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They repo your car and sell it at auction or sometimes to a good buddy. What they sell it for is deducted from your debt but they add back the cost of the repo and selling at auction. Now - If they think the amount still owed is worth going after you and your assets -then they can go to court for a judgement. If you can't hang on to it ask them to take it back before they spend the money to repo it.
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∙ 15y ago
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If you allow a car you cosigned for to be repossessed then pay off the balance after it is auctioned will it still affect your credit?
IF you can pay it off AFTER it is sold, it will still show as a repo on your credit. BUT if you can payoff then, pay it off NOW and you get to keep the CAR.
You get notice of possible repo you try to pay off balance plus an extra two months with penalties and fees Creditor doesn't accept and repos the car Do you still have to pay the balance after auction?
Yes you you have to pay the balance left plus the fees associated with the repo and auction.
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!!!!
If you return a car to the dealership which financed it will it still be considered a repossession even if you have to pay off the balance?
YES, unless the LENDER decides not to report a repo to the CA.
If a car is repossessed and you pay the balance after they sell the car do they remove the Repo in your credit report?
Do they? NOT usually. CAN they?? yes, if you convince them to. reporting a repo is reporting a fact. The repo DID happen. They report the payoff. That is a fact also.
Should you pay off your repo car?
You should pay off your repossessed car if you want to fix your credit quickly. If you are not worried about your credit, you can wait to pay off the car or file for bankruptcy.
Can you still pay off the balance due on an expired car loan?
Anytime there is a balance due, you can pay off that balance.
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
I'm a co-signer on another car and I'm doing a voluntary repo on my car how does that effect me?
The primary borrower is responsible for this debt, but if they do not make arrangements to pay the remaining balance of this debt (once its auctioned off) then you will be fully responsible for the remaining balance.
Is your home exempt for collection in a car repo?
NO, THEY CAN PUT A LIEN ON YOUR HOME OR GARNISH WAGES IF YOU DO NOT PAY THE BALANCE OWED.
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.
