What happens when you car gets repossed and will You ever be able to buy one again on credit?

Answer 1

There are plenty of lenders out there that will give you credit to buy a car; however, it will most likely be with an outrageous interest rate! Be careful!

Also, you car has been repossessed... have you talked with the lender to make arrangements to get it back, i.e. paying the amount owed, or paying off the loan? Most lenders are willing to work with you, as it will cost them more to auction the vehicle, and put a judgment against you for the remaining balance. I used to work in collections, so I know how it works!

Answer 2

They basically ask you to turn in the car, or they just come and take it.

AFter that, they sell it, and you'll be on the hook to pay the balance. Of course, you can't, and that balance will be on your credit rating too. If you pay off that balance then it makes your repo look much better.

You can get a car the next day if you'd like, but be prepared to pay HORRIBLE rates under INSANE terms. You'll regret every minute of owning that car, and it probably won't last as long as the payments.

I agree w/ the collections person above -- the "bank" doesn't really want your car, and they might have some ways to work with you.

Answer 3

They can sell your car and order you to pay the outstanding balance. Try to make the repayments either by getting a personal loan, begging and borrowing. That way you will get your car back and your credit will steadily rebuild.

Answer 4

this could properly be a scumbag broking and in case you have any guts, you're able to tell it to him to his face. This guy provide official sellers undesirable reputations. it somewhat is amazingly uncomplicated for sellers to try this and it somewhat is undesirable suggestion. They permit you be attentive to this because of the fact they be attentive to that in case you persisted to pay on your present day motor vehicle, you in all threat could no longer cope with to pay for to purchase a automobile from them. they're looking out their their interest, no longer yours. as properly ruining your credit, letting your motor vehicle get repoed would not relieve you of your debt on your lender. Your motor vehicle would be bought at public sale for pennies on the dollar and that quantity would be utilized in the direction of your overall own loan quantity. Then, your lender will deliver you a bill for the version and tack on storage, admin expenditures, and towing expenditures from the repo. in case you do no longer pay that, they're going to take you to court docket and win, finally maximum appropriate to garnishment of wages.

Answer 5

Not likely...