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Hey everyone, Because of some issues and fights with my bank, my 2005 altima is being taken back by the bank. But the thing is I messed it up. The engine or transmission, is about to blow. It has severe issues with the engine really bad it might need a new engine. Either way what will and or can the bank do to me? I dont have the money to get a new engine or anything so what could happen? And what if I just declare bankruptcy then could they do something? Im pretty worried seeing its gone happen sometime this week? Anyone know? or know somebody that would know about this?
Was told 90% it needs a engine, the pistones are misfiring
ps: i live in canada

7 Comments »

1. 

   I am not sure what state you are in but typically the condition doesn’t matter. They will mess up your credit with a repo showing but you can typically get another car in 6 months to a year. I think they can only go after the amount of the loan but you might want to call a car dealership and talk to their finance peopel – if you like them you can buy from them at the appropriate time. My sister used to own a repo company and worked for several large banks and there were times where they had to use the wrecker to pick up cars and as far as I know the condition was never taken into consideration. Make sure to get everything out of the car!

   Comment by Jen — July 8, 2011 @ 6:38 am

2. 

   When the bank reposseses your car the condition of the car does not matter. They will auction off your car and then you will owe the difference between what was left on your car loan and what they auction it for. Although, the worse condition it is in the less money they will get for your car which ultimately means the more you will end up owing.

   Comment by Amber M — July 8, 2011 @ 6:38 am

3. 

   They will sell your car, and you will owe the difference.

   Comment by Towboat Girl — July 8, 2011 @ 6:38 am

4. 

   The bank will sell it at whole sale auction regardless the condition and the remainder owed will be put back on you

   Comment by omniscient_27707 — July 8, 2011 @ 6:38 am

5. 

   If they sell it for less than you owe, they can sue you for the rest and put a judgement on your credit report.
   If they feel you did it on purpose to be vengeful, they may be able to file charges against you (depending on your states laws).
   As for filing bankruptsy: Put your big kid pants on, suck it up, get a second job and pay your bills.
   If you have the money for an attourney to file bankruptsy, you can start to make restitution. Be honest and do the right thing.

   Comment by siren381 — July 8, 2011 @ 6:38 am

6. 

   borrow some money at http://www.prosper.com

   Comment by Bill P — July 8, 2011 @ 6:38 am

7. 

   You NEED A BETTER CAR ANYWAY!
   Be glad that the bank is taking it back.Bankruptcy, bank can’t do anything to you.
   Take a deep breath cause one of your big problems is about to be gone.

   Remember, You NEED A BETTER CAR ANYWAY!

   Put OIL in the next one and be nicer to it. SMILE

   CONGRATULATIONS on getting rid of that car and on you way to A BETTER ONE!

   Comment by Lawannah — July 8, 2011 @ 6:38 am

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