2007-12-09 15:17:51 · 8 answers · asked by CIC 4 in Business & Finance ➔ Other - Business & Finance
They will get a judgment and garish your pay for what you owe after they sell it and they won't sell it for what you could.
2007-12-09 15:27:30 · answer #1 · answered by shipwreck 7 · 0⤊ 0⤋
You seem to think that this whole thing is going to blow over, with you coming out the winner, you couldn't be more wrong. Right now, those guys are putting together a judgement against you, the first step has happened, they repo'd. You're not done yet, now the car will go to an auction, where used car dealers and the general public are going to bid on the car, and it isn't going to be anywhere near the 18,000 purchase, and you were ignorant enough to add an extended warranty, so you know for sure it won't be near 28,000 either. Now, when it is sold, likely for around 3-5 thousand, that amount will be applied to your loan, the balance of the loan is your's to pay until the loan is paid in full. Now, you might say, well I didn't have money for the payment, how am I going to pay for the payment on the balance? When you get a notice from your employer that a garnishment has been requested, I bet things change, because they will take your paycheck, they will put a lien on your banking/savings accts, they can put a lien on any income tax you may have coming your way. In other words, they are going to hassle you until the bill is paid, it may get sold to a collection agency, and they will call, when they don't get you to respond, it will be sold again, until you finally get the message that you either pay the bill, and have a repo on your credit for a few years, or file bankruptcy, and have the bankruptcy on your credit for ten or more years. Oh, those school loans you apply for after this, thumbs down, maybe that is motivation to get you to see how irresponsible you behaved purchasing something out of your budget. Growing up is an important part of life, try it.
2016-05-22 10:15:31 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Yep - car and credit. Also, the amount the bank gets from selling the car will probably not pay off the entire loan. (Unless you put a large down payment into it.) Bankers call that a "deficiency balance" and you are responsible for it. They will expect you to pay it and will likely turn it over to a collection agency.
Yeah, well: judgments and garnishments.... Depends on the state. Most states it's too expensive to do that on an auto loan unless a lot of money is owed. Most banks don't bother with judgments and garnishments, because in most states it's too much trouble. Western states, maybe they do. A small bank is also more likely to go to the trouble.
2007-12-09 15:29:54 · answer #3 · answered by RickB 2 · 0⤊ 0⤋
I believe that your car will be auctioned off and you will owe the bank the difference. Let's say you owe $8k, and they auction it for $6K, then you owe the bank $2K.
2007-12-09 15:26:46 · answer #4 · answered by whatwillittake 2 · 0⤊ 0⤋
Well they sale it at aution and steal make you pay the balance. They can doc your pay check, unless you declare chapter 7 or 13 bankrucpy. Sorry your having hard times, good luck.
2007-12-09 15:26:50 · answer #5 · answered by Butterfly 3 · 0⤊ 0⤋
They will sell the car at auction, deduct what they got for it from what you owe. You will owe the difference.
2007-12-09 15:33:36 · answer #6 · answered by Hirise bill 5 · 0⤊ 0⤋
You're really gonna hurt your credit!
It's gonna be even harder getting approved for any kind of credit and extremely hard to get approved for another auto loan.
2007-12-09 15:30:42 · answer #7 · answered by ? 4 · 0⤊ 0⤋
you loose your car and your good credit
2007-12-09 15:25:24 · answer #8 · answered by low_hd_rider 6 · 0⤊ 0⤋