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Voluntary Repo


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Posted by xcetra (24.88.220.208) on January 23, 2003 at 12:14:20:

If I was unable to sell my car and asked that it be picked up (when I was only 30 days late and only work part time so I was unable to make payment). Can they threaten to take a judgement out on me and say that they will take my house if I do not pay the outstanding balance of $11,000.00. The car is only worth (by kbb) @ $9500.00. The repo man told me that I would probably only get $6500.00 out of it at the auction. The payoff is $17,800.00. We are talking about a 2001 car and as you can see how quickly they depreciate. No bank or credit union would even think about loaning someone that amount of money when it's not worth it. I have had several problems with the car which I kept all the papers (just in case this company ever has a lawsuit). Which I am sure it will because they stopped making these cars and offered 0% financing and jacked the price up.


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