ANSWERS: 7
  • AFTER repossessing!!?? Gangsters and Banksters; there ought to be a law....I sure hope you recieve a more useful answer then this one....
  • yes and if you do not set up a small monthly payment schedule, a collection agency will come after you for the same.
  • yes and if you do not set up a small monthly payment schedule, a collection agency will come after you for the same.
  • It depends on your contract. However, there is another side to this. If you have lost your vehicle and you have nothing else really to your name, you are basically judgment proof. If you change apartments and leave no forwarding address and change your place of employment you will basically disappear for them. Unless you owe a lot of money, no one will come looking for you.
  • YES they can .... They will sell the vehicle at an auction . YOU have to pay the difference between what it sold for ... from what you owed at the time it was repoed and the repo fees and charges etc ... Best to set up a payment plan before they have an attorney get involved and you have to pay for his azz also ...
  • I am certainly no lawyer or expert on this so my answer is more of a guess. You took a loan on the car, say $15,000. You've paid $3,000. You stop making payments and the car is repo'd. They sell the car for $7,000. I believe you are responsible for the amount still owed on the loan, in this case $5,000. You may also be responsible for any court costs and repo fees. This is just a guess.
  • The best answer, is this...Each State has their own Laws regarding/Repo's, The best thing to do is this, Contact the lien holder, let them know of the situation. Then try to negociate something like reducing the amt owned, lower the interest of the loan Set-Up a payment plan (Temporarily until you get back on your feet). In today's world talk to the right person, you'll get what you want! The bank just want's too make some money. It's a loss for them to pay for your car repo so remember avoid a repo, negoiate a better deal for them and you. Because of the bad ecomony I believe you can work something ou with them.

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