what happends when you get a truck repazesed ?... are you resposiable for the extra money that is owed on the truck like say if they sell it for 21K and you owe 28K do i have to pay the other 7K?.. and what would happend if i didnt pay the 7K?
2006-10-09 17:29:03 · 4 answers · asked by Teddy T 1 in Cars & Transportation ➔ Other - Cars & Transportation
It can happen to anybody, I'm sure you didn't get the truck expecting to have it repossessed. If they sell it for 21K and you owe 28K, They would try and get the difference from you. You already are gonna have a bad credit rating for this for 7 years, so don't pay it, Nothing will happen to you if you don't pay the difference. I went thru the same thing.
2006-10-09 17:40:21 · answer #1 · answered by Kathy C 3 · 0⤊ 0⤋
After your vehicle is reposed, it will be taken to an impound lot where you will be given an opportunity to reclaim. After 30 days your vehicle will be taken to an auto auction where it will be sold. A normal buyer at an auto auction is a wholesale buyer. Title will be transferred from the lending intuition to the buyer.
Now the tough part. Lets say you owe $8,000 on your car. At auction, even though the vehicle is worth $9,500 to 11,500.00, it brings only $5,500.00 (again, wholesale). The $5,500.00 will be applied to the payoff and thee lending intuition that is carrying the note on your car will come after you for the rest of the balance ($2,500.00) plus the recovery fee (tow) and storage, (3-8.00 a day for the 30 days it was in impound).
If you have a vehicle that you think may be reposed, I would contact your lending intuition and inquire the payoff. Make every effort to sell the vehicle for the payoff, or as close as you can get. You will have to come up with the difference (payoff/ sell price) to clear the title.
Another note: Don't leave anything of value in the car an ANY TIME! You stand a chance of loosing any personal items inside the car should it be picked up. Even though they have no legal right to the contents, how you going to prove the car had your $2,500.00 lap top inside when it was picked up?
2006-10-10 13:24:38 · answer #2 · answered by Cosmo 6 · 0⤊ 0⤋
IF yopu have a vehicle repossesed after you bought it, you are officially a low-gummed, bad-haired, low number of teeth, IQ in the single digit, moron. Lets say you wren't a dumbass. Hmmmm...guess it's too late for that now, isn't it?
2006-10-10 00:32:27 · answer #3 · answered by Anonymous · 0⤊ 0⤋
They will have your wages garnished... if they get a court order
and you don't decide to make restitution..
2006-10-10 01:00:35 · answer #4 · answered by RiverRat 5 · 0⤊ 0⤋