i have a repo question?

Question

My husband got into a car accident on Tuesday last week, two weeks after our insurance expired and we were still shopping for insurance.well, the car is pretty banged up.we bought it at a buy here pay here dealership, which now we know was a big mistake.anyway, since we did not have insurance at the time , we have some legal issues to deal with , tickets and getting the car out of impound. we pay $400 a month owing $6,800 for the car &right now there is just so much going on in our finances we are in a hole.getting the car reapired &paying the note are going to be hard.we realise that we were at fault not having insurance but at the same time , we were weighing the option of getting the car repossesed if we can not fix it &oay the note at the same time.what happens when a car is repoed &how far can the dealer take the whole thing.we are in so much debt because of a few mishaps &now we are faced with alomost $1,500 in fines. what is the best thing to do. we have insurance now

Answer 1

If you have full coverage insurance on it most likely the insurance company will have to inspect to make sure its not crashed, if they find out it is crashed then they could boot you off the policy, If you have PLPD then you have to pay for it yourself and your insurance costs will go up. If you get it repod by the company they can and will probably sue you for damages incured on the vehicle. They can take you to small claims court, if they win you will have to pay up. If you dont pay up they can garnish your wages, meaning a certain amount of money is taken out of each paycheck you get. The best thing to do is probably see if you can get it fixed for cheap somewhere. How bad are the damages??

Answer 2

You pay $400 per month to a buy here pay here lot? Did you bend over and back in? What kind of car did you buy and how much did you pay for it? I would say you are pretty well hosed unless you can come up with the cash to pay all the fines, repair the car and keep making the payments. The insurance you have is not going to pay retroactively for an accident that happened when you had no coverage. If the car is repossessed, you will be making payments for something you do not have. It will be sold at auction and you will be liable for the difference in what it sells for and what you owe plus fines and fees.

Answer 3

Okay. You have insurance now. That must mean that the two of you must of decided to keep the vehicle. Otherwise, you would not of spent that money on insurance. If the dealer repossses the vehicle, he will pay to have the car released from impound and the cost to fix the vehicle. It is his right to collect the money from the two of you. He probably wont ask for the 6800 because you are paying as you go. So, you are paid up. You can ask for payment plans to pay off the fines. You can ask for 6 months and then if in six months you still have not paid, you ask for an extension.
You should sit down and figure out how much money above and beyond the 400 monthyly car payment you can afford to make monthly payments to cover the cost of the fines, impound ,damages, ... Also check if the dealter can fix the vehicle, in the service department and they can add it to your monthly payment.

Answer 4

Do any of you ever think for a minute that we buy here pay here dealers are human beings trying to feed our families and pay our bills too???

I am on the other end of a similar situation. Customers didn't get insurance, and totalled their vehicle. Guess who is stuck right now??? Guess who is out several thousand dollars right up front? Ever wonder why most buy here pay here dealers want big downpayments and high interest rates? Now you know...

I now will repo every car that I sell if the customer can't provide me proof of full coverage insurance on demand. That's food for my kids driving around out there unprotected.

In my case, I can and will take the customer to small claims court, and win too because they failed to live up to their end of the contract. But the chances of me ever seeing any of my money are slim to none, and all of this with a customer whose transmission I paid to have fixed AFTER they bought the car.

Nice guys finish last I guess.

Answer 5

A repo will not solve this delemma

Basically when the car gets repo'd - it will sit in a lot for 30-90 days - which you are charged a daily amount for storage.

Then the car is sold off at auction in it's current form - (crashed)

Whatever the car sells for is just that - no reserve dealer only ayuction - pretty cheap.

The rest you will be taken to court and sued for.

Answer 6

Repo won't help; you will still be contracted to pay the balance between what you own on the contract and what the car sells for; and you will also get stuck for a ton of charges around the repo.

Answer 7

You're just going to have to go into debt to put things back to normal for the car. Don't go with repo, because you will still owe on the car, you won't have the car, and your credit will be ruined.

Answer 8

well, you should never be without insurance it is illegal. second, if you get it repoed it will go against your credit report and prevent you from probably ever buying a new car any place. and the dealer will probably try to collect the debt owed him.

Answer 9

IF YOU LET THE VEHICLE GET REPO AND YOU OWN $6800.00 BUT IT WAS WRECKED IT WILL BE AUCTIONED OFF AND LIKELY BE SOLD FOR AROUND $1000.00 TO $2500.00 MAYBE.....

THE BALANCE REMAINING WILL BE YOUR RESPONSIBILITY ALONG WITH TOWING AND ANY ADDITIONAL FEES.

YOU CAN TRY AND SELL THE VEHICLE YOURSELF "AS-IS" OR GET IT FIXED OUT OF YOUR POCKET AND TRY AND SELL IT, BOTH WAYS YOU WILL BE SLIGHTLY AHEAD OF THE GAME COMPARED TO THE AUCTION.

AS FOR THE FINES YOU WILL NEED TO PAY THEM BECAUSE THE LAST THING THAT YOU WANT IS A WARRANT FOR YOUR ARREST.