2007-12-02 13:45:02 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
I financed an SUV in 2001 and I got over my head as my payments per month was 600 dollars. 2 years ago, I tried to refinance to bring my payments down, however, they said they can only do a rewrite loan.
Well, I still couldn't make the payments and the repo man came to take my car this year in January in which there was still 20,000 dollars left on the loan. (*the car was 37,000)
The bank that I financed my car with still sends me the payment statements in the mail and the monthly payment adds up all the unpaid months.
What will happen to me and my credit? what can I do?
2007-12-02 13:50:09 · update #1
The statement you are getting is the balance owed on the unit after it went to auction. You still owe this balance.
If you do not pay this balance they have several avenues they can take. They can go to court and get a wage garnishment, they can take you to court and get a judgment against you.
Anyway you cut it, when that unit went on the repo hook, you were screwed. It kills your credit, now with the new amount owed, if you do not make payments or make payment arrangements and keep them, they will burn your credit again. Because of the new bankruptcy laws, you have a better chance finding the money in the gutter then pulling the old bankruptcy card out of a hat.
Sorry it happened to you, but it did now all you can do is dig your way out of the pit.
And a friendly word of wit? When it comes to buying a car, if you can not pay cash, you can not afford it.
2007-12-03 07:16:14 · answer #1 · answered by Anonymous · 0⤊ 0⤋
that will ruin your credit and just because they got your car does not mean that you dont have to pay anymore...you are still legally responsable for paying the remainder of the ballance. if you dont they will then turn it over to a colection agency and they can take anything that you own to pay for the car. in other words....you are in a really big mess. sorry
2007-12-02 13:54:18 · answer #2 · answered by Timothy W 1 · 0⤊ 0⤋
You owe them 20K plus it will grow until you pay it or file bankruptcy.
2007-12-02 13:56:02 · answer #3 · answered by shipwreck 7 · 0⤊ 1⤋
you can bend over and grab your ankles. you're f'd.
2007-12-02 13:55:25 · answer #4 · answered by Derek F 1 · 0⤊ 1⤋