my car is getting repo'd, Willl I still owe any money on it? Or do they just take the car and my?

Question

credit is ruined

Answer 1

They will sell it and you will still owe the difference between what they can sell it for and what part of the loan was still outstanding.

Don't worry about your credit score for now. Don't go to one of those credit repair places. Go to the library and borrow a copy of Total Money Makeover by Dave Ramsey. Go to daveramsey.com and listen to his radio show - also for free- and get some sound advice to get back on track with your finances. We had 2 car loans and about 30G in credit card debt that we were able to pay off in less than 2 years because we finally got scared enough to do something about it. Now we can sleep at night. Dave Ramsey's stuff is great and you can follow the steps without having to buy A THING from him. He was a millionaire in his twenties and went bankrupt...lost everything. So he knows about money stupidity. Give it a try. Hunt around the site a little bit and really, READ THE BOOK! It's a quick, fun read....and actually very encouraging.

Answer 2

Auto finance is what I do for a living and what will happen is the lender will sell the car at auction for less then it's worth and if there is a balance left over, they will come after you for that plus all fees for towing, storage, auction, interest and lawyers.

This could amount to several thousand dollars and if you do not pay them, they will take you to court and get a judgment at that point they can attach bank accounts, garnish wages (if your State allows it) and file liens on any other property you may own like cars, boats, land and homes.

Add this to the fact that all of this is going to show on your credit for the next 7-years making it very hard to get any type of loan without large down payments, huge fees and State maximum interest rates and you begin to see why you should not let this happen.

Answer 3

Don't bother with trying to withhold the keys to the car. They will repo it anyway, and the cost to have duplicate keys will be added to any judgment against you. You will owe the balance between what you owe on the car and what it is sold for at auction. They will also charge you for the repo costs, storage, and towing. You are best off to try to find a buyer for this car BEFORE it gets that bad. Sometimes finance companies will work with you in this regard, if you willingly submit to a legal judgment for the deficiency amount.

Answer 4

If your car is a purchase, you probably have a right to redeem within a certain time. That means if you can afford to make up the payments, they have to give you the car back. But if you cant keep up the payments later, that's not a good decision.

In most states, yes. You will have to pay the balance in what is called a "deficiency judgment." Depending upon how aggressive your lender is, it can lead to judgment liens, garnishment etc. Somoeone mentiioned calling the bank to work something out. If you havent tried that, do it.

Answer 5

If there is a balance left after your car is sold, you will still owe that money. Your credit is not ruined but will be seriously ill.

Answer 6

you will still owe on it. Don't let them take the car. Call the bank you took the loan out threw and work something out. They do not have to take the car! I repeat they do not have take the car! Do not give them the keys!

Answer 7

after they repo it they will sell it at a car auction and whatever is left to pay on the loan you will be responsible for. and yes your credit will be ruined.

Answer 8

Do not despair! You can still repair your credit! It's free and legal. Check out the site below.

GOOD LUCK!

Answer 9

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