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The car will be sold. You are then responsible for the difference in what it sells for and the balance on the loan. You credit is then also ruined for seven years.
AnswerI do repos. The creditor will sell the car and sue you for the difference and they will not try to get the most out of it. however in order to get a judgment on you they first have to have you served by a sherriff to court. but if you do not answer the door you can't be served. and if you get served the creditor must not breach the peace and has to send you a certified letter to your last known address giving you 10 days to recover your vehicle and or pick up your personals. if they do not then it is concidered an illegal repocession. and can be thrown out of court. this has worked for several debtors i know of after repo.
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∙ 12y ago
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What if your car gets repoed twice?
Then you should pay your bills.
If a person gets their repossessed car back within a certain amount of time can the bank report it on their credit in Arizona?
If a person's car gets repoed, the bank can report it on their CR in any state. When they redeem it doesnt matter, its the fact that it got repoed that gets reported.
Does a repoed car have to be sold at auction?
No. Who ever holds the note gets to decide how the vehicle is resold.
Can you sell your car before it gets repoed?
Even if you could you would still owe the bank the money they paid for the car.
What happens when a car is going to be reposessed but it is moved to another state?
it's still repoed it just takes a little longer
Can you get your wheels back if car was repoed?
No As far as finance company is concerned the car came with wheels, it has wheels on it when repoed. Done deal.
What happens to your credit if you pay all your bills on time except your car payment and your car gets repossessed?
You get a BIG black mark on your CR and future loans will be at a higher than normal interest rate and/or a higher DP. PLUS, you will still have to pay the remaining balance on the repoed car. Do your best to SELL the car before repotime.
My car was repoed can i file bankrupt and get it back?
NO.
What happens if you get a car repossessed and it gets stolen while in the hands of the seller or person who repoed it?
THE REPO COMPANY IS LIABLE FOR THE COLLATERAL, CARE CUSTADY AND CONTROL. THE CLAIM WILL BE INVESTIGATIGED, YOU WILL BE INVESTIGATIED. AND IF ITS A LIGIT CLAIM ITS COVERED UNDER THIER GARAGE KEEPERS INS.
What can happen if you finance a 20000 dollar car and don't make payments for a year?
the possible thing that could happen is your car gets repoed and your credit goes down the toilet for that mistake
What if you are getting your car repoed but you dont have the car?
Then tell the Repossession agents where it is and who has it.
If you get divorced and the wife gets the car then it gets repoed how do you get that off of your credit report?
wife gets the car in the divorce** she may have gotten the car but YOU got the responsibility of paying whats owed. "Getting the car in a divorce" is a clever ploy by attorneys to placate all parties, BUT, that doesnt change the LEGAL part of a contract. YOU sign, YOU pay.
