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by Walter Edwards on January 23rd, 2006
In the end one of two things will happen:
1. The bank will sue you for everything that you owe them.
or
2. The bank will sue you for everything that you owe them minus the amount that the car was sold for at auction, plus the cost of the repossession. This is called the defeciency balance.
Selling the vehicle yourself is usually tough cause the bank still holds the title. They usually won't release the title unless you are going to pay them in full. Usually the vehicle isn't woth what you owe the bank. Tough situation to be in, It's why bankruptcy's and auto arson are on the rise.
by Lilya411 on January 4th, 2005
First, you should try to sell the car to pay off the bank. Otherwise, drive it until the wheels fall off.
by Anonymous on August 7th, 2006
return vehicle to dealership that it came from
If someone gets a duplicate title, then uses the orginal title to get a title loan, can the title company repo it?
by Jessica_C9352 on December 30th, 2010
| 1 person likes this
Surrendering my car. An unfinished project left lots of custom and missing interior parts. No one will buy it as is. What will the bank say?
by MikeMan33 on July 4th, 2010
| 1 person likes this
Is my dealer full of it?
by fargotojudy on July 3rd, 2010
| 1 person likes this
If the balance of a car loan less than 10% owed, mainly their late fees , is written off to bad debt can they still repo the car
by dleigh on October 11th, 2010
| 1 person likes this
can I add auto repo as another service in my self owned auto towing/ transport business, how will the banks contract my services?
by Kimi_M on September 10th, 2010
| 1 person likes this
You're reading If the bank notifies you of repossession and you park the car for pick up but they never come, what do you do?
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Comments
very good answer
by dedebaby on February 6th, 2006