Some advice, please.
2007-09-20 12:42:27 · 6 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
Like the other person said , You need to explore other options. Whether you let them come get the car or you take it to them, it is still a reposession in the eyes of the bank. They will auction off the car and you are responsible for the defecit. (if you owe $20,000 and they get $10,000 at auction, you still owe $10,000 and have no car) If you aren't upside down, where you owe more than it's worth, you could try to sell it or have someone take over the payments. Whatever you do....talk to the bank first and explain your situation. They may be able to help.
2007-09-20 12:56:22 · answer #1 · answered by Otto 7 · 0⤊ 0⤋
They will take the car sell it at auction for pennies on the dollar yo will owe the difference, and they will come after you for that additional interest, cost etc. Your credit rating will sink to the bottom. and this will stay on your credit report for 7 years making it hard to purchase anything on credit. Wage garnishment for the difference is possible, taking you tax return to satisfy the debt. There that is the worse that can happen, and in all due respect most likely will
2007-09-20 13:02:06 · answer #2 · answered by Pengy 7 · 0⤊ 0⤋
Well i did that and im paying 50 bucks a month, for probably the rest of my life but its worth not paying almost 400 a month i can afford 50, but it still sucks! You will defenitly still have to pay for the car! So think about it first!
2007-09-20 12:51:10 · answer #3 · answered by Shannon 4 · 0⤊ 0⤋
1. IT WILL BE SOLD AT AN AUCTION FOR WHATEVER THEY CAN GET FOR IT.
2. YOU WILL RESPONSIBLE FOR THEIR LOSSES.
3. YOU WILL BE NOTIFIED BY CERTIFIED MAIL OF WHAT YOU STILL OWE.
4. THE STATUTE OF LIMITATIONS FOR A REPO VEHICLE IS 4 YEARS FROM THE DATE IT WAS SOLD.
5. YOU WILL LIKELY RECEIVE A LETTER FROM BOTH THE LIEN HOLDER AND THE COURT SYSTEM TELLING WHEN YOU ARE TO APPEAR.
6. YOUR CREDIT IS BASICALLY RUINED UNLESS YOU PAY BACK THE REMAINING MONIES OWED.
2007-09-24 08:06:01 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You still owe for the car. Even if they sell it and can not get the amount you owe you still have to make up the difference. If I were you I'd talk to a bankruptcy lawyer.
2007-09-20 12:49:30 · answer #5 · answered by TomB 3 · 0⤊ 0⤋
Why not try and sell it???? Even if you lease it, there is a way to transfer it to the new owner....
2007-09-20 12:58:40 · answer #6 · answered by Fashionista999 2 · 0⤊ 0⤋