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Repossesion an option?
I bought a car last year. Now I can't afford to pay it and the payments are 600 per month, and I'm 2 months past due... :confused:
Should I just let them reposses the car? What would happen? Help me out I have no idean where I'm standing thanks |
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If they repo the car, it will be auctioned off at probably much less than it is worth. Then they will sue you for the remaining balance plus fees and costs. They will garnishee your wages, levy your bank accounts etc. If there is any way you can sell this vehicle even if it means taking cash from your pocket to accomplish the sale, you will come out ahead.
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If you let them take back the car, they will sell it at auction for whatever they can get. They will apply that towards the balance you owe and then come after you for that balance.
So you should try to sell the car, see if the loan is assignable. Maybe you can get someone to take over payments. |
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