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How many years after repossession can they hold you responsible for the remaining balance?


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2015-07-16 18:06:39
2015-07-16 18:06:39

Usually the SOL is 7-10 yrs. depending on your state. Its loooonger than you want to put up with the calls and letters. Steph, its better to make some sort of plan to pay it off. Those judgments get bought and sold over and over. Good Luck

I am wondering about a similar question. I filed bankruptcy a while ago & listed my car up for voluntary repossession. No one has yet to pick up the vehicle. (I think because it isn't worth maybe $1000). My bankruptcy was discharged 6 months ago. I am planning on contacting my lender because there is work that is needed to be done to the car & I don't want to shell out the money for them to repo it tomorrow. So I am planning on offering them a around $400 for it. I owe $9,000, though. They can't come after me for the balance can they? It is included in my bankruptcy right? If they don't accept my offer to buy it, can I force them to pick it up?


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A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.

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Once they repo the car, the lender will sell the car for whatever it will bring. You will then be responsible for the difference in what the car brings and the balance on the note. You may even be responsible for repossession fees, and your credit will be ruined for 7 years.

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They will sell the car and you will be responsible for the difference in what the car sells for and what the balance on the loan is. You will also be responsible for any fees associated with the repossession. Also, your credit will be ruined for 7 years.

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That is called voluntary repossession. You will be required to pay the difference in what the lender sells the vehicle for and the balance on the note after that amount is applied to the loan. You did avoid repossession fees by voluntarily turning the car in. Your credit will also show this repossession for 7 years.

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A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.

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