Or will it only show up as a repo on your credit record
2006-09-22 06:51:02 · 12 answers · asked by Eve 2 in Cars & Transportation ➔ Buying & Selling
it will show as a repo on your credit and it will be outstanding debt until you pay the balance off that you owe
2006-09-22 06:52:20 · answer #1 · answered by Al Bundy 4 · 2⤊ 0⤋
i'm somewhat perplexed. are you able to make clean is the vehicle on hire purchase or did you utilize a financial employer loan? the version is considerable as in a single form of contract you very own the motor vehicle (HP) the different you dont. If its a HP contract it would be achieveable to do what you recommend, presented theoretically there is not any longer a considerable fairness interior the motor vehicle. If its a private loan and you pass the motor vehicle properly the non-public loan finance is going into the financial disaster and if the genuine Receiver or trustee come to a determination they could set the pass aside (you're asked this question rather specifically). Then the vehicle would be recovered or its fee sought out of your better half. additionally well worth remembering that in the time of situations the place a vehicle is considerable (eg for artwork) yoiu may be allowed to maintain the vehicle or replace it with a decrease fee vehicle, if it is seen sensible
2016-10-17 11:12:11 · answer #2 · answered by ? 4 · 0⤊ 0⤋
The only way to get out of paying the difference is to file bankruptcy,quick. Don't believe what people say about the "evil bankruptcy" it's not that bad. I filed 2 years ago and I have already got my score back up to 768. Otherwise your screwed, they will get very little for the car at auction. I lost an 04 mustang G.T. that only had 4500 miles on it and was blue booked at 27000 but they claimed to only get 3600 for it ( they can sell the car at a private auction only opened to invited (affiliated) dealers)! The car was spotless no scratches or dents of any kind and very well maintained.
2006-09-22 07:32:04 · answer #3 · answered by FordFocus 1 · 0⤊ 0⤋
Yes you have to pay.. and you still will have a repo on your credit for 7 years....
2006-09-22 06:54:05 · answer #4 · answered by brutalA 3 · 0⤊ 0⤋
After reposessed your car they should resale it after they try to get you to pay for it and you pay the differents and yes it will show on your credit record.
2006-09-22 07:04:21 · answer #5 · answered by hotbucks6 2 · 0⤊ 0⤋
They will then sell the car at an auction. The difference between what they sold it for and how much you still owe on it will then be billed to you and you are still responsible for that. And yes, it will show up on your credit report......sorry!
2006-09-22 06:53:46 · answer #6 · answered by Anonymous · 0⤊ 0⤋
you have to pay any remaining balance for the loan after it is sold at auction plus any repo charge
2006-09-22 06:56:18 · answer #7 · answered by CRAYO 2 · 0⤊ 0⤋
The car will be either sold or auctioned off, and you have to pay the difference between what you owe on it, and what they get at auction/sale.
2006-09-22 06:53:28 · answer #8 · answered by Anonymous · 0⤊ 0⤋
WELL NOT EXCATLY THE WHOLE AMOUNT, WHAT THEY DO IS SELL IT IN AN AUCTION... AND WHAT EVER THEY GET FROM THE AMOUNT YOU OWE, YOU HAVE TO PAY THE DIFFERENCE LIKE IF YOU OWE 25,000 AND THEY SELL IT FOR 5,000 YOU OWE THEM THE DIFFERENCE OF 20,000, TAKE IT FROM EXPERIENCE BEEN THERE DONE THAT....
2006-09-22 06:54:43 · answer #9 · answered by rose y 1 · 0⤊ 0⤋
You are going to pay and pay and pay. And it will be MORE than if you had done it the right way.
2006-09-22 07:05:57 · answer #10 · answered by Trump 2020 7 · 0⤊ 0⤋