What happens after you voluntary repo your car???

Question

Just returned my car back to the dealer, could not afford it anymore, owed about 11 thousand on it. Just wondering what is going to happen now? Are the calls going to start coming in? Will I be sued for the remainder of the money due.... check garnished? Any info will help. What about the co-signer... will the car comp. go after them too?

Thanks

Answer 1

they gonna get the money you signed for .

you should have sold it and owed the difference

Answer 2

Not a good move........why didn't you sell it?

Someone (dealer) is going to get a cheap car..........and sell it for a big profit.............and your going to pay...........your co-signer is toast too................not a smart move...............

Answer 3

Here's the deal... it'll be sold at auction, you'll be billed the remaining balance, and you will have a repo on your credit, voluntary means jack btw. A repo is a repo no matter how nicely done.

Co-signer won't be too happy...

You just killed your credit my friend. Sorry but you did. I made that same sorry mistake a few years ago, I had no idea a voluntary repo was just like if they had snuck out at night and took it, no difference at all.... I tried buying a used minivan last year, with half down, not happenin, I was denied cause of that repo.... I've got a couple more years till that dreaded thing comes off my report. But it is my favor a tad cause I paid off the remaining balance right away.

So, as soon as you get that bill, pay it. It'll probably 2k-ish. My car, I owed 12k on at the time of repo, my balance was about $2500..... just pay it off, at least you won't have a repo AND an outstanding balance....