What Happens if My Car Gets repo'd and its missing some parts?
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What Happens if My Car Gets repo'd and its missing some parts?
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Hypothetically, of course, what happens if the repo man comes to pick up my car, and its missing a few expensive parts? Does it just sell for that much less at auction and I am intern responsible for a higher difference on the note?
Related Question:
Can the finance company actually take me to court for that difference post auction, or just put me into collections for it. Lets say for the sake of argument that the amount is about $4,500 if that helps.
Thanks!
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fire4511
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The car will be sold at auction, The proceeds of the sale, less all costs (including repossession, towing, storage, sale and title) is applied to your loan balance, and you have to pay the difference. Interest is still charged on the loan, so your balance will increase daily
.If you do not pay, the bank or finance company can and will sue you and obtain a judgment . They will then attach your wages, and can also get a court order seizing any bank accounts that you may have.
They may try collections first, but they will end up filing suit. The repossession will stay on your credit for 7 years, any judgment will stay for 7 years after it is satisfied (meaning it can stay with no time limit until you pay) |
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Uncle Jed
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Yes they will sell it in whatever condition (missing parts or not) because it make no difference to them what it brings.
And then they will deduct that from your loan balance plus repo and auction fees.
They will send you a demand letter for the balance on the loan
You will have 30 or 60 days to pay in full ( it varies)
If you don't pay it they will sue you and win.
Then they will garnish wages or attach assets until paid in full.
And your credit will take a hit for 7+ years............md |
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blacklightn
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It will go to auction as is, I don't think the finance company can take you to court for missing parts off of the car, they wouldn't have no proof of you taken them, you could tell them that it's just been stolen. Unless you file bankruptcy you are responsible to pay off the amount still owed after it being at auction. So if you owed 5,000 and it sold 1,000 at auction you are responsible to pay the Other 4,000 to them. Check your state laws and make sure. |
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mbrcatz
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Yep, they sell it for much less at auction, and you are still responsible for the difference.
If the finance company thinks you stripped the car yourself - ie, you didn't file a police report - then yes, they can prosecute you. |
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1212
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my car was repo 10 days ago i filed chapter 13 and now i can get my car back the only problem is the repo company lost my personal inventory and license plates what do i need to do to get my iventory back and license plates? |
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