Ever had your car repossessed, do you really have to pay off balance?
Tags:bankruptcy, cars, info thanks, poor payment history, wages,
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we have been 3 mos at a back of upon payments, filed failure though did not embody a cars, right away anticipating it tough to have payments. Can’t refinance since we changed some-more than 50 miles from where we creatively purchased a vehicle. No bank will refi possibly since of bad remuneration history. There is no a single to steal a income from to come stream upon payments. Any suggestions? How do we compensate a disproportion in between what a bank sells a automobile for as well as a change upon loan? Are your salary garnished? What will this do to my credit now? It is already so messed up, not certain we should be concerned about it. Hope someone has a little great info. Thanks
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The contract was for the loan, not the vehicle. The car is collateral and is siezed to help pay the balance. If the sale of the car does not cover the balance of the loan, you sill owe that. The finance company will still come after you and you will be responsible for any collection costs incurred. You probably are mad that you lost the vehicle, but you would be better off trying to work out a payment plan for the balance of the money owed. This willl prevent collection costs from accumulating. If you had an extended warrenty on the vehicle, you could possibly recover the unused portion since you no longer have the vehicle. That might help offset some of the cost.
no you do not have to pay
yes, u do have to pay off the balance from the auction. i had a 1979 monte carlo repossessed back in 1979. i did a voluntary repossession, which means i told the place to come and get the car, the car was sold at an auction and my parents (thanks to them) had to pay about $6000.00. in those days the repossession did not follow me from state to state like it does now. hope this helps. good luck!