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Repossessed Car…What Do I Do?
28th November 2009
So I fell behind on my car payments and my car was repossessed….It is going to cost a lot to get my car back…..what happens if I just let them keep my car? I know my credit will be screwed up but it already has been for a long time…..will I owe anything on the car if I let them keep it?? Please help
Posted in: Auction FAQ | | Comments (2)
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You still owe. If the car is sold for more than you owe, then they get what they are owed and you get what’s left-over.
They have no interest in getting anything more than is owed. They just want the money. You will likely have to pay a difference since they just want to get rid of the car.
If you can come up with the money, it will be in your best interest to "buy" the car back. You can still do that. They don’t want the car. They want the money.
Comment by Jack — November 28, 2009 @ 6:37 am
Oh, you’d think it’s THAT easy…
Let’s say you have 15K left on the loan.
Your car will be auctioned off to the LOWEST bidder, so you’d be lucky if it brings in 10K. MINUS the fees and storage and whatnot. Let’s say you’re lucky and that totals 1K. So your car yields 9K.
That leaves you 6K yet to be paid. So you STILL owe them 6K, and you’re now with no wheels.
I don’t know what are the actual numbers on your car, so that’s just an example, but based on "reasonable" numbers.
—
Kasey C, PC guru since Apple II days
Always remember you’re unique, just like everyone else.
Comment by Kasey C — November 28, 2009 @ 6:37 am