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jem | If i let my car get repossessed, will my creditors come after me for the deficiency? i still owe 12 grand..? |
i want to know if my wages will be garnished for the 12 grand that i still owe on the car, or if it will just show up as a repossession on my credit report. if they do come after me for the 12 grand remaining, will interest collect on that until it's paid in full? how does this all work?? |
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echo
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If you allow them to repo the vehicle or if you voluntarily turn the car back in (which is considered a voluntary repo) more than likely they will go after you for the deficiency.
The way it works is, they will repo the vehicle and sell it for "maybe" 50% of what the vehicle is worth (book value not what you owe). Example - if you owe $12000. on it, but the book value says it is worth $10,000. they may sell it anywhere from $4000 to $6000. More or less. (probably less) That would leave you with a deficiency balance of about $6000 to $8000.
Then they will add the repo fees to the balance. Which could run up to one or two thousand.
You would be responsible for the deficiency balance plus all fees acquired during the repo, which if you do the math, could be quite high.
You may be held responsible to pay for close to what you owe right now.
Your credit report will probably be hit hard two or three times. Once for the original contract, another tradeline for the repo deficiency. And, if you get sued and lose, the judgment will show on your reports.
They cannot garnish your wages unless they sue. Plus, what they can do (garnish and/or seize your property, real estate or personal) depends on your state expemption statutes.
They MUST follow the rules though and send you all of the required notices within the legal time allowed. The intent to repo, the intent to sell and the deficiency notice after the sale.
If they don't send you the required notices, don't remind them of it. That may help you if they sue you two years after the repo. Since the 2 year mark is considered past the "legal time allowed"
Your best bet is to either try to keep the vehicle or, if you can't afford to, sell it even if you have to take a bit of a loss.
If you plan on selling it yourself instead of allowing them to repo it, you should contact the creditor and discuss it with them. |
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what the heck?
|
Once your car has been reposessed, the creditor will give you the option of paying the balance due (including repo fees, etc) prior to them selling the vehicle. More than likely, they will sell the vehicle dirt cheap at auction. They will apply the amount the vehicle sold for to your balance due. You will be responsible for any remaining balance. This will go on your credit report as a reposession. If you fail to pay the balance due, the creditor can take you to court for a judgement. The judgement will continue to accrue interest, at a specific amount set by statutes (at least that's how it's done in Florida). |
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chick a dee
 |
I think they will try and sell your car and you will still be responsible for the balance from the sale of the car and what you owed them. It will be put on your credit report as a reposession. |
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ngmp06
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What will happen is they will sell your car dirt cheap at an auction. I mean dirt cheap maybe a couple thousand. then you will be paying for the rest and yes if you don't pay it they will garnish your wages. |
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tljaguar
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they can still come after you |
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kevin r
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Yes they will still pursue the remainder of the original debt (minus what they get after selling it). Plus they will charge you a repo fee of 2000 to 4000. I don't know about garnished wages for a defaulted loan. In NC they only garnish if it is child support or a federal loan |
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JOE
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dont let it get repossessed, it'll be on your credit report for up to 7 years, plus when you go an apply for credit it'll look as you not being able to repay loans, and as a high credit risk, try and refinance it and get a second job. |
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misslabeled
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Your debt is what you were in arrears at the time of the repossession, so that number increases as you continue not to pay until they come take the car, plus interest. |
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fishing66833
 |
They'll sell it at auction. Personally, I think they rip you off. The selling price, whatever it is, is deducted from what you still owe. And you still have to pay them that amount remaining. They'll probably sell it for 3 grand, leaving you still owing 9, with interest. I know they charge interest because after I sent in the final payment, they still billed me for interest. And it counts against your credit, not only now, but for 5 years after you finally pay the darned thing off. It's a racket, I think they sell it for more than they say, or are selling it to a relative for next to nothing. Either way, you get stuck. It happened to me, 30 years ago, and that's what they got me for. |
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jannie
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they will sell the car and you will have to pay the remaining if they don't get enough to cover the loan
and there will be interest on it as it will probably be turned over to a collection company |
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tashafleming25
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they will sell the car and the balance owed between what they sold it for and what you owe will have to be paid by you. |
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Melissa B
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According to your state laws they may be able to garnish your wages if they assume a law suit against you. Otherwise it will just go on your credit report as a repossession. I would look into your state laws. As far as interest goes, they shouldn't be any occuring interest chareges. |
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Jena W
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They probably will resale the car and deduct the amount from the $12,000. They may add in additional money to the balance for the repossession costs, attorney's fees, etc. Then, your creditor will still want to collect the remaining balance from you, so you may want to prepare for the collection calls. I am unsure whether interest will continue to accrue. |
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siznaggle_tooth
 |
The finance company will stop the interest accrual process once the reposession takes place. They will sell the car to pay off the balance, and the remaining amount that the sale of the car doesn't cover is what we bankers call a charge-off. You will get a bad mark on your credit. The will not go after your wages. If you pay the balance of the charge-off once you get some cash, your credit will improve sooner. I would try to sell the car before the bank repos it though because you might be able to get some sucker to take over the loan for you. |
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joeysmom2
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when you turn it in, they will try to resell it for your owing balance. If they do not sell it for what you owe--that will show up as your deficiency balance on your credit and they may not be able to garnish your wages (only govt agencies can do that). Everytime your credit is pulled they will see that deficiency and may turn you down unless you pay it off or allow them to pay it off and add it to your new loan. There will be no interest added to the balance. |
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planeboy747
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They shouldn't garnish your wages, since the property has been repossesed (because they obviously plan to sell it again).
Yes, it will show up on your credit report. If you are on the verge of repossesion, then you need to sell your car, or just take it into the dealership, save yourself all the hassle and drama. |
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