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What happens when they take your car?

Done deal? Or is there more?


Asked by Anonymous at 11:05 AM on Nov. 13, 2009 in Money & Work

This question is closed.
Answers (4)
  • Oh yeah there is more. Just because they repossess the property doesn't mean you don't still owe them money. Many times the care is sold at auction and you have to pay the difference between what they got..and what you owed. It will also be on your credit report for 7-10 years after it is resolved.

    Answer by GrnEyedGrandma at 11:10 AM on Nov. 13, 2009

  • They send you to collections for the amount that entire amount that was not collected on your loan and they enter a negative entry on your credit report and decrease your credit score.

    Answer by Anonymous at 11:11 AM on Nov. 13, 2009

  • OP Here.....repo can't be any worse then 4 yrs of late payments.

    Dang economy.

    Answer by Anonymous at 11:24 AM on Nov. 13, 2009

  • My brothers repoed car sold for 10k less than he owed. He was sent to collections over it and later it went to court. My brother ended up filing bankruptcy. He over extended himself like so many do. Sadly it was his work truck and they got to keep the tools that my brother could not get out of the truck when they were hooking it up. Thankfully he had removed most.

    Answer by Anonymous at 11:28 AM on Nov. 13, 2009