You are asking three questions in one, let me give you the answers to the best of my knowledge. 1. Can the lender "legally" repo the car with only a $390 balance? Answer: Yes they can. 2. Will the lender actually repo the car? Answer: Only as a last resort. They will try and work with you to get the last of the money owed on the vehicle. Lenders want the money owed to them not the vehicle. A typical repo will cost the lender (and eventually you) anywhere from $100 and up depending on skip tracing, wrecker fees, storage fees, locksmithing charges, inventory fee etc. So even though they are legally able to repo the car they won't unless you force them to. 3. Will they "charge off" the remaining $390. Answer: Definately NOT. Lenders are in the business to make money not give it away. It does not matter that the original loan amount was 20k the reality is that you still owe $390 and need to pay it or they will eventually repo the car and you will still owe them $390 PLUS the cost of the repo and sale of the car should it not bring more than the amount owed. I personaly have repo'd a few cars financed through Chase with a balance of $500.00 and less. Charge off are only done when there is no value left on the vehicle, i.e. totaled in a wreck. IF YOU HAVE ALREADY PAID 19K+, WHY NOT GO AHEAD AND PAY THE BALANCE. IF YOU DONT, THEN CHASE WILL NOT SEND YOU THE TITLE. 0R, THEY WILL REPO & YOU WILL HAVE ADDITIONAL COST. PLUS, YOUR VALUABLE CREDIT RATING IS AT RISK.
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