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What amount will show up on your credit report when a vehicle is repossessed the original cost of car or the balancing remaining?

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2004-11-26 16:52:22
2004-11-26 16:52:22

the BALANCE DUE at time of repo PLUS repo fees and fees to come later.

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You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.

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Truthfully a repossessed vehicle sells for what the bank is trying to get out of it and that is usually what is owed on the original loan and sometimes they will accept less for a number of reasons just to get rid of it and that would be damage to the vehicle, age and mileage.

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Yes. Even after the vehicle is sold, you'll still owe them the remaining balance of what you borrowed, and they'll continue to call.

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