I have 4 late paiements on my car. They sent me a 30 days notice. I can't afford it anymore due to personal reasons. I' taking the car back to the garage. Will i have to pay the 4 missing paiements.
2006-10-16 08:49:26 · 6 answers · asked by j2e0s0s0 1 in Cars & Transportation ➔ Buying & Selling
No i'm not french...what does it have to do with my question ?
2006-10-16 08:52:58 · update #1
I leased the car... so it's the dealership that financed it.
2006-10-16 09:06:50 · update #2
If you're lucky the 4 missed payments will be all you owe. But that's not usually the case. The bank will auction the car off a ridiculously low price, then they'll hold you responsible for the difference between selling price and the total balance on the loan. So if you currently owe $7000 on the car and they sell for $4000, you're going to owe $3000 PLUS towing costs, storage fees, etc.
It's better to sell it yourself but I doubt anyone wants a car that's currently in repossession.
2006-10-16 09:00:59 · answer #1 · answered by Anonymous · 0⤊ 0⤋
yes and what ever else the bank paid on the car for the purchase. You could be responsible for the entire balance. If you got the car from a dealership and a bank financed it, they paid the full amount to the dealership. So in turn you owe them the amount plus financing minus the sale of the car. Leasing the car can cost even more because they will add on the fees if you went over the mileage as well as any repair work. You will be very lucky to only owe 4 payments. You will most likely be responsible for the entire loan that was initally taken on it, regardless of being a lease.
2006-10-16 08:58:35 · answer #2 · answered by ld123 3 · 0⤊ 0⤋
You are not only responsible for the late payments but also any money on the total loan verses what the bank gets for the car at auction... Your credit will go very bad with a repo... Do not expect to get another car without a huge down payment in the future without a co signer... Welcome to high teens low twenty persent for everything you buy on credit for 5 years...
2006-10-16 12:49:41 · answer #3 · answered by William M 2 · 0⤊ 0⤋
I don't mean to sound unkind, but you need to learn how to spell PAYMENTS, not paiements.
Man, this country is getting so lazy in grammar.
You absolutely have to pay all payments on your car, even the ones that you missed.
2006-10-16 12:28:36 · answer #4 · answered by Lauren 2 · 0⤊ 0⤋
r u french
2006-10-16 08:51:11 · answer #5 · answered by artful dodger 3 · 0⤊ 0⤋
OF COARSE...YOU USED THE CAR THOSE MONTHES DIDN'T YOU?
2006-10-16 08:50:59 · answer #6 · answered by Anonymous · 0⤊ 1⤋