Was wondering...... If I do a voluntary repo, do I have to pay still? My husband said that we will have to pay what the car does not sell for at auction. Owe $10000 and car is worth $2000. Have another vehicle and do not want or need two payments. Owe 2 more years and $7000 on other vehicle and it is worth more. Could use the extra $ to payoff credit cards and unwanted bills. Thank you in advance for any help.
Yes, you have to pay the difference between what you owe on the car and what they sell it for. And they will not make much of an effort to get a high price for it.
Yes, you are still responsible for the deficiency balance on the vehicle. Basically, what's leftover on the lein after it is sold. So, the car is worth $2000, that is what they sell it for (hypothetically). You owe $10,000 on the lein, this means that you are responsible for the remaining $8000 on the lein. AND they usually want it all at once. AND not to mention the fact that a voluntary repo is still labeled as a repo on your credit reports. Finally, WELCOME to the board!!!!
Kind of stupid. If I can't afford the car, what makes them think I can pay the rest of the lien. Already have 2nd mortgage, credit counseling/debt consolidation and more credit bills. Can't do it.......aaaaaaaarrrrrrrrrrrrrrrrgggggggggghhhhhhhhh!!!!!
...MORE...the "VOLUNTARY REPO" only means you drive the car to the dealer...they don't have to pay a "REPO SERVICE" like $200.00 + STORAGE FEES...that is added to your bill... I would get a second job, third job, sell stuff, ask sister, brother, cousin, parents for money...repo is bad news...
I had one too! It is still unpaid from 1997. Doubt I will ever pay it. Can't afford to. Besides, they aren't trying to collect it, why wake sleeping dogs? Most people get judgements for that kind of stuff. At the time I was judgement proof. NO assets. Don't repo, beg borrow and steal to keep from getting one.
Erica, My repo is unpd from 1999. Both the creditor and the collection agency update monthly. Last year only the creditor appeared on my report and hadn't updated since the orginal report of repo. I then did a stupid thing. I disputed it. You are right. Let sleeping dogs alone! Anyway, how have you reached the 600 club with a repo? I'm still stuck in the 500's although I have great income and numerous perfect accounts that are more than a year old. Help!
It doesn't show on Equifax or TU. I disputed them off. Shows on Experian. (bastages refuse to redispute). I will be sending off letters Wednesday.
That is not entirely true....I sent them validation letters and then disputed with the CRA's. That is how I got it off.
How I wish I could do something! Should I leave it alone or try disputing again. This will soon be my only negative account. I'd be happy to get the just the creditor removed with the collection remaining.
Thanks! That's my gut feeling also. It's so depressing! I've started a little business and its going great. However, I need a loan to purchase some equipment. I guess I will just suffer. The day this account becomes uncollectable, I am going to tear into their azzes! I am so angry!
You have 2 choices . 1/Pay 10000 and keep the car and no ding on your Credit Report. 2/pay over 10000 loose the car and get dinged on your credit report.
Killer, Didn't we discuss this several months ago, or was that someone else? Any way, if both the creditor and ca are reporting, that is a duplicate and is a no no. Dispute the creditor acct. with the cra as being a duplicate.
LKH, Yes that probably was me! I am chicken! I want to dispute very badly. But I am absolutely scared of a judgement. I don't have anything to give, so they won't gain, Here in Texas they can't garnish my wages and I don't own any property. However, they could keep renewing the judgement here in Texas. I could be stuck for life! It's now 2002 and a judgement becomes impossible in 2003. It frightens me evrytime I pull my CR and they have recently updated. A couple of times they pulled a hard inquiry! If they are trying to scare me, it's working!
