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Volantary repo
My husband just bought a car.. we have two other vehicles.. One is an SUV and we are not happy with it.. it has had nothing but problems we tried to trade it in on the new vehicle that we just bought. However they would not give us what the SUV was worth due to gas being as high as it is and we are upside down.. what will happen if we did do a voluntary repo.. will the bank come after us? Will we be responsible for the remaining balance of the vehicle after the car was sold?
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yes, what happens often you will owe as much if not more after it is sold than you do now. First what they do, they add legal fees, and sell fees to the price owed and maybe storage fees. Then they sell it at auction, where it brings about 20 to 30 percent of its actual value, so after they apply this to all that is owed, then they ask you to write a check for the balance or set up a payment plan, ( normally higher than the paymens you were making)
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