What happens when your car is repoed?

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which do i buy a car that i like but reliability in question or a car which i least like but is reliable?

it destroys ur credit rating and they come after you for the money owed anyway ... and will take u to court and dock ur pay if they have to .... its not a way out... and when they sell the car it will just about cover the penalties, fines, and repo-man fees ... so expect to pay what was owed on it anyway and maybe a bit more ...

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1997 Chevy Cavalier. It has an 122000 miles, auto. 2.4L, AC/Heat, P/W, runs good, $1900.?

The company gets the car back,and re-sells it, and you are responsible to make up the difference between the selling price and how much you owe on the car.

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What would be a good 1st car here in the UK?

it gets resold

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My Mom is ready to sell her limited edition 1977 Trans Am Blackbird. What's it worth?

just blame the selling dealer

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do you have a 2cv az for sale??

Your bank auctions off the car for wholesale price. Depending on the condition of your car, they will try to sell it a set price. If it's in real good condition, they'll try to sell it for book value. If its in bad condition, they will they auction it off for a quick sale even at a ridiculously low price. After the sale is made, the amount that the car was sold goes towards the balance you owe on the car. The bank will also charge you towing fees, storage fees, auction fees, interests and other fees charged by the repo company. The final balance then will be billed to you. Some banks will expect full payment right away. If you are unable to pay for it (how in the world they expect us to if we got our car repoed in the first place) they will then sell your debt to a collection agency which in fact are more aggressive in getting the money from you. They can take you to court or be nice enough to make a payment plan with you. If your bank is nice enough too, they will ask you to honor the loan contract with the original terms (of course with a different balance) and if you are able to make these payments, they will not mark your credit score. Just make sure to have them state this and sign it. Once you are late for a payment though, the contract may be void or terminated. Which in fact will haunt you for the next 7 years.

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