ok my car is going to get repossed, when they sell at a auction i still have to pay the balance how much will my payments be? Im currently paying $525.xx will they be less? Should i try selling the car on the street and giving all of the money to the bank THEN pay off THAT balance?
no im nowhere near a repo but just womdering how much my payments will be for the remaning balance? I want to pay for my wifes college. I rather have shity credit now so my wife can go to college then be selfish and drive an expensive car that we dont need. I know, stupid! but i think her school is worth more then my credit i just turned 22 so im not getting a house any time soon. HEY I LOVE SUBY THE CAR IS ACTUALLY A 2004 SUBARU WRX! LOL!
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That would have been a bette route but if they are looking for your car it’s probably too late. You should have talked with your bank as soon as you were having trouble paying. They may have worked something out.
You cant sell a car that the bank owns. Have you called the repo person? Most times if you can pay off what you owe up to now they will stop the process. Repo is gonna kill your credit for 7 years….if you can’t get the money i’d ask everyone you know to help you. If you can get out of repossession you can trade it in for something you can afford. Seriously try to call them and find out if there is anything you can do. Def. call the bank talk to them find out what your options are.
If you let the car get repo’d you’ll have to pay the entire balance due at once! Lenders don’t let you make payments. Afterall, you didn’t make them when you had the car.
If you can sell it quickly and get enough to pay off the loan, you’ll stave off the repo. You won’t have a car but at least your credit will still be intact. Although the late pays will show up.
If you let it go to repo, besides owing them money that they want paid in full at once, they’ll garnish your wages, attach your bank accounts, money funds, and any real or personal property you own to get their due.
And that will stay on your credit report for 7 to 10 years. You won’t be able to finance anything at all in that time. Once it’s off your record, you’ll have to start up slowly and re-establish your credit before you’ll be approved for a loan on a major item, such as a car. Is it really worth it?
Do everything you can to avoid a repo.