what if I still owe on my car after it has been auctioned of from the creditor. I still owe 6, 000?

by admin on December 21, 2009

I did a voluntary repo; and they said my car will be auctioned off; but I will still probably owe 6000, what if I don’t have the money to still pay?

Originally posted 2009-04-18 21:40:36.

Credit.help.cosigned? I cosigned with my ex on a car….He didnt pay for the car and it was repo-ed. They are now charging me for the cost of the car after they auctioned it. Th car originally cost us 16,000 we payed about 3000 on it and they auctioned it for...
How long do i have to wait to buy a house after a vehicle repossesion? In Nov2007 my vehicle was repossessed. Since then I bought a new one car with a cosigner and am rebuilding my credit but the $6000 balance after the vehicle was auctioned off is still there. Do i have to wait 7years for it the repo to disappear or can...
my car was repossessed and now finance company wants to sue me because it was auctioned off? and now they are back in 2 years saying they want more money.Collection co.is suing me.What are my options.It was a ford taurus and I feel this is a unjust law suit.How do I respond to the courts?Finance saying auction paid less than what I owed.I was ill and...

{ 3 comments… read them below or add one }

bdancer222 April 19, 2009 at 6:42 pm: They will sue you, win a judgment, then attach your bank account, garnish your wages, and lien your property. They will, of course, add all the legal fees to the balance.
Vicky L April 20, 2009 at 6:40 am: I agree completely with bdancer2, but also remember that they can snag your Federal and State tax refunds, as well. There is no way you can get out of this situation because the creditor WILL get it’s money somehow — it doesn’t matter how long it takes, either. I know from personal experience. I had a car repo’d many years ago and I paid on it (through garnishments, etc.) for over 6 years!!!!
DRS April 23, 2009 at 5:44 pm: Your account will wind up being given to a collection agency, which will hound you until every penny is paid. You can pay them small amounts each month, until it is paid off. Just explain in writing to them once you get the first bill, that you can only pay a small amount each month, due to your financial circumstances.