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Regular Contributor
MOMO30
Posts: 107
Registered: ‎06-04-2009
0

Charge off repo balance still increasing

Hello I was a co signer on a car and it was a repo in 2008 balance was $ 3,800 at that time 

now it's over $6,000 due to interest building up.

 

 I was told by the finance company that the car was sold for $900 

I may be wrong but I thought once the car is sold all you have to pay off is the 

the balance and any fees.... can they still charge me interest after the car is sold?

 

i just wanna pay the car off but not double of what was owed

Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
0

Re: Charge off repo balance still increasing


MOMO30 wrote:

Hello I was a co signer on a car and it was a repo in 2008 balance was $ 3,800 at that time 

now it's over $6,000 due to interest building up.

 

 I was told by the finance company that the car was sold for $900 

I may be wrong but I thought once the car is sold all you have to pay off is the 

the balance and any fees.... can they still charge me interest after the car is sold?

 

i just wanna pay the car off but not double of what was owed


Unfortunately, yes...  they can charge interest on the unpaid amount....  I would try to settle if I were you... You don't want them to come after you and try to garnish your wages.


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Established Contributor
bettercreditguy1
Posts: 749
Registered: ‎02-11-2012
0

Re: Charge off repo balance still increasing

In selling the car (in this case) since it did not cover the loan, you are responsible for the balance, plus collection, legal fees, and any other charges, ie towing, storage, filing etc. Your best bet is to address this as soon as possible. The lion is only going to get bigger! It is NOT going to go away.

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Established Contributor
guydiver
Posts: 534
Registered: ‎08-30-2007
0

Re: Charge off repo balance still increasing


bettercreditguy1 wrote:

In selling the car (in this case) since it did not cover the loan, you are responsible for the balance, plus collection, legal fees, and any other charges, ie towing, storage, filing etc. Your best bet is to address this as soon as possible. The lion is only going to get bigger! It is NOT going to go away.


+1.  This stuff adds up fast.  There are businesses out there that make their living on stuff like this.  The bill keeps going up until it gets paid.  They can ruin you credit wise, and they'll keep coming. 

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Valued Contributor
Repo-ed
Posts: 2,953
Registered: ‎02-09-2012
0

Re: Charge off repo balance still increasing

Man, this makes me sick to my stomach reading it.

 

Address it stat or it will be a long 7+ years!

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Charge off repo balance still increasing

+1  They can charge the associated fees and still tack on the interest.  I know it's a bad deal all the way around, I would see if you can fix this soon.


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