HomeWhat happens when a damaged car is repossessed?
Wiki User
2015-07-17 17:44:44
2015-07-17 17:44:44
You are responsible for the entire amount that you owe them - (minus) the amount they get for selling it, which won't be much with $6k in damages. They will report it on your credit, possibly try to get a judgment against you so they can garnish your wages or lien your property (these laws vary by state) but most likely they will just report it on your credit once as a repo, then as a charge off for the amount left.
If the car is that badly damaged the lender will refuse to take the car.They will still come after you for the money owed.In your contract it will state any damage to the vehicle that was caused by you, that you will be responsible for the repairs that the lender has made. Plus the balance and all fees accured.If you were to file bankruptcy these debts will be wiped out and the lender eats the repair bill along with the rest. That is the reason lenders will not take back a damaged vehicle.
Related Questions
If car is wrecked or damaged BEFORE the repossion takes place they still take the car "AS IS". In some states you may be liable for the damages but others it is repo'd AS IS.
if i get my car repossessed, can they put a llien on the house?
The car isn't damaged, the debtor's credit rating is. There is no permanent record of the car as a repossessed vehicle like there is for a salvaged title.
Your credit is severely damaged. Stays on your credit report for 7 years. Don't let this happen. Contact the lender and work something out.
You end up with HORRIBLE credit if you don't pay your bills and you let your possessions get repossessed.
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