My car was repoed yesterday and I really need another car so how soon will that repo be on my credit? and another question could I get my car back before its auction off and if so what all would I have to pay?

I co-signed on a car for my sister to help her out. The loan has about 10,000 dollars left on it and the bank is going to repo the car. I know my credit will be TRASHED, but will the bank garnish my wages or repo some of my property or will they go after her? I know what they can do, but what will they more than likely do? I talked to the guy at the auction they would probly get about 3,000 for the car still leaving like 7,000.
If I paid off the loan and took her to court, What would probably be the outcome? I know by being the cosigner I agree to the bank that if she doesn’t pay, I have to, but the agreement between me and my sister was that she was going to pay for the car.

‘m sorry if this is a long story. I’ll try to keep it short.

Basically, before I met my husband, my husband co-signed on two credit applications with his friend Chris. Chris was his employee at the time. My husband was mislead by the co-signing process. He understood he would be a reference, but he had no idea that his credit would be affected or that he would be responsible for these debts. One account was for a car, another account was for an engagement ring. My husband was angry about being named as a co-signer, but Chris made regular payments, until my husband and Chris had a falling out. Basically, this Chris guy did several horrible things to him and to me (I had met my husband by this time). Chris stopped paying. My husband got deployed, and he is currently deployed. Since he has been deployed, he has never made any payments at all. The car was repo’ed. I am getting letters and calls from collections agencies wanting $6000 after auction for the car and $2000 for the ring. We don’t have this kind of money right now. I called Chris, and he said he would make payments. This was last month, and I called and neither have had payments made on them. I called again, but now he isn’t answer. My husband’s deployed and he can’t take care of it. He agreed to pay the bills, and he agreed that if he couldn’t he would let us know. In short this guy has an alcohol problem. My husband and I have no idea what to do. Should we take him to small claims court and sue him over this? What are our options? We don’t have $8000 offhand, and we don’t want to make payments on a car and a ring that we will never see or have. What is there that we can do?

my husbands truck was repoed then sold in an auction now they say we are responsible for the remaining balance. i am trying to see if this is right or if there is a way around it legally

To whom it may concern:

On 2 Nov 2007, I have been aware of the debt listed in the amount of $11,473.20.
I also have been going through personal finances to see every and each possible
way to fulfill this in a settlement. Please ensure that I do intend paying off this
debt in a respectful manner. I have exhausted every financial obligation in order
to make an offer in the amount of $7457.58 without having to file for bankruptcy.
Due to my poor credit caused by GMAC, I have no other resources other than the amount offered above to fulfill the amount you seek.
If agreement(of my offer) is made, payment will be rendered within 90 days in the full amount offered.
GMAC did not notify me of debt until I received your letter. They also did not notify
me of the auction on my vehicle which from I understand is required by law. I did leave corresponding address/phone number to my assigned agent at GMAC contact me regarding debts, questions, or concerns. I consider GMAC disrespectful to the amount of my debt.

Regards,

okay so I pulled my credit report, and I found out that I had a debt remaining from a repossession that was done in 2007… by the way I live in Kansas. so I contacted the bank were the loan and repo are from they told me to contact there attouney and that I would have to speak with them about it. I contacted the attourney and asked the representitive to send me a list of what they think I owe, she sent it to me as well as a demand letter to pay full balance of 637.14. the break down is this Repo expense, Late Charges, Interest, and remaining that they did not get at auction for my car. (by the way was a 2002 grand am that they sold for 425.00, it was worth 3500.00 what a crooked system) anywho. I sent them a settlement offer via email, with the offer being 385.50, which is the amount of just the repo cost. should I have done anything different???? that is my question. here is the jist of my letter. Dear Collection Manager:

I have learned that you claim that I owe a debt to your collection agency. I must note that I have not yet verified this debt as legitimate and, as you are undoubtedly aware, I have a full right to do so under Fair Debt Collection Practices Act. However, I will try to save us both time and effort and settle this alleged debt out.

Below is my offer. It is not a renewed promise to pay nor does it constitute any agreement unless you sign and return it. Again, I have not agreed that this debt is mine and have an option and a right to request further proof from your agency regarding this debt.

Needless to say, you have the right to report this debt to the credit reporting agencies as you see fit and you can change this record status any time as the debt source reporting. You have also the right not to report it at all.

I am sure you are aware of my right to dispute this debt and request a full proof. I will not pay this unverified debt or any portion of it to you, unless we can agree that you will report this debt as mentioned below.

I know that having “PAID COLLECTION” status on the credit report would be very detrimental to me. Please do not tell me that you are unable to change the status or I will simply stop communicating and request full verification of this debt.

My goal is to come to mutually acceptable terms since this debt is questionable to say the least.

I will pay your company the amount of $385.50 as PAYMENT IN FULL for the full satisfaction of this debt. Upon receipt of the above payment, your company and Southwest National Bank agree to change the status to the “PAID AS AGREED” with all credit reporting agencies. Your company and Southwest National Bank further agree to remove all previous notations of any delinquency related to this account.

If you agree to these terms please acknowledge this with your signature and return it to me. You agree that the terms herein are confidential and you have the authority to make such decisions. No payment will be made without written confirmation.

This is not a renewed promise to pay but rather a restricted offer only. If all the terms can not be met, this offer will be void.

Collection Agency Name:____________________

CA officer signature:____________________

CA officer signature date:_________________

Sincerely,
do you think at least they will come back with a counter offer?

I had a car repo’d almost 4 years ago, now I have a collection agency / law firm threatening to take me to court, garnish my wages, etc. in an attempt to collect the balance. They already took the car (wife became disabled couldn’t work, that’s why we lost it) sold it at auction. Does CA law permit this? If so, I still get stuck paying for something I won’t get to have, they already screwed my credit rating with the forced repo listing, even though I initiated everything to voluntarily surrender it, and the collection agency are being A-holes, making condescending comments like ask your daddy. I am not a child, my dad is a retired teacher, so even if I WANTED to go that route, I can’t. How do I get these clowns off my back if I can’t afford an attorney?can they legally do what they are threatening? they claim there is a clause in the contract I signed that allows it, but I can’t find it they promised 2 send a copy with the section highlighted. Haven’t seen it yet, 1 month +

How is the balance of the car loan paid off after the car has been auctioned off?

also will that make a judgement against me and will thet put a lien on my home?

My friend had his F150 repoed about 1 year ago. He would like to purchase another one. The balance left after the repo has already been paid in full. When he checked his credit report his scores are transunion 595 equifax 620 and experian 630. He dosen’t understand how he can have scores like that after his repo along with other bad debt. What is his chances of purchasing another vehicle? I stated to him that I had a repo on a ford escape 1 year ago. It was auction off with no balace owed on it. I waited1 year and purchase another brand new vehicle from the same dealership and was financed throught the same finance company and I have no idea what my credit scores are.

after they repo my car last year in december… then they auctioned it off to someone else this year in april… now they are calling and sending me mail about filing a lawsuit.. How much longer do i have before they start garnishing my wages?
i owe $7,000, (the difference)

I bought a truck nearly 2 years ago, i made a mistake, got pressured and didn’t know how to get the dealership to back away. After struggling i finally had the vehicle repo’d.
They did not notify me before the auction, and from what i understand, they are required to. It has since been sent to collections, which i got my first letter in the mail about 2 months ago. Since it is in collections, does this mean the unsettled debt is sold off? Is this out of the original creditors hands? What is your advice?