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 ? 

11 Answers

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  • Anonymous
    8 months 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.

  • 8 months 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.

    So there.

  • 8 months 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. 

  • 8 months 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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  • 8 months 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.

  • Never
    Lv 7
    8 months ago

    Are you worried about your credit?  What will you drive if you leave it?

    They can come after for the difference.

  • 8 months 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.

  • mokrie
    Lv 7
    8 months ago

    Let it go. Save money and buy a used car when you have enough to pay the whole thing.

  • zeno
    Lv 7
    8 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

    Luck

  • Anonymous
    8 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.

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