Re: car repo

Posted by Why Chat (209.240.198.61) on October 06, 2002 at 19:07:24:

In Reply to: car repo posted by MrMustang on October 06, 2002 at 17:36:49:

On a voluntary repossession you will get hit with a deficiency judgment, that is the difference between what you owe and what they can resell the Ranger for.
Let's assume you paid $30,000. for the vehicle,and owe $28,000.
They resell it for $15,000(about right for wholesale value) You get a deficiency judgment for $13,000. They can garnish your bank account,your wages, and if you have any equity to speak of in your bird they can seize that and sell it at auction also.

Your credit will also be ruined for 7 years.I suggest you sell the t-bird privately, and pay off that loan, so you can afford the new one.

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