IF i owe 35000 and it is only worth 25000 how does it work ? what will i have to pay back to them and how will they bill me?
2006-10-14 08:23:52 · 8 answers · asked by daniel i 1 in Cars & Transportation ➔ Buying & Selling
Your debt isn't for the value of the car. Your debt is the amount of money you promised to pay the lender who bought your car for you. When you got the loan for the car you probably also agreed to pay certain penalties for late payments and defaulting on the loan. You need to contact the lender or the collection agency and find out what you can do to settle your debt. Sometimes they will work with you, so you don't end up paying as much. You need to get this taken care of, so you're credit is not completely trashed.
2006-10-14 08:29:47 · answer #1 · answered by Carole 5 · 0⤊ 0⤋
If you owe $35000 that is what they are going to want from you. If they repo the car and sell it for $25000 they are still short $10000. They will be coming after you for that money. Maybe you can negotiate a slow payment plan with them. They can garnish your wages for that and probably also for the cost of the repo team. If that doesn't work out, they might turn it over to a collection agency who will hound the hell out of you until they are paid. But they sure aren't going to lose $10000 and just forget about it.
2006-10-14 15:28:59 · answer #2 · answered by Rich Z 7 · 0⤊ 0⤋
Unfortunately, you will have to pay
the entire loan off (i.e. the "10-day
payoff"). Otherwise, the finance
company will have it auctioned off,
and you will be stuck paying off the
balance of the difference between
your remaining loan amount and
what the car went for at auction.
Buy the car outright (in a lump sum)
or make payments on the remaining
balance and be without the car. It is
your choice. You might try to get a
loan real quick if at all possible, or a
friend that can loan you the money.
2006-10-14 15:31:05 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You will need to pay the difference between what the vehicle sells at auction plus the auction fees plus transportation to get the vehicle there AND what you owe.
Thats not the problem though. If your vehicle was repossessed, you're already looking and horrible credit concerns. A paid repo is just as bad as a repo. Both dont help you get a new car any time soon.
I would encourage you to NOT allow the vehilce to get reposessed if at all possible. If it is too late, well, sorry.
2006-10-18 02:38:46 · answer #4 · answered by bgdaddyzman 2 · 0⤊ 0⤋
The deal is that they will sell the car and whatever they get you will be responsible for the difference. If you don't pay it will someday be charged off but the government will bill you for the interest of the unpaid loan.
2006-10-14 15:32:59 · answer #5 · answered by sideways 7 · 0⤊ 0⤋
the amount owed on the loan pluss some penalties I imagine
2006-10-14 15:26:09 · answer #6 · answered by tony r 4 · 0⤊ 0⤋
you owe $ 35,000. dollars? Why you owe more than what it's worth? $25.000 dollars? They'll take your auto, and the garnish your' wages, for not making the payments!!
2006-10-14 15:28:36 · answer #7 · answered by alfonso 5 · 0⤊ 2⤋
you have awritten contract call the lender and ask him let him repo and make adeal
2006-10-14 15:29:39 · answer #8 · answered by vincent c 4 · 0⤊ 0⤋