credit card savings for a year and then switches to a unsecured credit card for six months.

My question is: What should I do about the balance of $ 8k because the credit union ? It is the only blemish on my credit card , but I am the sole income earner for me, my wife and three children, so you can not afford to pay the short term. Will this eventually fall out of my credit? I have never , delivering the vehicle , received a phone call or a notice in the mail from anyone on this account.

The mark of my credit card is not entirely prevent personallly me , but I really like to do something about it. If you simply must come to a way to settle the debt , so be it , but if there are alternatives, then I would like to know. The whole situation regarding this story seems a bit unusual .
Answer1 ωǒ old ぺ Public -Answered at 2012-08-06 08:05:48
the credit union has accused the loan out and that only terminate your credit report in time
so the answer has to do with Morales lets face it the credit union gave him a car loan low interest even though they were young by giving him the opportunity to drive also remember credit unions are nonprofit profit by what is essentially loaned money from savings accounts and members not to pay that again if at some point you're a little money I recommend you send it to them, even if you do your own payment plan
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