2007-10-19 09:39:32 · 11 answers · asked by yp_alb_akron 1 in Cars & Transportation ➔ Buying & Selling
You agreed to pay for the car when you purchased it, and you haven't honored the contract. The finance company won't be left holding the bag - they will try to recoup their losses from you. What will happen is this: Your car will get repossesed. The finance company will then offer you some form of settlement - either pay the entire outstanding balance or have a large chunk of it and they will continue financing the rest. If you can't do either, they will sell the car at auction for as much as they can get, which will be a lot less than you owe. You are then legally responsible for the difference between what they get at auction and what you owe, and they can get a judgement against you in court and garnish your wages if they need to.
2007-10-19 09:54:33 · answer #1 · answered by bob_ber_down 4 · 0⤊ 0⤋
Yes they can. After they repo it they will sell it at auction to the highest bidder. Usually this price is lower than what the value of the car is. You could owe quite a bit. You might be better off trying to sell it yourself for the amount that is still owed on it and pay it off.
2007-10-19 09:47:44 · answer #2 · answered by Diane M 7 · 0⤊ 0⤋
You bet, plus the cost of the repo. They'll get the full "benefit of the contract."
2007-10-19 09:47:43 · answer #3 · answered by Jonathan S 4 · 0⤊ 0⤋
everything everyone says is true, But if you hold out long enough and can put up with the harassing calls, they will write off the note. Don't be so happy though. They will send a form to the irs and you will have to pay the taxes on the write off. Which will still be less than what they want. I paid the taxes after they wrote my 9000 dollar note off, which was 1000. I still came out ahead
2007-10-19 10:32:37 · answer #4 · answered by w00189wr 4 · 0⤊ 2⤋
i think you have have been given the incredible information. the automobile gets bought, the financial institution won't get the main suitable value for the automobile, the two your sister and the pal would be answerable for the stability ultimate. She ought to be sure the automobile's value, make arrangements to sell it with the certainty of the pal and get the automobile bought. they'll could desire to talk to the financial institution to make arrangements for the stability and get the financial institution's approval. it is going to likely be much less complicated to sell at retail and cope with the financial institution than to attend and notice how undesirable it may get.
2016-10-13 05:15:04 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes...what happens is they repo your car or you drop it off at the dealership you bought it at....I suggest you drop it off.
Then they auction it off. You are resposible for the difference.
If you don't pay, it goes on your credit. It will go on your credit anyway....
2007-10-19 09:47:49 · answer #6 · answered by Anonymous · 0⤊ 1⤋
oh yeah and they will. when my car got repo'd, they sold my car for half the price i bought it for and now i owe the difference. it sucks.
2007-10-19 09:47:56 · answer #7 · answered by Ginger 2 · 0⤊ 0⤋
Yes, you are legally obligated to pay back the money you owe.
2007-10-19 09:43:57 · answer #8 · answered by Mad Jack 7 · 1⤊ 0⤋
yes and they will also report it 2 the credit bureaus
2007-10-19 13:19:24 · answer #9 · answered by 2quick 1 · 0⤊ 1⤋
they will sure try to get it if it is a lot of money.
2007-10-19 09:46:55 · answer #10 · answered by Aloha_Ann 7 · 0⤊ 0⤋