Can I get a repo, refinanced?

Question

Lets say they came and repoed my car, can I find someone to refinance the remaining balance? Its less than 10,000 left on it

Answer 1

if your credit is not already screwed~ then you may be able to get a loan from somewhere else and buy it back ... or sometimes you can work something out with the original loan company .... it wouldn't hurt to ask.

Answer 2

Let me start with the repo situation. Usually if you call the bank, they will give you a certain period of time to pay off the debt in full if they have already taken the vehicle. It is usually a week or so. After that, they send it to an auction.

As far as refinancing goes, you have to realize a couple of things. Number one, if you have missed enough payments for the car to be repossessed, then your credit has more than likely already been affected. You may want to see if someone would mind co-signing with you. Number two, refinancing cars is hard to do because banks will usually only finance up to a certain percentage of the value of the vehicle. If your car is not even worth the amount that the payoff is, then you probably won't be able to get a loan to pay if off. To check the value of your vehicle, you should visit the website for Kelley Blue Book.

Answer 3

First your going to have to pay the missed payments plus towing and storage just to get the car back. then you can try refinancing with another company. If your car has not been auctioned off already.

Answer 4

If it just happened and has not hit your credit report yet? There is a chance that you could do this. Best to check with your own bank or local credit union. Just don't tell them that the vehicle has been repossessed.

Answer 5

I would guess NO, because all liens against title must be payed
off before any loan company or bank would set-up another.
With the computer systems now in play, that will never happen.
They will find existing loan as soon as they type in your "Vin"
info.