They will sell the car and you will be responsible for the difference in what the car sells for and what the balance on the loan is. You will also be responsible for any fees associated with the repossession. Also, your credit will be ruined for 7 years.
they will repo it
It will be reported stolen.
1 mil
Repo.......homo
then they take your car and repo it.
when repo man repossess the car and was in an accident before you can get it back, what happens
Repo fees.
It depends, usually the repo man will come to the dealerships and tell them a price they'll repo a car for. The company I work for charges roughly $150 a car, but if we have to go unusually for to get the car the price goes up accordingly. Like if we have to fly out of state to get a car the dealership pays for the plane ticket plus a few hundred.
Yes it will need to be paid, the good news is the bank will more than likely take a settlement, and only offer to pay them the settlement if the take the repo and chargeoff off your credit, the will play ball!:) for more info on repossessions, you can goto my website at www.stoptheREPOman.com
You can be arrested.
You can buy repo boats by contacting your local finance companies or in the Autotrade magazine. You may find them on Ebay as well.
If the bank made a mistake they will return the vehicle to you, the repo company is under a hold harmless and work the accounts the banks give them.