Automobile repossession

Question

i purchased a used vehicle from a buy here pay here dealer. the car broke down shortly after wards. i bought it "as is". if i fail to make payments and the car is repossessed, what will i be liable for?

Answer 1

fix it and pay it off, it's a buy here pay here, the loan can;t be that much.

Answer 2

Maybe nothing.  The whole "buy here pay here" business model is not about torturing people.  They sell the same car over and over.  They're not going to auction your car, they'll sell it again.  The downpayment was probably more than the car was worth.  Any payments you make are just gravy.

So it could go either way.  If the car has a real expensive problem (not likely) they may hold you to it.

Answer 3

They will take it to auction and you will still be liable for the balance that they don't get out of the car! Including repo fees! If you don't pay that it will go on your credit and they could take you to court!

Answer 4

Technically, you signed a contract, and you are legally responsible for paying that contract in full, regardless of the condition of the car.  They can legally repossess the car, and sue you for the outstanding balance of the loan.