My car was repossessed....What happens if I don't have the money to get it back..What can I do if anything? Any advice...
2006-12-10 10:44:01 · 4 answers · asked by djjjc11 3 in Business & Finance ➔ Personal Finance
"Rules of Repo 101"
First you may be harassed for the money, if your unable to make the necessary payment. Your car will be towed to a local "holding" area until otherwise said or even indifferently. If after said time period the lender will contact a collection agent that can and will call you repeatedly, however make notes of these calls and recordings of the convertaions. Be discreet about what happened and explain why this car was repo'd.
Basically if after said time, you do not pay, the car will be delivered to an auction house, and sold. After this, any "negative" left on the balance resorts back to you. Of course your credit "score" will be damaged. So you can get your car back, if your fast enough.
Often things like this are necessary to anyone and everyone, even a "wizard"
2006-12-10 11:06:13 · answer #1 · answered by Not Applicable 3 · 0⤊ 0⤋
Take this lesson for what it is . . ..
If you buy too much car or too new a car or sign a car note with a ridiculous interest rate -- repossession is a possibility and a probability.
If you don't have the money you owe, since you have failed to make a series of car payments, then you should focus on getting the rest of your credit in order.
Give yourself pause, TAKE INVENTORY of yourself AND YOUR BUDGET and make a lifestyle change.
2006-12-11 03:59:02 · answer #2 · answered by DaMan 5 · 1⤊ 0⤋
i got my car repossessed.. it sucked.. alomost 800 for 4 days...get a loan..pay day advanced.. or try talking to the owner that repossessed it
2006-12-10 18:52:07 · answer #3 · answered by tekna1760 3 · 0⤊ 0⤋
It is sold and you have to pay the difference between the sale price and the debt plus tow, storage and reposses fees..
2006-12-13 08:49:58 · answer #4 · answered by west.herb@yahoo.com 4 · 0⤊ 0⤋