2006-06-19 05:47:17 · 6 answers · asked by joyce f 1 in Business & Finance ➔ Personal Finance
You get a black mark on your credit record, and to get the car back you have to pay the bank all the back payments, plus interest and a repo fee, and you have to pay the repo company for the towing and storage.
2006-06-19 05:51:38 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You are usually (but not always) given a specific time limit in which to redeem your vehicle. They usually require you to pay off your car loan entirely. Failing this they will sell your vehicle through an auto auction or wholesale dealer. The amount of the proceeds, less all legal and repossession fees, is applied to your loan account. You are responsible for any balance left owing. They can obtain judgement against you and garnishee your wages to recover the money. If your vehicle has not yet been repossessed you have some options;
- Arrange to meet with your lender and try to negotiate a mutually acceptable repayment agreement.
- Try to sell your vehicle on your own. This will require the lien holder's permissission and the proceeds of any sale would have to be okay with them and paid directly to them. The advantage is you would not have to pay legal or repoe costs which can be very high.
Good luck
2006-06-19 18:56:07 · answer #2 · answered by B 4 · 0⤊ 0⤋
The car is sold at auction. The money that the bank gets goes toward the loan, and whatever is not covered , you're still responsible for.
2006-06-19 12:51:45 · answer #3 · answered by beekiss 4 · 0⤊ 0⤋
you can pay them money owed and get it back or ruin your credit
2006-06-19 12:50:46 · answer #4 · answered by iammicasa 3 · 0⤊ 0⤋
You don't get it back and your credit is ruined
2006-06-19 12:50:59 · answer #5 · answered by dwh12345 5 · 0⤊ 0⤋
call a priest you will need another exorcism...hahahaha
2006-06-19 19:07:29 · answer #6 · answered by Anonymous · 0⤊ 0⤋