I got my car repoed what happens now???????!!!!?

Question

My car was reposed around January 29Th, up till date I ha vent received an phone calls, or letters from the bank. Prior to the repoing i use to get about a million calls a day. What is the bank up too? Surely i owe about 10 thousand for whatever it was sold. i really ****** up the engine before it was taken it was next to burnt on a 2005 altima. Regardless i haven't heard anything for a while I'm starting to wonder what they are up too? Should i call them and inquirer on what tricks they got up their dirty sleeves? last time i talked to them i told them i was a student with not enough income to pay the loan off. maybe that's why? anyone got any suggestions ? PS: the car was only valued at around 18G's and i owed 28'gs because of extended warranty etc etc and like i said the engine was more dead then my dead cat

Answer 1

Well.. the are going to sell your car for salvage.. and you will still owe the difference from what they make and what you owed... likely you will still owe 20k or so. and NO.. that wont "magically go away".. you will that for the rest of your life until you pay it... they will likely garnish your wages to get this amount.. and your license may get revoked.

And wow.. way to put blame on others... i love your quote "what tricks they have up their dirty sleeves".... let me get this striaght... You dont think you deserve this?! you think they should just let you keep the car that you werent paying for and after they take it back when YOU screwed up the engine (what you couldnt even manage to keep the car in good condition) you just shouldnt owe anything?

Look forward to paying for a car you dont have for years and years to come..

Answer 2

You seem to think that this whole thing is going to blow over, with you coming out the winner, you couldn't be more wrong. Right now, those guys are putting together a judgement against you, the first step has happened, they repo'd. You're not done yet, now the car will go to an auction, where used car dealers and the general public are going to bid on the car, and it isn't going to be anywhere near the 18,000 purchase, and you were ignorant enough to add an extended warranty, so you know for sure it won't be near 28,000 either. Now, when it is sold, likely for around 3-5 thousand, that amount will be applied to your loan, the balance of the loan is your's to pay until the loan is paid in full. Now, you might say, well I didn't have money for the payment, how am I going to pay for the payment on the balance? When you get a notice from your employer that a garnishment has been requested, I bet things change, because they will take your paycheck, they will put a lien on your banking/savings accts, they can put a lien on any income tax you may have coming your way. In other words, they are going to hassle you until the bill is paid, it may get sold to a collection agency, and they will call, when they don't get you to respond, it will be sold again, until you finally get the message that you either pay the bill, and have a repo on your credit for a few years, or file bankruptcy, and have the bankruptcy on your credit for ten or more years. Oh, those school loans you apply for after this, thumbs down, maybe that is motivation to get you to see how irresponsible you behaved purchasing something out of your budget. Growing up is an important part of life, try it.

Answer 3

There is a lot of things they can do and a lot of things you can do also. It looks like your getting some answers to your question; some, good and bad. I'll give you my 2 cents worth and hope it will help you in making a decision. Don't call them, they will contact you thru a lawyer advising you that the vehicle will be sold for the best possible price and you will be billed for the remainder as well as court costs, recovery fees and attorney fees. Be prepared! The best thing to do would be wait til the vehicle sold and find out how much you will owe them. When you get that letter, run as fast as you can to a attorney and file bankrupcy before they can put a garnishment against you payroll check (which by the way they can only get 25% of til the debt is paid in full). If you own a home you can exclude it from the bankrupcy; however, if you own a Manufactured home you can get it appraised and only pay the court on payments what the declared value is; Now what you really own on it.. In other words if you owe $40,000.00 on it but the declared value is only $18,000.00 than that's what you will have to pay on payments for the home. NO BULL! Now your thinking that bankrupcy is really going to hurt you. Well you had a vehicle repo - what do you think that will do to your credit rating? Besides, it is easy getting another brand new car right after being discharged from you debts by the court than it is after a repo. NO BULL!. Anyways; thats what I would do; but, I have a family to look out for. Good Luck.

Answer 4

Unfortunately, you put your name on the dotted line when you obtained the financing, and do you think they forgot to have a clause about reposession? Don't think so.

Now the game is being played according to their rules.

Next time, buy your car for cash and take care of it like it's yours.

21 years ago I paid $1,308 for a car and I'm still driving it.

J. Paul Ghetty drove old heaps his whole life and he was worth millions. It just makes good financial sense.

With few exceptions, every car is a resource liability. Every car loses money. If you're not rolling in bucks, use your brains to lose less on a car.

Check online to find out what car is the cheapest car to insure. Last year I think it was the Dodge PT Cruiser.

Never buy a new car. Always let someone else take the biggest depreciation hit off the new car lot. Buy a low mileage 2 year old car, and never buy a whiz bang special.

Check what car has the best reliability rating, and which cars have the lowest resale. You may find a reasonably reliable car that you can buy for a song.

Remember that the more a car has, the more it has to go wrong. Get a simple car that doesn't have power features and complicated gizmos.

Yes I'm an aging hippie and drove a '55 Volkswagen until a mexican in a pickup turned it in to das crumplecar, but let someone else make the mistakes. Then observe, learn and don't fall into the same ditch.
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Answer 5

You will get a notice from the bank if they sold it at auction, telling you how much it was sold for. They will still go after you on what you owed and it will be a judgement against you, and will show on your credit history.