Car Not Repo'd But Still Owe

Discussion in 'Credit Talk' started by snowballz, Oct 2, 2003.

  1. snowballz

    snowballz Member

    ok, car was totaled & insurance company wouldn't pay entire debt. Ins settled & left me owing $1500. I'm not paying it. So now my credit report shows the car as repo. What to do?
  2. 420greg

    420greg Well-Known Member

    How did you get upside-down in the car?

    Did the lender ask you about gap insurance? Here in Florida you have to intial a box declining it.
  3. snowballz

    snowballz Member

    the car was financed @ 19.5%. in Memphis,TN. Never heard of gap insurance until after I got screwed. Since I wasn't injured in the accident, I couldn't even get calls returned from the attourny so I couldn't get the entire amount. I just don't like it stating that it was a repossession when it wasn't. I'm afraid to even attempt to get another car financed.
  4. lbrown59

    lbrown59 Well-Known Member

    So what was it then .???

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