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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.


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.

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โˆ™ 2011-08-08 20:47:22
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Q: If you are unemployed and want your car voluntarily repossessed in Texas what dollar charges do you face?
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