Repo debt?

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I had a car repo'd by the finance company. They sold it wholesale and sent me the bill for the deficit....$6000. I'm sure they'll take me to court and be awarded a judgement if I can't pay it off, but I'm wondering what the chances are they will execute on the judgement, meaning they will pursue a court ordered wage garnishment. Anyone have a similar experience?

2007-02-07 00:43:24 · 2 answers · asked by Johnny G 2 in Business & Finance ➔ Credit

2 answers

Haven't had, and hope never to have, the experience. If they are going to all the trouble to take you to court, you can believe, they will garnish your wages.

2007-02-07 00:47:20 · answer #1 · answered by Beau R 7 · 0⤊ 0⤋

You should pursue a 1-time settlement. Repos are usually about 35 cents on the dollar.

2007-02-07 05:19:58 · answer #2 · answered by CALIFORNIA GOLD 3 · 0⤊ 0⤋