Car repossessed by bank. What options do i have?

I have a car doing biashara, and as we know business has been on the decline for some months now. The bank came calling but has not sent an auctioneer. What options do i have; i am meeting them tomorrow. Should i push for a payment plan? Loan is on its 4th and final year - OR should i let them have the car and collect whatever amount that remains after its auctioning and deducting the loan balance(and other costs). Please share your experiences.

I don’t have experiences, but I have thoughts. Is the car absolutely critical for the business?? As in biz inaweza endelea bila hiyo gari? Kama inaweza endelea, kubali gari iende, pocket the difference and live to fight another day. Like a phoenix, you will rise from the ashes. Usikonde gathee.

Get a court injunction. Show interest of payment by paying like 4k kwa account yao. Hapo hawana kesi. Shida ni watu wanaokataa kulipa ata bob. So long as you show interest of payment hakuna pahali anakupeleka.

Thought so too

Confirm biashara ni ya taxi?
What’s the amount left to pay, labda unaeza saidika vingine?

unataka kuitumia kwenda kubomb wapi?

He he wacha jokes, who were the first people to commit terrorism using bombs in Kenya?
Ile ya pale ambassador time ya michuki ilikuwa by who?
Labda anaeza saidika if the books balance, ama roho safi, kuna watu wema hapa.

My first car bana. Its critical, i use it for my daily biashara errands plus also doubles up as an uber which i also do

Ata kama iko in arrears za over 2 months? I have been paying 7k per week

Yea ni uber…amount is about 300k. Gari ni toyota axio 2010

i very grateful to meet mtu roho safi kama wewe,so back to the point,kuna vile unaweza niokolea with a few Ks?

When the bank repos and sells don’t expect to get a dime from the sale. They always deliberately “sell at a loss” considering they contract out to a third party to do the auction for a fee. In most cases, they will claim you still owe that amount of the loss. You’re better off finding a buyer yourself and paying them off.

The bank is there to collect their money and not to help you liquidate the vehicle. Acha kutumia akili kama matako bwana. Sasa shida ni ati huwezi uzia mtu yoyote gari ya loan independently juu hauna logbook in your name. You have to work with the bank.

The only other option is to either pay hio deni through the nose or approach shylocks wakupatie drilling ingine mwoto.

There is a reason our parents never bought vehicles on loans but nyinyi mkafikria walikua wajinga.

Since its your last year itabidi you refinance. Sell whatever you can to cover the balance or at least a few installments to ward them off for a few months

Damn! That sucks. Pole bro. I hope you find a way to make the payments.

Boss ngangana umalize hio loan or you will never buy another car

Sell that bitch and have the money deposited with your lender, remainder of which you will be left with in your account. the upside is that the stress of keeping the car will go down a bit and will be happy for a month or two where you will sort your problems. besure you know what to do with all that money at once ata kama ni kununua nduthi mbili tatu. they are easy to sell. dont keep the money even for a week. if business doesnt rebound hiyo pesa utakula na utaregret mbaya sana after a few months. you will have nothing easily disposable to sell.
I have been there before long ago when younger. inexperience is a bitch. I sold mine that i had kept like a baby and it was in a pristine condition. I didnt have loans whatsoever. it was a bigger car and the first one. whoever got it realized it’s a gem after some time. Nikawekewa pesa mara moja and for the next few months nikanona banaaa. after six months iliuma kama kuibiwa bibi.
I bought another one but never got over that first one. i hardly sell anything i like anymore. you want to reconsider if its earning some money.

As far as you pay some amount regularly, bank can’t auction. A demand letter is usually sent out if in default of 2 months, and the bank can start the repo and auction process after failure to meet the 3rd installment. Usipanic. Lipa kitu saa hii kama half ya 1 month installment. The bank then has to start counting again i.e 2 months notice and 3 months auction. Alafu never ever fail to pick those bank calls za loan. Chukua and explain times are hard. Usiwaogope kwani wao ni Mungu. Kaa ngumu juu usipokaa ngumu hii blue collar huwezi make.
A panicked mind results in bad decisions.

Like @Mangee told u above, letting the car get reprocessed by the bank is not actually a good idea. There will be auctioneer charges, towing, yard fees charged per day, penalty over the principle amount, za macho pia to get if from the yard. You are better off paying some little amount to get them off your back.
You might have seen the daily Nation lately over 7 pages of assets being disposed via auction every other two days. No one is offering to buy them while the yards especially on Kiambu road are full.
If the bank manages to sell it I promise you that you will never get a dime.
Another thing that actually people don’t like is the back and forth procedure after purchasing a car from the auctioneer. To Get clearance from the bank you will sweat. You will be pushed from one office to the other before getting your name on the logbook a process which can take you 3 weeks. How many do have that patience brother.
Do the sensible thing

Y

You summed it up. Those administrative fees are exhorbitant serious. Ata zinaeza pita the value of the debt once the bank is done with you, abaki bado na deni and the car is gone. Ongezea vandalism to the cars at yards, hiyo gari itauzwa bei ya njugu at the auctioneers. Afadhali ata auze vitu za hao, dont let car reach auctioneers. Utalilia kwa choo believe me.