Repo sold at auction question

[Anonymous]

My husband and I bought a vehicle in May of this year. It was repo'd in July on the banks error for the most part we were two days late on  a payment and they showed up at our door at 330am to take the car back. They then wanted us to pay them almost 4grand to get the car back. They were not applying but the regular payment amount to the car note not what we would have paid to get it back. We couldnt come up with that amount so we let the car go as it just wasnt worth paying that much for the car. We realize the ramifications of the repo but it was auctioned on oct 19th (not advertised or anything either). Anyway they said we owed 13276.15 on the car as of 7/16/08 (the day it was repo'd) That is with ALL finance charges. The car sold for $8600 leaving a total amount due of $4673.15 BUT they then added a credit to the account in the amount of $5605.11 Well that left a surplus of $422.96 how is that gonna affect our credit because they are sending us a check for the $422.96. The car is totally paid off.

[llecs]

It'll still impact you in a big way (well, should be reporting as a repo by now). The moment they took your car, it became a repo. And the OC may report as a paid CO. But I bet that repo reference is hurting you a lot more.

How is it reporting now?

[Anonymous]

It is only reporting 60 days late they havent ever put it as repo or collection/charge off.

[llecs]

Got lucky there. IMO, don't rock the boat. 60 days isn't too bad. If I was in that situation, I wouldn't even GW them.

[meehan20]

I was lucky with the same with wiht a ex-Gf's Audi repo that i foolishly co-signed on... It is reporting late as well. I got HELLA lucky.