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How will a repossession hurt you?


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Answered 2011-09-13 06:05:00

Brent, who held a gun on you and made you sign the loan papers?? You got ripped off by your own self. Anyway, if you let it go back, the lender will sell it at auction for MUCH less than you owe. Example; u o 10K,car sells for 3K, balance due 7K. The lender will get a judgment for the balance due and then the collection fun begins. IF there is any way possible, sell the car for all you can get, borrow money to go with it and pay it off. That will leave you with a smaller note to pay and no collection hassles. Good Luck

BTW, your credit will also be ruined for 7 years.

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