so what if your car is repossed and you owe 10 grand on it but the car is only worth 4 grand. ?
What is your advice ? should i get the car out or leave it ?
- Anonymous1 month ago
I like your Moxi kid. What can they do? They can't put you in jail for it. HAHA, they lose. No, they'll sell it for more than you owe. And, they'll report you to the three credit rating bureaus. Your FICO will be south of 540. Which means, take the bus. No car for you. At least not for the next seven years.
- Obi Wan KnievelLv 71 month ago
So you still owe 6 grand. So you have to repay the money you borrowed. So you'll have to move to another country and change your legal name if you don't have the cash. So you'll still be a moron. So you should really stop beginning sentences with so.
- BarfingWhaleLv 71 month ago
sell it for it's worth minus the 4k so you owe $6k and pay it off when you can ASAP.
the government wont sweep it under the rug they want that money so they will milk it any way they can and it will affect you overall regardless.
- AlCaponeLv 71 month ago
Letting your car be repossesses is certainly not the way to "pay it off." Not only will your cost be way more than the difference between $10K and $4K, but you ruin your credit score for 7 long years.
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- Trump 2020Lv 71 month ago
Either way, you'll be expected to pay the debt. That doesn't go away with the car. Be smart. Get the car and pay it off.
- NeverLv 71 month ago
Are you worried about your credit? What will you drive if you leave it?
They can come after for the difference.
- RobsteriarkLv 71 month ago
You owe 10 grand on the car. After repo you also owe the repo company charges, towing charges, storage charges.
The car goes to auction and will raise far less than the retail value of 4 grand. Even less if the transponder keys are absent and the repo agent had to break a window to take the car. The auction house takes a percentage of the sale price. Your 10 grand debt has magically turned into closer to a 13 to 15 grand debt.
You end up with no car and a far bigger debt than if you’d stood up to your debts and sorted them out. You also end up with your credit score totally ruined, so no chance of getting finance for anything for at least the next six to eight years unless you go to ultra-high cost lenders.
- mokrieLv 72 months ago
Let it go. Save money and buy a used car when you have enough to pay the whole thing.
- zenoLv 62 months ago
If your a person of honor and want to keep
A good credit score and a clean conscience
Then pay the loans or promises you make.
Otherwise it makes you look like a diet bag
With a low credit score. It's your life to manage
your choices you have to live with. Good
- Anonymous2 months ago
They are still going to come after you for the outstanding balance. Letting the car be repossessed does not make your debt go away.