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If you recently had a repossession and are making payment arrangements to pay the debt although it is too late to get the automobile back can the creditor change the status from repossession?

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Wiki User
2006-07-15 02:18:08

Probably not because the car was really reposessed. When you

sign the loan contract you are still obligated to pay the note off.

See if they auction the car off or sell it for less than you owe,

if you are still obligated to pay the original purchase price. It

looks like the bank really makes out on this deal. You pay the full

price and they make additional money by selling it again. In the

future, if you have a loan and are strapped for cash, call the

lender and negotiate a payment plan until you can catch up. They

would rather work with you than to get the legal departments

involved. Your question is a good one though. Call your lender and

see if they will change the status after you have repaid your debt.

Good Luck

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