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need volentary repo help?
- Thread Starter mialawson
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I wasn't originally going to replies to these, but there are just so many of them..
Whether you willingly give the car back or not is irrelevant, and the bank doesn't care why you can't pay for it. You bought the car, you owe for it *even if you give it back*. The bank will sell it for whatever they can get for it. That amount will be deducted from the amount you owed at the time of the sale, plus fees, storage, towing, etc. You will STILL owe the remainder!
Example:
You owe 10,0000
There are 1,000 in fees.
You NOW owe 11,000
The bank sells the vehicle for 5,000
You now owe 6,000, or only 4,000 less than you did when you started, you have no car and a ruined credit record.
Try to sell the car outright to a private party first for what you owe on it. Scrape up as much cash as you can to put with it if you can't get what you owe (which is very likely).
If you find a buyer that can't come up with all the cash, get with your bank and see if they will finance the new buyer. The bank wants a paying customer, not a car to sell.
Whether you willingly give the car back or not is irrelevant, and the bank doesn't care why you can't pay for it. You bought the car, you owe for it *even if you give it back*. The bank will sell it for whatever they can get for it. That amount will be deducted from the amount you owed at the time of the sale, plus fees, storage, towing, etc. You will STILL owe the remainder!
Example:
You owe 10,0000
There are 1,000 in fees.
You NOW owe 11,000
The bank sells the vehicle for 5,000
You now owe 6,000, or only 4,000 less than you did when you started, you have no car and a ruined credit record.
Try to sell the car outright to a private party first for what you owe on it. Scrape up as much cash as you can to put with it if you can't get what you owe (which is very likely).
If you find a buyer that can't come up with all the cash, get with your bank and see if they will finance the new buyer. The bank wants a paying customer, not a car to sell.
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