POSSIBLE REPO

[dpage]

Hello all, sorry if this seems like a repost. I don't think my first post went through. Long story short, I have an auto loan that is just rediculous through Capital One. I still owe 19K on the loan, the car is only worth around 9K (2012 nissan altima) I'm considering turning the keys in.. A little history, the car was origianlly leased but during the lease period had some hiccups with my finances so when it came time to buy the vehicle my credit was prety much shot and ended up getting a "jacked up" loan to say the least.. having a hard time keeping up with these payments and ALL of the payments are going to interest.. my question is, how long would it take for them to come after me for the balance of the loan after they sell the car. has anyone else done a voluntary repo and what was your experience? Thanks, dpage

[Anonymous]

A voluntary reposession is no different than a non voluntary one, it will destroy your credit and will make it very difficult for you to obtain a car loan in the near future, and if you do it will be on even worse terms than you have now.

As far as a lender coming after the deficient balance, it will more than likely take a few months or longer because they have to go through the proper legal procedures to reposess the vehicle, then sell the vehicle at auction, and calculate the remaining balance, plus fees.

They can garnish your wages for the remaining balance as well.

I would personally suggest doing whatever it takes to keep the vehicle and keep paying the payments on time. Try cutting needless things out of your budget that aren't necessary such as Cable, internet, going out to eat, etc...possibly pick up a second job that helps make the end's meet. A reposession may take the burden of the payment away, but it will have worst reprocussions in the future, higher interest rates on future loans, higher insurance premiums, just to name a few. What may seem like a short term solution will only turn into a long term headache and cost you more.

[dpage]

Thank you!!!  I really appreciate your response..

[916networktech]

A friend I know had something similar, except he lost his job couldn't pay the $550 monthly fee for the auto loan, had an order of repossessions, he moved left no forwarding address, he was still able to renew the tags, drive, and insure the car, after 4 years he said heck with this got tired of looking over his schoulder, he Called the bank , they had charged off the car by that time, he told them that the car was parked in a church, a week later they picked it up, sold it at auction sent him a remaining bill, look up your states statue of limitations, he didn't get sued, and the repo it's off his credit report after 7 years from the date of last payment.