Find Seized Car Auctions Near You

Know Where To Buy Your Dream Car For A Low Price!

Whether It Is A Mercedes, BMW, Honda, SUVs, Trucks...

Drive Your Dream Car For 90% Below Retail Prices!

Start Looking For Your Dream Car Now!

6 Comments »

1. 

   Yes…my sister in law had her truck repo’d.

   Comment by jdlr46 — March 13, 2010 @ 6:41 am

2. 

   Yes.

   Your wages could be garnished as well.

   Comment by alfredb1979 — March 13, 2010 @ 6:41 am

3. 

   Yes you do and they will chase you down for it, even if you declare bankruptcy. Plus the repo fees. You will be several hundred dollars ahead if you surrender the car voluntarily as you will not be paying the repo man.

   Comment by chuckles951 — March 13, 2010 @ 6:41 am

4. 

   Not sure if it’s always gonna be the case, but yes. It only makes sense, doesn’t it? Best thing is to stay in touch with the bank. Work it out with them as soon as possible. I think that sometimes people jump the gun and freak out about not being able to make the payments and turn the car in because they think that it’ll ruin their credit if they keep on being late. Guess what? You let the car go back in any way and your credit is shot for a long time, so did it really matter? Figure something out, beg, borrow, but just don’t steal!

   Comment by Eric B — March 13, 2010 @ 6:41 am

5. 

   First your answer is yes, they will TRY. Now because your credit is screwed anyway don’t worry about paying them, if, and they won’t, take you to small claims and get a judgment
   you just show the court your poor a.. can’t pay they will have you try at like 50 bucks a month. More than likely no court, the bank tries a bit and sells your debt to a collections agency. This is not a bad thing because you are almost done, you need only tell them you are unable to pay until they give up. Wait for the statute of limitations to expire in
   3 to 5 years and it’s done about the same time you are getting some credit back in your name. Remember, they have some money and the car but thousands of homes worth waaaay more are closed every month, you ARE just a little fish. Save your money for your life, your taxes are paying for the banks loss anyway.

   Comment by Mike M — March 13, 2010 @ 6:41 am

6. 

   Yes. The lender is legally entitled to receive the full amount of the loan and you are legally obligated to pay it.

   Comment by Scott H — March 13, 2010 @ 6:41 am

RSS feed for comments on this post. TrackBack URL

Leave a comment

Name (required)

Mail (will not be published) (required)

Website