Re: auto repo-worse case scenario?

Posted by Jenn (68.84.130.179) on October 14, 2003 at 16:28:03:

In Reply to: auto repo-worse case scenario? posted by scared. on October 14, 2003 at 15:37:57:

I was in a similar situation and turned my car in myself. Mine was actually a leased car i turned it in one month prior to expiration of the contract. I didn't hear anything for the longest time from my loan company. I have been turned over to many collection agencies since and it was listed as a Repo on my credit immediately.

Once they auction your car off (they will get nothing close to what you owe, they never do) they'll probably start to contact you then. Once they do demand in writing -- See Whychat's website and letters-- they show everything they're billing you for. I received bills for $6,500 but my company refused to tell me how they came to that amount. I turned my car in around mid of 2000 and wasn't contacted by anyone for probably a year and a half.

It's a long process but dont pay on it until you've got it all nailed down in writing.

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