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Many. Collection costs, storage, repo fees, etc.
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∙ 16y ago
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What is the difference between a car been repossessed or voluntarily surrendered?
AS far as your credit goes there isn't any a repo is a repo it stays on your credit for seven years.A voluntary repo can save you $200-300 in repo fees .You are still charged all the fees related to preparing the car for auction and auction fees etc. which run between $500-700 and up.And of course that is added to the balance after the the car is sold.
You get notice of possible repo you try to pay off balance plus an extra two months with penalties and fees Creditor doesn't accept and repos the car Do you still have to pay the balance after auction?
Yes you you have to pay the balance left plus the fees associated with the repo and auction.
What damages can be collected after repossessing a car other than deficiency?
The fees related to the repo and sale of the vehicle.You can dispute the fees.
What amount will show up on your credit report when a vehicle is repossessed the original cost of car or the balancing remaining?
the BALANCE DUE at time of repo PLUS repo fees and fees to come later.
If a car is repossed are you still responsible to pay for the remainder due on the car?
Yes. You are also responsible for repo fees, storage, auction and collection fees. You pay for it all.
Do you pay what is left on the loan or what the lienholder sells it for on a voluntary repossession of a car?
On ANY repo, you pay the balance due AFTER the car is sold. Payoff = 5K, car sells for 2k, fees = 1K, you owe 4K.
How many payments do you have to catch up on to get your car back?
You have to get current on your payment, plus the repo fees, plus the repo agency storage fees. And you have to do it before the lienholder gets impatient and auctions off the car - once that's done, you're still responsible for the remaining balance.
If your car is repossessed do you still have to pay for it?
The vehicle will be sold at auction, the proceeds will be applied to the loan and to the repo fees, then you will still be responsible for any remaining amount owed to the loan.
If you do a voluntary repo and get another dealerships car will that hurt your credit as bad as not making any payments for a repossession?
A repo is a repo is a repo.
If a car is reposessed and was sent to auction is it legal for the repo company to bill for storage fees for the period the vehicle was in their lot?
No they are just trying to get extra money off you , that's why a repo company tries to wait till the last second to send a car to the auction. so if there is some chance of you redeeming your car they want you to do it there so they can get storage fee's off you. I cover this topic and more at www.stoptheRepoman.com
If you paid the fees and got your car back from repo but what if you miss another payment with the bank?
It gets repossessed again.
What are the fees in Illinois to get your car back from the repo man?
It all depends on your individual lending institution and the collection company they used to repo your car.Call and ask them Im sure they will assist you.
