Well, if it is old and don't run, they probably wouldn't make any money, likely LOSE more money, by repoing it. Sooo, they tell you to keep the old broke donw jalopy and get a judgment against you for the balance owed,ect. You are stuck with a car with NO title, nothing worth selling. But they will VERIFY that it is broke down and worthless. They wont just take your word for it. Good Luck
Probably not. Niether would GM or Hyundai. I boufght a 94 Exel in 1994. I began to fall behind in payments in August 1998. By then my vehicle was indeed running but in such bad shape that it would probably have not been worth it. My muffler was damages, no air conditioning, bald tires, one was a doughnut, the brakes were in poor shape, one front light no longer worked, exterior was scratched and a few minor dents as well. Hyundai was trying to call me day after day 5 times a day. I wound up with all 10 numbers that Hyundai called from on call block. I was unemployed so they did not know where I worked. Still in January of 1999 I still made no payments but found a job in December.
In February they called me finally (from a number they called from that they just added that was not on call block). I told them I finally had money and I could pay an additional 50 dollars a month to my 130 dollar a month car payment. They accepted. I then stated to them that I was surprised I did not get any repossession letters.
They stated "We don't warn of repossesions...then people would hide their cars and skip town and never pay". I then said that I was surprised they did not get my car. They stated "We did begin to repossess but your car was in such bad shape that we decided not to bother after the repo man took a glance at your car."
By June I caught up on my payments and by January of 2000 I was paid up. I was reported as delinquent until 2002.I eventually in 2000 did have to fix the muffler and brakes plus I found fixing the air conditioning was as simple as a fuse. I kept the car until 2002.
2 factors: 1. Are you current on your payments? - if you are not current on your payments the creditor will most certainly repossess your vehicle. however you will not be liable for any deficiency amount. 2. Who is the creditor? - Most creditors will gladly continue to accept payments on the vehicle and not repossess it. however some creditors such as Ford Motor company will repossess regardless of whether or not you are current.
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