2007-01-31 20:48:54 · 8 answers · asked by met_expectaions 1 in Cars & Transportation ➔ Buying & Selling
yes or whatever it is that they don't recover at auction, been there done it.
2007-01-31 23:16:06 · answer #1 · answered by feb717 1 · 0⤊ 0⤋
Yup, you sure are. If the car is repossessed the bank will sell it at auction....not good for you because they will probably only get half of what it is worth. Lets say your loan is for 19K and your car is only worth 10K. At auction they MIGHT get 5K for it. Now you owe 14K plus auction, repossession, and storage fees for a car that you don't even own. If you are having problems making the payment contact your lender directly or a reputable (check with the Better Business Bureau) debt consolidation company. You may be able to get them to lower your interest rate or write off a few thousand dollars of your loan once you pay a set amount.
2007-02-01 05:00:37 · answer #2 · answered by J D 4 · 0⤊ 0⤋
Whoever financed the loan -- Bank or dealer can dispose of the car at whatever price they can get and come after you for the ballance of the loan plus court and collection costs.
2007-02-01 07:21:58 · answer #3 · answered by pilot 5 · 0⤊ 0⤋
If they repossess the car it will probably be sold at a auction, who ever financed it will want there money right away,Then they will want you to pay the balance of the loan,of what ever they didn't get at the auction.
2007-02-01 04:58:10 · answer #4 · answered by Anonymous · 0⤊ 0⤋
the laws on reposession (even voluntary repos) have changed in the last few years.
Now you ARE responsible for the $9000, and if you do not pay it they will take it from your job salary if necessary.
Just pray it gets stolen or something... and, lets also hope you have an active Gap Insurance coverage.
Good luck!
2007-02-01 09:09:27 · answer #5 · answered by rob1963man 5 · 0⤊ 0⤋
If you trade it in negative equity will be applied to your new purchase. Which means you will really be paying for both cars.
Repossesion ruins your credit rating and chances are you will have to pay an extremely high intrest rate on your next purchase.
2007-02-01 04:58:47 · answer #6 · answered by Bo Darville 4 · 0⤊ 0⤋
they're going to auction it, so you'll be responsible for the 9 grand +
2007-02-01 04:59:45 · answer #7 · answered by no longer waiting 3 · 0⤊ 0⤋
yep, unless you go bankrupt and thatll mess your credit up for a long, long, long, long time.
2007-02-01 04:54:35 · answer #8 · answered by heyhey95 2 · 0⤊ 0⤋