After a vehicle repossession, is it more feasible to re-aquire the vehicle or start with a clean slate?

Answer 1

After a repossession, you don't have anything even approaching a 'clean slate'. That is the absolute last step on a series of attempts to get you to pay some attention to the obligation you entered into with the lender, and means you have not paid, have not communicated with them, and are not returning their calls. Now that they have the vehicle, you owe the balance on it and the cost of finding and towing it. Pay that and they will let you have it. If not, they will offer it at auction and sell to the highest bidder. The amount left over after that sale will be your responsibility and you will still have to pay off the balance and the costs of now finding, towing, and incidental auction costs. If you attempt to buy another vehicle, your credit report will have a repossession on it, and no one with any thing near good interest rates will touch you. You might be able to get a used one at a "buy here pay here" lot with 21% interest and a black box that turns it off if the payment isn't made. Sorry sir, after the repossession is way too late to start looking at your options.

Answer 2

It depends on what you mean by a clean slate.

1) After they repo a vehicle you STILL owe the money. When they sell your car they will credit you with the sale price but also deduct the cost of the repo, transfer costs, storage fees, etc... that eats up a lot of YOUR money.

2) Generally what is left is a bill that you owe (yeah it sucks doesn't it).

3) If you don't pay THAT it goes on your credit report PLUS they will usually come after the money (garnish wages, etc..) so....

That is really not starting off with a clean slate.

Your best bet is to call the bank/lender and see what your options and potential costs are.

good luck...
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