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My car was repossessed…now what…?
13th June 2011
I already have the letter stating where they took it, how I can get my property back, and when the auction will take place if I cannot come up with 00. More than likely, I’ll get sued, but I’m on SSI and they won’t get any money from me-ever. My question is can the finance company take money out of my bank account or take another car from me if I should get one?
What I meant by "my property" is the things that were in the car when they took it. Also, I will be paying cash for a car from now on..no more cars with payments!
Posted in: Auction FAQ | | Comments (3)
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You should be abe to find all the answers you’re looking for by reading the contract you signed with the finance company when you bought the car.
Comment by boogeywoogy — June 13, 2011 @ 9:04 am
No on both accounts. If they try to get money from you tell them you can’t pay as you’re on SSI. OR tell them you can make payments (as long as the amount they want is fair) and then pay them $100 a month or $50 a month.
If you get another car, that’s another deal altogether with another lender. They can’t touch it.
Comment by Leslie K — June 13, 2011 @ 9:04 am
The car was not your property, that’s why they took it. You can get it back if you come up with the pay out amount. Yes they will sue you for the difference between what you owe and what the car was sold for (plus all the repo fees etc.) Unlikely the finance company can take money out of your account, but they will make your life uncomfortable trying to collect. Don’t worry about another car, unless you pay cash you credit is shot for the time being.
Contact the repo company, they will hold your stuff for some time, after that if you dont claim it they will dispose of it.
Comment by pbleek — June 13, 2011 @ 9:04 am