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i was watching t.v. today and saw this

Posted by on Apr. 8, 2009 at 7:19 PM
  • 9 Replies

http://abcnews.go.com/gma if you click on the pic of the car on fire it will play the video,

but at the end of the video it says that if your car gets repo'd that you still have to make the payments on it, is that true?  does anybody know anything about it or have any experience on it?

 

by on Apr. 8, 2009 at 7:19 PM
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Replies (1-9):
mommywillU
by on Apr. 8, 2009 at 7:21 PM

I watch suze orman all the time and yes, if your car gets repossessed you still owe the loan. Also, on the news people burn their cars to collect the insurance money.

LauraKW
by on Apr. 8, 2009 at 7:22 PM

I didn't watch the video, but I do know that if your car is repo'd and the bank is not able to sell it for enough to cover what you still owe, you are responsible for paying the difference.  Whether or not the bank chooses to pursue you I THINK is up to them.

cypris420
by on Apr. 8, 2009 at 7:23 PM

I didn't watch the video but usually the way it works is your car gets repo'd, then they sell it.  You still owe the difference between your loan amount and what it sold for.  Happened to my ex, lost his car and still owed a couple of grand on it after it was sold off.


Mama2HannahLynn
by on Apr. 8, 2009 at 7:24 PM

Yup... that's what it is. They sell the car, usually at auction? And you owe whatever the difference is still... if you owe $10,000 and they sell it for $5,000... you still owe $5,000.

Quoting LauraKW:

I didn't watch the video, but I do know that if your car is repo'd and the bank is not able to sell it for enough to cover what you still owe, you are responsible for paying the difference.  Whether or not the bank chooses to pursue you I THINK is up to them.


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ChristineSellsT
by on Apr. 8, 2009 at 7:25 PM

Me too didnt watch the video and YES if the car gets repo'd then the loan company will AUCTION the car meaning they will almost always get less than what is owed and then SUE you for the difference. Hope that helps!!

homemommie
by on Apr. 8, 2009 at 7:26 PM

I didnt watch the video, but I watched Good Morning America this morning. They were talking about people torching their cars and reporting them stolen. They were doing this because they could not afford the p'mnts anymore. What idiots!

shaedog3
by on Apr. 8, 2009 at 7:27 PM

that is some b.s.

Quoting Mama2HannahLynn:

Yup... that's what it is. They sell the car, usually at auction? And you owe whatever the difference is still... if you owe $10,000 and they sell it for $5,000... you still owe $5,000.

Quoting LauraKW:

I didn't watch the video, but I do know that if your car is repo'd and the bank is not able to sell it for enough to cover what you still owe, you are responsible for paying the difference.  Whether or not the bank chooses to pursue you I THINK is up to them.

 


 

Mama2HannahLynn
by on Apr. 8, 2009 at 7:38 PM

Yeah... it's kinda a catch 22, you can't afford the car payments to begin with, so how will you afford a lump sum of the amount after they take it? But it's the way it is I suppose...

I think it's the same if you do voluntary repossession too.

Quoting shaedog3:

that is some b.s.

Quoting Mama2HannahLynn:

Yup... that's what it is. They sell the car, usually at auction? And you owe whatever the difference is still... if you owe $10,000 and they sell it for $5,000... you still owe $5,000.

Quoting LauraKW:

I didn't watch the video, but I do know that if your car is repo'd and the bank is not able to sell it for enough to cover what you still owe, you are responsible for paying the difference.  Whether or not the bank chooses to pursue you I THINK is up to them.

 

 


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ProudArmyWife88
by on Apr. 8, 2009 at 8:21 PM

 Yes. They auction off the car and you owe the difference. If you agree to that, if not you still do owe the payments. We are paying on a car we dont have. But it was a voluntary turn in

Wife to Thomas-June 3,2006


Mother to Kyla-December 23, 2006 & Marissa-October 22, 2008


in love


toddler girl  baby girl


 

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