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Yes. If you take out a car loan, fail to make payments, and the car is repossessed, you will have to pay the difference between the price the lender received at auction and the balance remaining on your loan.
Since repossessed cars are usually sold at wholesale auctions, the difference can be thousands of dollars.
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∙ 14y ago
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Can you self repo your car?
Yes, you can self repo your car if you can no longer afford your car and is financially unable to pay the payments for your car.
If you voluntarily relinquished your car due to your unemployment status can you be subpoenaed to pay the remaining balance after they sell the car at auction?
They are not lying to you. A repo is a repo is a repo.
If you bought a car in Virginia and can no longer afford it can you do a voluntary repo and not have your wages garnished?
A repo is a repo, voluntary or not. Do not do a voluntary repo or any other repo. Terrible idea!!! Call the lender and work something out. See if you can find someone to take over the payments or possible sell the car to another part and pay off the loan. If you are upside down on the loan, then sell the car and borrow the balance to pay it off. Having your car reposed is a very bad idea. Your credit will be ruined for 7 years. You will also have the pay the difference in what the lender sells your car for and the balance on the note, plus repo fees. Do whatever it takes to prevent this from happening. I can assure you the lender does not want to repo your car. Call them!!!!
What can you do if your car is going to get repo?
Pay your payments on time or get a cheaper car
If you had a car repo do still have to pay?
Definitely yes
Are you still going to have to pay the balance if they repossess your car?
You will pay the difference in what they sell the car for and the balance that is owed on the note. You may also pay the repo fees. Your credit will be ruined for 7 years. Contact the lender ASAP and work this out. They do not want to repo your car and I am sure you do not want to loose it. Actually they have to sue you first to garnish your wages but why let the facts get in the way.
If a repo company comes to get your car can they still take your car if you pay the amount owed before they have a chance to get the car?
as long as you are in DEFAULT of the contract, they can repo the car. Dont forget the time element involved between you paying up and the repo co. being notified that you did pay. Have your reciept ready to show the repopeople that you DID pay and WHEN.
Can you buy a car if you already have a repo on your credit?
Pay with cash.
Can the repo people keep belongings inside the car?
Yes. once they repo the car the only was to get items back is to pay off what you owe
If you want to get rid of your car for a cheaper one but owe too much what options other than repo do you have?
SELL the car for all you can get and beg,borrow,steal the difference so you can pay off the loan. THAT will keep the repo off your CR. Good Luck
How do you get your car back from a repo when you are only 3 days late?
You pay the LENDER what you are behind and the repo fee and go get it.
What does Florida law allow for collection of monies owed on a car repossession?
this question can form a wide range of answers it depends on if you are willing to pay on the repo car how ever the most they can do is put it on your credit and it can stay on there for 7 years it will show on your credit report as repo ..a large number of people never pay off a repo car even if you do pay on it to try and save your credit the fact still remain it was repo and it will show repo settlement
