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How bad was it? How far did the bank to get the vehicle back? Did it go to court? Did they put a judgment against you? Can they put a warrant out for your arrest?

4 Comments »

1. 

   I have never had a car repossessed, but I have repossessed many of them.

   When your car is repossessed you will be given a short time to redeem it. The bank may allow you to catch up on payments and pay the repossession fee, and then continue with the loan, or they may want the car paid off.

   After the redemption period is over, the car will be sold, usually at auction. The proceeds of the auction (less all costs of repossession, transportation, title, storage, and sale) will be applied to your loan balance. You will then have to pay that balance, either in a lump sum, or they MAY allow you a payment plan. If you fail to pay, they will sue you, and have a judgment issued for the balance of the loan, interest and legal fees.

   They can then, with a court order, seize your bank accounts, and attach your wages. The interest is still charged until the judgment is satisfied.

   The repossession will remain on your credit history for 7 years. The judgment can remain for 7 years after it is satisfied, meaning if you do not pay it can be there forever, as long as the bank chooses to keep it active.

   You can not be arrested for not paying your car payment. You can be charged with contempt of court if you do not answer summonses, and provide truthful information about employment and assets after the judgment is issued.

   Comment by fire4511 — September 24, 2009 @ 1:50 am

2. 

   No I have not. Good luck.

   Comment by Lola — September 24, 2009 @ 1:50 am

3. 

   the bank wants the money not the car//go to bank and see if they will make a deal//take money/see if you can refinance/they are open to suggestions because of the many repos they will do anything thats reasonable//get away from the phone and go there and talk in person//give them a "pitch"//no arrest and dont worry it will come out ok// i know a guy that a few years back wanted a corvette/ he wasnt married and lived with mom// gmac gave him the car and he made every other payment and took 7 years to pay off the car instead of 40 months //gmac yelled and screamed but he has the car and they have the money

   Comment by ken k — September 24, 2009 @ 1:50 am

4. 

   Can they put a warrant out for your arrest?
   ————

   Easy now. No such thing as debtor’s prison.

   Comment by alfredb1979 — September 24, 2009 @ 1:50 am

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