What happens if they repo a car?

Question

What happens if they repo a car?

Answer 1

Bank will call you or send mail giving you final chance at car prior to selling it at the highest bidder. Then in most states you are still liable for the difference they sold it for to what you owed them. AND it will appear on your credit report for 7 years.

Answer 2

If you are behind on your payments make sure that you send in a payment.  Once you are behind 3 months they will repo your car.  This will go on your credit however you can later on make a settlement and negociate to have negative information deleted!  Therefore, it would not be on your credit for seven years. Your question is very open with more details I can give you better solutions.

Answer 3

If your creditor decides to repo your car:

1.  They will hire a company to pick up your car, whether its at your workplace or at home -- if you don't get a chance to get out your personal belongings, they will usually work with you to get them back

2.  The creditor will give you a pay off amount -- of course they will tack on the extra expenses involved with the repo

3.. If you pay it, you go pick up your car

4.  if you don't pay it, the car will go to auction and sold at wholesale price less value for damages, etc.

5.  The amount the car is sold for goes toward the balance of the car

6.  you will get a letter letting your know how much you still owe on the car.