I have two questions here. I am from California. I have $11,200 left on my car loan and I was recently laid off. I cannot afford the vehicle anymore and I am going to let the bank come and pick it up. The Wholesale on it is like $8,600 so they should be able to get $7,000 for it at an auction although it does have a major dent in the passenger door. My payment is due in mid-September and wanted to know if the process will take at least until mid-January so I can pay the difference in cash through my tax rebate? Also, my wife works and makes about $1,600 a month. She is on the loan. Will they garnish her checks even though most of it goes for rent?
No, I mean the defieciency judgement. If I let the loan go in mid-september, shouldn’t it be until like mid-january before they want me to pay the defieciency from the loan and what they sold it for?

if u purchase a used car then return in voluntarily within 72 hrs, plus the dealer keeps the car u gave for a trade-in, r u still responsible 4 the balance of the car’s price after they sold it at auction? car was returned cuz of problems driving w/stick shift. the sales guy said we could return it if we were’nt satisfied w/it. now the car store wants us 2 pay the difference for it.

I heard this morning on the Today Show that this was a good time to visit a ‘repo lot’ for a better deal on a vehicle. Problem for me is I’ve never heard of a ‘repo lot.’ Is that anything like an auto auction?