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When they repo your car do you still have to pay for the entire car or just a percentage?
Just want to know the process, I'm in illionis and my brother is trying to outway should he just finance another car or try to get the repoe car back, BTW the bank is playing a lot of games with him!
3 Antworten
- Anonymvor 9 JahrenBeste Antwort
If your brother's car is repossessed, he is still responsible for paying the lender for the outstanding loan amount. Losing the car does not eliminate the debt. The lender will sell the car at auction and whatever it sells for will be deducted from the amount owed, however, the lender will add in the costs for recovering and auctioning the vehicle.
- Dan BLv 7vor 9 Jahren
You will owe the difference between what was owed on the loan at the time of repossession minus what they sold the car for PLUS repo fees, and other fees relating to the repo effort.
Financing another car is about 99.9999% out of the question due to the recent repo.
- oklatomLv 7vor 9 Jahren
If he has a repossession on his record, he won't be able to finance another car.
Process: The costs of the repossession, towing, storage, preparation for the auction is added to the balance you owe. The car goes to auction. The price it brings is subtracted from the balance. You are billed for the remaining balance. If you pay, it's over, but you have a repossession on your credit report for the next 7 years.
If you don't pay, the costs of court and attorneys are added to your balance, and you are sued in court. Now that, along with the repossession is on your credit report.
