If I had my vehicle repossessed, should I get it back or let them auction it off?

Answer 1

If you can afford to redeem it, you should. You will also have to pay the repo fees that are charged (so far) to redeem it.

Repo's tend to sell for somewhere around 50% of the book value, not what you owe.

You would be responsible for the deficiency and repo fees. The fees could run up to $1000 or $2000.

Example, say you owe $10,000, they may sell the car for $4,000.
You would be responsible for $6,000 plus repo fees, plus interest. Plus all court fees if they sue and win (that 'could' be another couple grand).

So, if you do the math, you could possibly have to pay what you owe right now (if you allow them to sell it), without having the car after you pay.

As for your credit reports, they will show the original loan as a charge off. They will place a new tradeline for the deficiency. If they sell it to a collection agency, they may place it on your reports. If you get sued and lose, the judgment will be listed.

So, instead of having just one negative showing (your lates on the original acct if you redeem the car) you could have 4 negatives showing.

If you redeem the vehicle but cannot afford the payments, sell it on your own, even if you have to take a small loss.

Answer 2

"Does the motor vehicle proprietor have any actual to say how a lot that is offered for or maybe with the reality that if it offered for a respectable value and the leftover volume replaced into waiting to be paid, does it nevertheless positioned a fulfillment on your credit?" i have were given information for you...you're not any more the motor vehicle proprietor. in case you OWNED it, the monetary agency couldn't repossess it. the motor vehicle isn't yours until eventually the non-public loan is paid off and the lender has released the lien. once the repo guy tows your motor vehicle, you haven't any extra say in the count number and are on the mercy of the lender, sequence agencies and the criminal equipment.

Answer 3

You may want to think about getting it back. Not only will you get your credit rating ruined, but you will STILL be liable for the difference between what the car sells for at auction and what you owe on it. If the car sells for $100 and you still owe $5,000 then you will be liable for $4,900 and you won't have the car either.

Answer 4

get it back, if you can. If they auction it off, you will still owe the bank the difference, because they ALWAYS auction it off for less than what you owe on it (the only exception is if you almost have it paid off).

If, for example, you owe seven thousand on your car, and they auction it for four thousand, you'll still owe the bank three thousand. So, you'll not only owe them money, but you won't have anything to show for it, either.

Answer 5

well that's ur choice but if the do u will pay what every amount that's owed so let me get it 4 cheap at the auction some one will and u will be stuck with the differnce

Answer 6

Get it back. Because they'll sell it for butt cheap and you'll still have to pay the difference inbetween your buying price and the price they auctioned it for.

Answer 7

Get it back and protect your credit. If they auction it off, what you owe as well as the fees they incurred and iterest will go on your credit report. The debt just keeps getting larger and larger.

Answer 8

if your car is repoed. it isn't up to you if they auction if off at that time its out of your hands also you ask should you get it back if you have the money to get it back why is it repoed in the first place?

Answer 9

I would get it back if you can afford too, otherwise it will stay on your credit record for 7 years or more and mess you up from buying anything on credit for a long long time.

Answer 10

get it back, protect ur credit rating