Site Map
Categories
- Auction FAQ (2440)
- Auction Videos (1949)
- Auto Auctions (29)
- Car Auctions (67)
- Cars (1056)
- Government Car Auctions (87)
- Repossessed Car Auctions (32)
- Seized Car Auctions (68)
- Useful Articles (3)
Testimonials
"I was looking for a car through AutoTrader, but decided to join Gov-Auctions.org and I bought my new car and saved over $8700"
Client: Frank T. (Buffalo, NY)
Vehicle: 2003 VW Passat
Book Value: $17,789
Purchase Price: $9,050
Savings: $8,739
"Many thanks to your team at Gov-Auctions.org. Your information was current and very helpful. Keep up the good work you guys"
Client: Chris W. (El Cajon, CA)
Vehicle: 2002 Ford Expedition EB
Book Value: $18,944
Purchase Price: $8,000
Savings: $10,944
"I didn't think it was possible to buy a reliable car for under $500. WOW! I own my car for the same price as other people's monthly payment"
Client: Cliff S. (Ft. Worth, TX)
Vehicle: 2002 Hyundai Elantra
Book Value: $9,975
Purchase Price: $475
Savings: $9,500
Find Car Auction
Recent Posts
- Car Auctions – Police And Government Car Auctions
- NEW JERSEY STATE AUTO AUCTION CUSTOMER REVIEW W/ MERCEDES BENZ IN JERSEY CITY NJ
- San Diego Public Auction 5.17.12
- 1934 Ford Coupe-Streetbeasts-Headliner Installation
- Car Auction Inc-Access Seized Car, Truck,Motorcycle,Van and More Review + Bonus
- CUSTOMER REVIEW AT THE NEW JERSEY STATE AUTO AUCTION IN JERSEY CITY NJ 07306
- This Is Why Teenagers Should Not Drive
- Charity Car Auction | How To Donate Or Get Charity Car Auction Vehicles Cheap!
- Repo Business Course
- SAA-Web-90-web.flv
Resources
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!
Should I let my car be repossessed?
14th April 2010
Hello! I just lost my job and I am a month behind in my payments. I can not afford the 600 dollars a month car note. I owe 27K and the car is only worth 15K. Do I have any options besides repossession?
Thanks for the answers! I don’t have anyone who can help me. My loan is through Citifinancial Auto and they don’t care about helping anyone. I don’t know what to do but just sit and wait for the repo truck to come or try and find a part time job..
Posted in: Auction FAQ | | Comments (4)
4 Comments »
RSS feed for comments on this post. TrackBack URL
Do you have any relatives that can help you while you don’t have a job? If someone owes you a favor, this is the time to use it.
Do anything you can to avoid repossession because allowing your car to be repossessed does not relieve you of the debt on the loan.
Besides destroying any good credit you currently have, a repossession is worse than just selling your car and paying the difference because even though it is worth $15K, it will sell at auction for $10K.
And the difference will be charged back to you, plus towing, admin costs and storage. It will probably be somewhere in the $20K range.
They will send you a bill and if you don’t pay it, they will sue you and win.
The judgement against you will follow you from job to job and your wages will be garnished until the debt is satisfied.
Comment by Stupid Flanders — April 14, 2010 @ 11:27 pm
You would be better off talking to your finance company about it rather than on here. They will normally try to find a way around things and work with you
Comment by John — April 14, 2010 @ 11:27 pm
Get another job. Or two or three.
Next time don’t overextend yourself. Jobs don’t last forever.
Comment by N — April 14, 2010 @ 11:27 pm
Follow either John’s or N’s advice. Keep in mind that if the car gets repossessed you will still need to pay the 12K or more difference between what you owe and what the finance company sells the car for and your credit will be severely damaged as well. They will also add several hundred dollars in repossession fees to what you owe. Worse comes to worse surrender the car as a voluntary repossession and save the repossession fees.
Comment by Howard L — April 14, 2010 @ 11:27 pm