what happens when a car is repossess?
can't afford to keep car after a divorce,owe more then its worth.
Best Answer:
as the other posters have said it will be sold at auction what they failed to say aloud is it always sells for less consequently half of what you owe depending on the car because they in standard run it through a wholesale auction and buy it back. they also will tack on the cost of the repo generally can run up towards $2000. all of which they will come after you. walk in and talk to the financer throw yourself at thier mercy do not go clean handed ask them to refinance depending on your history most will help you out,,,,communicate otherwise all the above will ensue and you will pay alot of money for a car you will never see again.
you lose your car and your credit go south.
Finance company sell it at auction. They have the right to sue you for the difference between what they sell it for and the amount you owe on the loan.
So.........your payment is upside down. You could sell the car and reimburse the difference to the bank, unless your contract states no third party can do so. When a bank repossess your motor they have to send you a letter stating you are behind time and request payment. You have a right to cure you debt. But if you can not then they will re posse coup¨¦ and usually an in house dealer ship will buy the car from the dune. And it will go on your credit and possible suit to collect on debt.
The bank takes the car, and it is resold. You, however still own to pay the debt to the bank, and if you refuse, it simply goes on your credit and if you don't pay the collections they sue you. This is what happened to my friend. Its a desperate situation. Try to make a payment plan with the guard if you can.
