i have a 2003 s-10 and i owe way more than it is worth $19,000 to be exact and i need out from under it. i know that a repo will hurt my credit (which does'nt bother me) but is that all, am i going to have to pay for it anyways?
2006-07-28 02:24:06 · 6 answers · asked by punndill69 2 in Cars & Transportation ➔ Buying & Selling
If it is repoed and you do not reclaim it, they can sell it to the highest bidder. You say you owe $19,000 on it. If they sell it for $12,000, then you still have to pay the remaining balance on it and in this case it would be $7,000. It is going top mess up your credit more than you can imagine but if this is the route you are planning to take then you need to get another car before the one you have is repoed. If you don't then you won't be able to get a loan for a new car for a while.
2006-07-28 02:31:44 · answer #1 · answered by nana4dakids 7 · 0⤊ 0⤋
Yes you are still responsible for the payment of your vehicle. What will happen is the lender (Bank, etc) you borrowed the cash from will end up selling the vehicle. You will be responsible for the difference between what the vehicle is sold for and how much you owe on it. In this example: $19,000 owed - $11,000 sold = $8,000 that you would be responsible for. Your credit will be destroyed. This will hurt you in the long run when you are looking to buy higher priced items, like a home... Even if you end up with a high credit score in the future.
Please, if these payments are too high surrender the vehicle or attempt to work something out with the lender.
2006-07-28 02:38:55 · answer #2 · answered by answer guy 1 · 0⤊ 0⤋
The bank will sell it at auction and for probably less than what you owe. The bank will then sue you for the difference plus fees. If you can scrape up the difference between what is owed and what it is worth, then try to sell it on your own. You don't want to have a repo on your credit. It will be on your credit for at least 7 years and could affect your insurance rates, ability to get an apartment or buy a house. Many employers are using credit scores for employment as well.
2006-07-30 12:02:33 · answer #3 · answered by mahidibal 1 · 0⤊ 0⤋
they're going to attempt to artwork with you for a pair months, yet after that they are going to deliver somebody after the motor vehicle. whilst they get it lower back, this is going to bypass to public sale. The finance company will carry you to blame for the stability left after your automobile is offered. in case you play video games and hide the motor vehicle, they're going to ought to spend extra to get it and carry you to blame for those expenses as nicely. reckoning on the state the place you reside, they could be waiting to definitely get a judgement against you and get a number of that funds lower back. In Texas, they're out of success. yet some states enable salary garnishment, I hear.
2016-10-08 10:17:06 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Yep, plus court costs and repossession fees.
2006-07-28 02:28:44 · answer #5 · answered by Randi L 5 · 0⤊ 0⤋
they will sell it and if they don't get the amount you owe to them . you will have to pay the rest of it back
2006-07-28 05:49:09 · answer #6 · answered by jungle cheeks 3 · 0⤊ 0⤋