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Have you ever had your car repossessed?
30th September 2009
If so, did you owe a remaining balance, and did the bank or finance company sue you for the amount?
If they did, how much did you owe, and how long did it take them from the time the vehicle was repossessed until they sued you or got a judgment against you?
Posted in: Auction FAQ | | Comments (3)
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No, and hopefully it never happens.
Comment by Miss Mocha Latte — September 30, 2009 @ 6:37 pm
mine was a voluntary turn in but it shows up as a repo. I had it financed through chrysler financial, they sold the car at auction leaving me with less than 4000 left to pay. I’ve been paying 200 a month for 2 years now and they still owe 1100. so your best interest is to find a way to make large payments to keep from incurring interest.
Comment by cjwise2 — September 30, 2009 @ 6:37 pm
Yes! Sadly last year that happened to me. They sold the car and I still owe $4,000. It depends on who you went through to finance. Mine was through Americredit. It can take a year or more for them to "sue." I plan on setting up a payment arrangement as soon as I pay off another bill that I have. That way it will show on your credit as being paid and will be a positive rather than a negative after that. Speak with the finance company if possible. It is the most horrible thing that you can go through. You should pay off the remaining balance if you ever plan on getting a car again. I have tried and tried to get a car, and even with a decent salary, and half way decent credit, the repossession is haunting me. Good luck.
Comment by bonstermonster20 — September 30, 2009 @ 6:37 pm