2007-11-18 14:17:44 · 6 answers · asked by joseponce_82 1 in Business & Finance ➔ Personal Finance
Clueless is definitely clueless! Nobody can repossess other assets or possessions you have they do not have a claim on, so don't worry about your TV being taken by someone.
They will auction the car and any remaining balance will be your responsibility. It goes without saying your credit will be damaged, but not destroyed. It won't be good.
2007-11-18 14:34:22 · answer #1 · answered by Anonymous · 1⤊ 0⤋
If the car has not been repossessed yet, SELL IT YOURSELF. Even if you can't get enough to pay off the loan, you WILL get more than the repo auction. In either case, you still owe the balance. In the case of a repossession, you also owe the cost of repossessing the car.
2007-11-18 14:44:20 · answer #2 · answered by STEVEN F 7 · 1⤊ 0⤋
Depending on how much they can get for the car when the re-sell it. If they can cover the full amount remaing to be paid then no, you will not have to pay. But if the full amount isn't covered then yes, you will have to pay the difference. If not in cash, then they will send a debt collector and they can re-possess other assets and sell them off til the amount owing is paid in full.
Needless to say, your credit rating will be up s**t creek either way.
2007-11-18 14:27:40 · answer #3 · answered by Clueless 3 · 0⤊ 2⤋
They'll sell the car, but if they don't sell it for enough to pay off what you owe, yes you'd still owe the rest.
2007-11-18 14:21:33 · answer #4 · answered by Judy 7 · 5⤊ 0⤋
yes they well sell it at auction and what left over you well have to pay
2007-11-18 14:21:08 · answer #5 · answered by Anonymous · 2⤊ 0⤋
Only if you want the car back.
2007-11-18 14:21:29 · answer #6 · answered by Anonymous · 0⤊ 2⤋