Let say my car is repossesed, becuase I can not pay it anymore, I know my credit will be hurt, but I heard that if the bank sell it on an auction for less of what I owe then I will have to pay that balance. What happened if I can't pay that balance, I don't have the money to pay it monthly, how come I am going to pay the balance? I live in Florida, what is the law about that.
2007-09-06 06:28:24 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
You have already asked this question and I gave you the correct answer.
The reason you are going to pay the balance is because you are responsible for the loan plain and simple.
As far as Florida goes, it's goverened by Federal law so they can garnish your wages up to 25% of your gross pay every month.
2007-09-06 07:32:29 · answer #1 · answered by ? 7 · 0⤊ 0⤋
No they won't repossess the explorer besides it has no longer something to do with the collateral on the unique very own loan. it is going to harm your credit in spite of the undeniable fact that make advantageous that the 1st very own loan is processed thoroughly earlier letting the different one bypass. I see some human beings try this do no longer assume to have the skill to get yet another very own loan for a pair of years after which you will nevertheless pay greater interest then without the repo. additionally do no longer permit human beings inform you there's a distinction between a voluntary and involuntary repo there is not any distinction. The financial employer that has the Saturn very own loan will come once you for the deficiency you need to objective to pay it then it may tutor as a paid fee off which seems a sprint greater suitable. another factor to think of roughly precise now the 2006 explorers have large rebates i do no longer understand your problem yet while it particularly is purely $5000 adverse fairness they could commerce you out of it in a sparkling explorer while not having to injury your credit. i desire this enables a sprint.
2016-10-04 02:27:06 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Yep, plus they add on all sort of towing, repo and legal fees. Cars sell real cheap at auction too.
You would be much better off getting someone to take over the payments or sell the car outright and take a personal loan to pay the difference if your car loan is upside down. At least you could salvage some of your credit.
2007-09-06 06:39:06 · answer #3 · answered by bdancer222 7 · 0⤊ 0⤋
Sell the car. You will owe the balance if the bank repos it. You will also have a repo on your credit report. May not sound like a big deal now, but you will thank me in 7 years :)
try to get a loan to straighten all your credit issues out. I saw someone had a good site above this post. I like http://www.prosper.com
2007-09-06 06:51:26 · answer #4 · answered by Anonymous · 0⤊ 0⤋
In the same boat. Car broke a month out of waranty. Lost job due to no wheels and spent all last summer getting calls from Captial One every F*cking day!!! Repoed the car & they are still bugging about the balance. Try to work out a payment deal. But the basic answer is yes, they want their blood money......
2007-09-06 06:39:50 · answer #5 · answered by lana_sands 7 · 0⤊ 0⤋
I don't know from experience, but that's what I've been told too. They make you pay the balance because they aren't going to take the loss. My suggestion, although it's a long shot, see if you can find somebody to buy the car for what you owe.
2007-09-06 06:38:21 · answer #6 · answered by Simba 7 · 0⤊ 0⤋
I think u still have to pay the full amount for it even thought it's not in your possession anymore. They will eventually summons u to court and reach an agreement base on your status....
2007-09-06 06:38:32 · answer #7 · answered by MagnifizentOne 2 · 0⤊ 0⤋