Voluntary Repo - Has any1 ever had their car repo'd VOLUNTARILY, what were the consequences? what happend?

Question

Voluntary Repo - Has any1 ever had their car repo'd VOLUNTARILY, what were the consequences? what happend?

Answer 1

*I have not had this happen, but know about it from industry experience*

It's treated the same as a regular repo. The car is taken from you, sold at auction, and you are responsible for the difference between the auction sale amount and what you owe on the loan. So, if you owe $20,000 and it sells for $13,000 at auction, you are on the hook for $7,000.

If you can't come up with that $7,000 it gets more fun. They can get a judgment against you, and you can expect to have your wages garnished (depending on the state you live in). So, you pay it whether you want to or not.

Naturally, your credit is ruined for quite some time.

You're MUCH better off working something out with the lender. They don't want to deal with a repo, they just want their $$$.