2006-12-23 00:25:56 · 12 answers · asked by shellybear0925 3 in Cars & Transportation ➔ Buying & Selling
This has happened to me twice. After they pick up your car you will recieve a COD package in the mail. It will contain everything that was left in your car. Including the trash. And you must pay to pick it up. They will auction you car for what they can get out of it which is probally one third of it's actual value. You are responsable for paying the balance and their attorney and auction fees which will put the price of the car back up to what you orginally owed. If you can't pay in full they will sue, place attachment on what you own, or garnishe your wages. I had to file bankrupt to keep from being harrassed. And you still can file bankrupt it just cost more. But you can still elimate all of you debts.
2006-12-23 00:33:51 · answer #1 · answered by W W 1 · 1⤊ 1⤋
Repossessions hurt you and your credit for a long, long time. The company that is financing your auto loan is not in the car or American Red Cross business. They do not want your car back, all they want is money, money. Don't think that they are going to give you anything, sorry for your hardship.
My son had his car repossess because he decided to stop making the car payments. The car would stop running in the middle of the street. He got mad because the dealer said that the rental agency did not keep the car warranty up to date, therefore he would have to pay 100% of the repairs.
He contacted the manufacture of the car. They said that they would pay for the defected part, but not anything else that was wrong with the car. The car was a former rental car, and I saved him money by financing it through my credit union.
When the car got repossessed the credit union sent me a certificated letter letting know that the balance was still owed for the loan. Because of this incident my son did not talk to me for over one year. I refused to pay for his debt, and he had to take out a loan to pay off the balance.
2006-12-23 01:46:35 · answer #2 · answered by D S 4 · 0⤊ 0⤋
If your car gets repo'd you pay the associated fees that the repo man charges which can be several hundred dollars at best. If you want the car back you tell the lien-holder that you want the car and it will be returned to you after you can make your account current and not behind on your payments. The lien-holder will more than likely assess a fee that usually amounts to an extra months payment tha mus be paid before you get the car back. If the car goes to auction, you are liable for the difference between what you owed and what the car sold for at auction.
2006-12-23 00:31:28 · answer #3 · answered by Jim G 4 · 1⤊ 0⤋
The bank will go after you for the balance of the loan. Auctions seldom bring what the load value of the car is.
Once they take it you have no choice but to pay the bank before the auction.
2006-12-23 03:16:22 · answer #4 · answered by R1volta 6 · 0⤊ 0⤋
The credit institute can, and most likely will come after you for the remainder of the loan balance.
This is different from state to state. But the normal thing is, if they don't have to give you money above and beyond loan balance and processing fees, then they can't come after you if there is a loan balance left after the auction.
2006-12-23 00:30:29 · answer #5 · answered by shovelkicker 5 · 1⤊ 0⤋
If you wait until the auction, the high bidder will get the car, and you still owe any remaining balance.
Try to pay re-negotiate the loan, or pay the balance, NOW. Then you will get your car back. (and reduce the negative hit on your credit rating.)
Good Luck
2006-12-23 00:35:13 · answer #6 · answered by fredshelp 5 · 0⤊ 0⤋
Your best thing to do is pay up and don't let it get auctioned. you can probably sell it for a better price. You will owe the leftover balance.
2006-12-23 00:36:00 · answer #7 · answered by morris 5 · 0⤊ 0⤋
Yes, what happens is, when your car is repossessed, and lets say you owe $5000.00 on your loan, but the bank only gets $2500.00 for your car at an auction, you owe the remaining balance of $2500.00.
That happened to me 19 years ago.
2006-12-23 00:29:02 · answer #8 · answered by Anonymous · 1⤊ 0⤋
If your car is reposessed The bank will auction your car. At the auction your car will go for probably less than you owe..one the auction is complete you WILL get the bill for the remaining bal..Sorry!
GOOD LUCK
2006-12-23 01:04:13 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Yep. They auction your car and you have to pay what's left over.
2006-12-23 00:38:49 · answer #10 · answered by Anonymous · 0⤊ 0⤋