volunteer repo of a car

Status
Not open for further replies.

mojosmomie

New Member
We leased a car in feb. kept it 1 month, realized it was way to much for us to handle the monthly amount (actually realized it before we took it from the dealer but they told us it was to late to back out, our fault for not checking further into that) any ways we called the the bank which held the note and told them we wanted to do a volunteer repo. They came and picked up the vehicle. They Have since sold it, called us last thurs, told us we owe the difference of 18,000. from what they sold it for to which was originally owed. We dont have 18,000. If we did we would of kept the car. I dont have enough money per month to send them more than 100. every month. What can they do to us? What kind of options do we have. Getting a loan is not an options as we are financially extended to the max. even on all credit cards. We both work full time, and have 4 minor children. We have no assests to sell. We are a nervous wreck. We gave the car back with less than 1,ooo miles on it and in perfect condition, why did they sell it for 18,000 less than it was worth??
 
Ok well you could have had somebody take over the lease. Repo's even if they are voluntary still ruin your credit.

You might want to see a bankruptcy attorney. It seems like they sold that car for far less the loan balance, but then most cars depreciate and lose value anyways so being upsidw down and having negative equity is very common. 18k still seems like alot though.
 
Status
Not open for further replies.
Back
Top