Chosen by Asker

You need to fix your income by getting a secoond job or similar. You might consider selling things to raise cash. Letting a car get repo'd is a bad bad move. You will end up owing for a car you no longer have. You will be sued for defeciency as well as repo costs. There will be lasting. long term and negative affects are a huge portion of your life.

Source(s)

NEVER finance a car.

by Watch IT!

5 months ago

Asker's Rating: 

It still shows on your credit for 7 years, they repo it sell it for what they can then charge you the difference, if what they sold it for didn't add up to what was owed on it.

by B- 5 months ago

Like B said. Then if they choose to they can sue you for the difference that you owe. Assuming they win, and you don't pay the judegement, they can then move to garnish your wages.

by Teddy Bear- 5 months ago

Auto finance is what I do for a living and a repossession is one of the worst things that can show on someones credit. First your lender will sell the vehicle at auction for far less then it's worth and then come after you for the difference plus all fees for towing, storage, reconditioning, auction, interest and lawyers. This will amount to several thousand dollars and if you don't pay they can take you to court, get a judgment and at that point they can attach your bank accounts, garnish your wages (if your State allows it) and file liens on any real property you may own like cars, boats, land and homes. All of this will show on your credit for the next 7-years making it very hard to get approved for any other types of loans without making massive down payments, paying huge fees and State maximum interest rates. You would be much better off to sell the vehicle yourself and see if you can take out a personal loan for any difference, this way you can salvage your credit.

by SPIFIMAN1- 5 months ago

I had a repossession! Don't do it!!! They took my car that I still owed 18,000 and sold it for 6,000. I still owed 12,000 and I just settled the account with a debt collector for 5,217.00 I'm paying 447.00 a month for the next 12 months on a car I don't even have anymore. You will still end up paying for the difference, if you're going to pay at least have the car as a benefit!

by Lores R- 5 months ago

No never had a car repossessed but then I only buy what I can afford. Once the car is repossessed, the lender sells it. What the lender gets is subtracted from the amount owed. What is left you still must repay. Car Loan is 20k car sells for 10k you still owe 10k. The lender gets a judgment against you in court. Freezes your bank accounts, garnishee your salary.

by sassy2- 5 months ago