I have nuvell financial as the bank for my car. My husband lost his job and I am trying to pay all the bills on my own. My payments are due on the 15th of every month. I did not pay septembers payment or October and in two weeks there is another one due for November. I am trying to do everything I can but I am not eligible for an extension being that I had one at the beginning of the year. Does anyone know about when they will probably take the car? Someone who has had Nuvell would be really helpful! Thanks so much
Auto finance is what I do for a living and since you have already missed 2 payments and are about to miss another one you need to contact Nevell and tell them whats going on. Not talking to them and missing 3 payments in a row will trigger a repossession for sure.
A voluntary repossession is no better then a involuntary as far as credit goes, you will save on towing and paying the repo people but that' it.
See if they will work with you on some kind of payment plan until your Husband gets another job, believe me they don't want your car they want money.
If it doe's turn into a repossession, it will devastate your credit, your score will drop around 150-points over night and then Nevell will sell the vehicle for far less then you own on it and come after you and your husband for the difference which will amount to several thousand dollars. They can take you to court, get a judgment and at that point garnish wages (if your State allows it), attach bank accounts and file liens on any other real property you may own like cars, boats, land and homes.
All of this will how on your credit for the next 7-years making it very hard to get approved for any other types of loans without paying massive down payments, huge fee's and State maximum interest rates.
You would be much better off to sell the vehicle and try and get a personal loan for the difference at least you could salvage your credit this way.
Good luck.
You best bet is to contact them and work out a payment plan. A lot of creditors will work with you because they'd rather you pay $50 of a $300 payment instead of nothing at all. If you're already more than 30 days behind on this car, your information has more than likely been given to credit reporting agencies and showing up on your credit report. Having a repo on your report is bad (and I'm not so sure that a voluntary turn-in won't be on your credit listed as such), but you will save yourself from being sued by the finance company for the money they will spend trying to repo the vehicle and court costs.
Do a voluntary repossession. Go talk to the finance company and tell them your situation. Ask them if you do a voluntary repo if they will not report this on your credit. About 20 years ago I was in the same situation but I did the voluntary repo and it was never on my credit. It is better for you to take the car to them than have them come after it. It usually cost them more to come and get it.