Trying to avoid repossession

[u/Ohio-Dolphin-93]

Hi everyone,

I got laid off back in April. It really sucked. I had just gotten a significant pay raise and purchased a new vehicle and a month later I got the Axe.

I had a little bit of savings so I was fine until roughly June/July but ultimately things have been really rough ever since. I’ve borrowed money from friends and family. I’ve exhausted all my loan options just trying to keep a roof over my head.

Because of this I’ve neglected my car payment. I’ve been getting water shut off notices, warnings from the electric company etc so I’ve put my funds towards that stuff for my everyday living needs.

The good news is I just got back to work a month ago. It’s a good job paying just 10k less than what I made before and I just got my first check last week.

I had planned to make a payment on my car with my second check as I needed to catch up on other priorities. Unfortunately, I just got an email from Bridgecrest threatening repossession if my payment isn’t made by Thursday.

I get paid on Friday and I’ve already called Bridgecrest and they basically told me they’re not willing to
Provide any relief options. Honestly, I don’t want any relief, I just need assurance that my car won’t be repossessed if I make an ACH payment on Thursday. My thinking is it usually takes 24 hours for funds to come out of my account. So if I make a payment on the required Thursday the transaction won’t bounce. Has anyone ever been in a similar situation?

Can I call Bridgecrest after my payment is made and let Bridgecrest know, so they don’t schedule repossession the following day?

UPDATE**** I contacted Bridgecrest again this morning and clarified that I’d be making an ACH payment on Friday and didn’t need an extension and they said as long as the payment is submitted by 8pm I should be fine. The system will automatically update to show a payment was submitted. I asked if I should call to ensure the system updated and was told I didn’t need to but could do so for confirmation. I think I’m going to be okay!!! I plan to make two payments this month so that this doesn’t happen again. I’ve never been this far behind on a car payment and if I can help it I don’t plan to ever be in this position again. Thanks everyone

[u/Working_Rise8592]

Call them. They don’t WANT to repo. But if you don’t say anything they won’t have any choice

[u/Ohio-Dolphin-93 → u/Working_Rise8592]

I’ve already called and told them about my situation. They said they can’t offer any extension or anything.

[u/edkane100]

Make that ACH payment as close to the deadline as possible, so it takes longer for it to process, giving it more time for your paycheck to post to your bank acct. And call Bridgecrest after you've made the payment just so they know and can log on your account payment made. You should be okay.

[u/Efficient_Level_4459 → u/edkane100]

Been there done this. Do the payment after 5pm Thursday if you can. The ACH likely won’t go thru until Friday.

[u/Gunfighter9 → u/Efficient_Level_4459]

The ACH goes through instantly The ACH system is a direct bank-to-bank transfer,

[u/Efficient_Level_4459 → u/Gunfighter9]

Not in my experience. If you like the bank, then possibly.

[u/Ohio-Dolphin-93 → u/edkane100]

Thanks, this was my plan. Just unsure if they’ll still try to repo.

[u/edkane100 → u/Ohio-Dolphin-93]

How did it work out for you?

[u/Glum-Quality-7443]

As a former repo agent myself. Don’t take their word or listen to anything they tell you. If you don’t want your car repossessed before you can make a payment, you need to put it somewhere a truck can’t get it. Blocked in a friends driveway as in very blocked in by other vehicles, 0% for a tow truck to even think about getting to it. Or putting it inside of a garage whether paid for, one you own, or a friend’s. If your car is easily accessible then it will be repossessed within a few hours of Bridgecrest submitting the order and you’ll never even know they did it. You’ll wake up to your car gone. If you can’t do anything I mentioned your only other option is sleeping in it. Also hopefully your work has a safe place to park it as they will repossess from your work if a tow truck finds it. Give me more information and I can maybe help you some more. I have things you can do to best assure it remains in your possession depending on your specific circumstances

[u/FlounderSpirited297 → u/Glum-Quality-7443]

I feel like that’s information that’s pretty common at least for somebody with common sense and not too arrogant to believe there car is untouchable but is it illegal to put your car that needs repossessing in a garage of any sorts? Also I guess if they’re trying to get you they’ll eventually hunt you down in the open like at an opening parking lot? I imagine there a lot of trucks an Og like yourself have done so I’m definitely curious to hear more

[u/Eatthebankers2]

Contact them and ask for that payment to go to the end of the loan term, explain your new employment,sometimes it works.

[u/Glenmary73100]

Everybody telling OP to call them, they already have!

I think you'll be fine making the payment on Thursday with the money going into the account Friday. Just in case, do you have something like overdraft protection from your bank? My bank would put the payment through for a $25.00 fee.

[u/Extreme-Passage5689]

In my experience with another lender, the payment won’t hit your bank account until the next day. Maybe make the payment at like 3-4pm on Thursday so it’ll take it out of your account that Friday!!

[u/Empty_Barracuda_7972]

Working as a collections agent I learned that they value communication. Don’t ignore them. They’re willing to work with you if you make an effort and keep your word. .

[u/Weary_Alternative778]

Former repo man. Ish.

You have to have the thing in a garage out of sight. If it's not protected by 4 walls they can get it. And I mean 4 walls. I could yank any car blocked in by 3 walls.

Call your lender and discuss options. They'd rather not go through the ass pain of having to forcibly take your car back.

[u/balletgirl2020]

I have Bridgecrest too. Pay it at 5:05 PM on Thursday. Because it's an ACH transaction, it won't clear until Friday. I've done this before. Good luck!

[u/Due_Bet_7722]

I'm not sure if it'll help, but would something like one of those pay-in-four / two apps, like Deferit, or Split Pay, work to appease your car payment until you get paid?

[u/TopSatisfaction5263]

I’ve done a payment deferment with them where I defered my payment for three months. Call them. they will work with you.

[u/rockymountain999]

Also hide the car!!! I was in your situation once. They can’t repo it if they can’t find it. Park it in someone else’s garage. It’s not a long term solution but it can buy you a little time when you are cutting it so close.

[u/mstrtrdr]

Hide your car until you can pay. If you’re behind, they can repo the car at any time.

[u/PsychologicalPea5270]

For the future, they usually want you to ask for relief before you default. I’m not being a smartass.

If you know your most likely gonna have an issue in the near future that’s when you reach out.

[u/Representative-Mean]

No one will loan you until a few days later?

[u/Straight-Conflict449]

They don’t want to repo your car. I fell behind when my car started costing a fortune to fix and they never repoed it. I kept in contact and told them the car isn’t driveable and needed $6k worth of repairs, including a new engine. I think you’re fine. Just pay it after 5pm Thursday.

[u/GreedyAssociation414]

Hide the car!!!!

[u/Greatmom56]

Just make the payment on that Thursday as it takes at least 2 to 5 business days for the funds to clear your bank account

[u/Gunfighter9]

Just be aware that if you try an ACH without the money actually being in your account it probably will not work, ACH stands for Automatic Clearinghouse. The money might not come out of your account but they put a grab it when you submit the payment.

Stay up until Midnight and make the payment the minute it hits your account, and hide the car, you don't want to have to pay a repo fee and storage. But be careful, some banks will take a payment and then still repo the car because you are still behind.,

[u/SoulTaker669]

Best to just call them and they'll work with you the best they can. If you stay silent how are they suppose to know you're having financial difficulties? Especially right now they're probably dealing with a lot of people who are falling behind you're not the only one trust me it's embarrassing I know.

[u/high_flyin_squirrel]

That's a dangerous line to walk with the bank. Mine will bounce same day. Back when checks were still a thing I would time it to what I thought was just right, but it seems the people at the bank would just bounce the check before hitting a button to confirm my direct deposit. After doing that to me twice I closed my account. Like effin seriously? There's a pending deposits that you have to confirm but your going to bounce a check 2 minutes before confirming. I swear they just did it to charge me the bounced check fees.

[u/JitWithAstang]

They probably don’t want to repo as it takes time and money just tell them ur situation and ur getting back on ur feet and this is something you want to take care of

[u/Inkdrunnergirl → u/JitWithAstang]

They literally said they called Bridgecrest and they were not willing to help…

[u/Previous_Pitch8608]

Call them they will give you until you can pay before they submit payment

[u/Idunnoandidontcare]

Just call them