what happens when you have your car voluntarily repossessed?
2007-04-19 10:28:37 · 4 answers · asked by melder28 2 in Cars & Transportation ➔ Buying & Selling
I used to be a repo manager in seattle. Dont let anyone tell you that you get any kind of break or good word for voluntary return or repo. It ALL concidered a repo by the bank! period! Its like being "kinda' pregnant... No such thing! Its at least 7 to 10 years bad news on your credit report. Its also the 2nd worst credit issue you can have. the worst is a home repo / broken mortgage. Once they take the car back. They will resell it most likely at an auction (unless its like new condition) They will then substract what you owe from what they get. And then come after you for the remaining balance.
2007-04-19 10:49:48 · answer #1 · answered by pacificnwman62 1 · 0⤊ 0⤋
It saves the lender from having to pay the repo man. You should really try to figure it out before taking the car back. It will really hurt your credit and you aren't going to just be able to walk away from it. They will want the difference if they can't sell the car for what you still owe on it. See if you can figure out something else and just use this as a good costly lesson.
2007-04-19 10:38:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Not a lot of difference, you still owe the money minus whatever they can get for it at auction and minus the fees charged by the auctioneer. At least you may have saved on the towing charge. good luck
2007-04-19 10:33:08 · answer #3 · answered by Fordman 7 · 0⤊ 0⤋
gets sold at a auction and you have to pay the rest of the money if money is still owed on the original loan
2007-04-19 10:31:26 · answer #4 · answered by rich2481 7 · 0⤊ 0⤋