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If you are unemployed and want your car voluntarily repossessed in Texas what dollar charges do you face?
Wiki User
∙ 12y ago
You "face" the unpaid balance due on the loan. PLUS repo fees, attorney fees, auction fees, fees fees, ect. TRY your best to sell the car even if you have to borrow some money to complete the payoff. It will be MUCH cheaper than any repo.
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You also face the long-term consequences of a voluntary repo showing as an unpaid charge off on your credit report. This can make it difficult, expensive and inconvenient for you to get housing, employment, utilities, insurance and credit.
When you finance a vehicle, you are not "buying a car". You are borrowing money that is "secured" by that car. When the creditor takes the car back, they still want the total sum of the money you borrowed. With any secured debt, there exists the possibly of the security being sold to recoup some of their loss. But if they sell the car for less than you owe, you are still liable for the deficiency balance (the difference between your loan balance and the amount they got for selling the now-used car).
Many Americans can and do live without credit, or with bad credit. But you do not ever truly escape your debts. You end up paying in one way or another.
Wiki User
∙ 12y ago
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If creditor has threatened to repossess if a certain amount is not paid and you have paid partial can the vehicle still be repossessed?
As long as the contract is in DEFAULT, the collateral CAN be repossessed. One dollar or one day. Its a GAMBLE you take when you are in default.
Can a finance company garnish your pay for a car that was repossessed in 2004 and tack on 9000 dollar more then what you owed they started the garnishment in 2009?
If your car is repossessed you are responsible for the difference in what it brought when sold by the loan company and what you owed, plus the repossession charges. That is more than likely where the $9,000 comes from. Rarely does the car bring even close to retail, and most often is sold at wholesale price. This leaves you in the hole for the balance which you will have to pay. This is repossession is such a bad idea. You need to seek legal advice from a lawyer.
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