do you still have to pay for it or what happens
2007-06-27 17:29:23 · 2 answers · asked by msgurl24 1 in Cars & Transportation ➔ Buying & Selling
Here is the way I understand it to work. They repo the car, they have to hold it for 30 days to give you a chance to pay it off plus the fees for repoing it. If you don't pay it off, then it will be sold for what they can get for it. They won't be too worried if they don't get the highest price for it either. Then you will be responsible for the difference of what you owed and what they got for the car. Plus you will owe the auction fee and towing/repo fees. You'll still owe money even though you don't have the car.
You'd be better off if you could sell it yourself and use the money to pay the loan off. good luck.
2007-06-27 17:37:00 · answer #1 · answered by Fordman 7 · 0⤊ 0⤋
u still can get it back, you pay all late fees plus towing fees and stuff.
Otherwise car goes to the auction they sell it.
And you have to pay the difference of what you owe minus the price they sell car for.
2007-06-28 00:34:15 · answer #2 · answered by cooler 2 · 2⤊ 0⤋