DO you still pay for the truck after you git a repo on it?

Question

DO you still pay for the truck after you git a repo on it?

Answer 1

When you signed the contract to purchase the truck, you also guaranteed the bank against loss due to default on your part. You have defaulted on the loan and the bank is entitled by contract to recover any losses it incurs along the way. This will include lawyer fee's if they have to start a collection procedure. The smart thing is to contact them now and try to work out some payment agreement.

Answer 2

you have to pay the difference of what they get when they sell the truck.

Answer 3

that's a stupid policy how is one to really know how much they get in the resale, and some return a vehicle in better condition than it was in to start with

Answer 4

Yup. You still owe the money. The lender will auction the vehicle and apply that to your loan balance, and then you have to pay the rest, plus recovery, collection and legal costs.

Answer 5

Oh , yes, After they repo..your credit goes down the drink,,,,they sell vehicle and your still owe balance...it stays with you for up to seven years depends in which state you live..be safe..

Answer 6

They repo your car and you owe say, $15000, the bank sends it to an auction and it sells for say, $9000.  You still owe $6000.  Your question is "do you still make your payments"......No, you did not make your payments, that's why they repoed it.  Don't start making them know.  They may sue you, they may not.  File a Bankruptcy and get rid of this bad loan and all of your debt and pay cash for everything the rest of your life.