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Well lost my job as a result lost my car. Been a few months now and they still want me to pay(which is expected). If i do pay will i get my car back? I believe that the 7,000$ car was "resold" for 500$. My credit is already bad so is there any reason to pay? No lectures please. But I just dont understand why I should pay the other 4000$ when I have already lost my car and probably wouldn’t get it back if I paid. My credit is already bad so bad credit is not an incentive to paying it back. Any where to go for like a 2000$ car in payments? nothing expensive.

7 Comments »

1. 

   You won’t be getting the car back. The car is gone, sold to someone else.

   The reason you still owe them is you signed a contract that says you will pay back the money they loaned you. Regardless of what happened to the car, you are still obligated to pay back the loan.

   The "incentive" to paying it back is so you won’t lose your freedom. Taking out a loan and refusing to pay it back is called fraud.

   Comment by mccoyblues — May 6, 2011 @ 4:16 pm

2. 

   Of course they want you to pay. You owe them the difference between what they sold it for at auction, and the balance (pay off price) on the car plus the costs of repossession. You will pay them eventually because they won’t drop it. They will take you to court and you will then have court and attorney fees added to your balance, and they will get it somehow. They will attach your wages, your tax refunds, and put liens on any real property you own. They will get it back one way or the other, and no, you won’t get your car back, it’s been sold for $500.

   Comment by oklatom — May 6, 2011 @ 4:16 pm

3. 

   They sold it=can not get it back, sorry. They did not get enough to pay the balance of what was due on the loan. You are, therefore, still responsible to make the payments. When you first knew you could not make the payments did you call the loan co and tell them. They might have helped you out. Too late for that. If you do not make the payments they will annoy you, send it on to a collection agency, then another and after some years it will stop. Takes at least seven years for that. Been there. My credit is now excellent. good luck to you

   Comment by nj2pa2nc — May 6, 2011 @ 4:16 pm

4. 

   Other than them taking you to court and having a judge garnish your wages, there really no financial benefit to you paying them the remaining $4000 since they probably will not do that.
   ——————————————————-

   Um, yeah, they will.

   The costs of collection and court fees will be tacked onto what the OP owes already.

   Comment by alfredb1979 — May 6, 2011 @ 4:16 pm

5. 

   If the car has already been sold in attempt to re-coop some of the banks money, there is nothing you can do to get it back. Other than them taking you to court and having a judge garnish your wages, there really no financial benefit to you paying them the remaining $4000 since they probably will not do that.

   As far as getting another loan, you’ll probably have to go to a "buy here – pay here" lot where you will have very few options as to under what conditions you will purchase another car. But "buy here – pay here" lots are generally set up better than regular dealers for people in your credit situation.

   Your best bet is to save up buy a small $500-$1000 car from an individual until you can rebuild your credit.

   Comment by Todd — May 6, 2011 @ 4:16 pm

6. 

   No, you aren’t going to get your car back, it’s too late for that. You still have to pay because you borrowed their money to buy the car and you have to pay it back. All of it. They sold the car and deducted the sales price from what you owe, but you still owe them the remainder.

   Comment by Scott H — May 6, 2011 @ 4:16 pm

7. 

   You answered your own question. They sold your car for $500. So no you are not getting it back as you defaulted on the loan. They will apply the $500 or whatever they sold it for to the balance you own and you owe the difference plus repo and auction fees. You signed a contract to borrow so much when you borrowed it and didn’t pay so they are cutting there loss with you. If you don’t pay the balance you owe they will sue you for it and get a judgment and then can take part of your paycheck or whatever they can get to get there money back. THe judgment will be held against you until its paid. No getting out of this and your credit is toast for 7+ years. Only car or anything else you can get now is one you pay cash for…………..md

   Comment by Uncle Jed — May 6, 2011 @ 4:16 pm

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