Repo with Hyundai motor finance

Anonymous · ‎02-12-2022

Has anyone had a car repossessed from Hyundai motor finance? If you voluntely give the car back and they sell it and don't make the full loan balance will the automatically want the full remainder amount owed, will they sue you if you don't have it or will they let you make payment arrangements?

Mjhall85 · ‎02-12-2022

typically when there is a repo and they sell it at auction and don't get the full amount you are on the hook for the remainder, as far as making payment arrangements I am unsure of but talk to them and work something out.

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sccredit · ‎02-13-2022

Car prices are insane right now. Have you looked into CarMax, Carvana, etc?

disdreamin · ‎02-13-2022

I agree with the post above, check kbb for a realistic value, check CarMax, Vroom, and Carvana, and then run the numbers. It's truly difficult to be upside down in a vehicle that was purchase more than 2 years ago. As with everything, there are exceptions, but I agree it may be worth shopping the car to a dealership and see if they will purchase it from you/settle the loan.

SouthernCredit · ‎02-13-2022

@disdreamin wrote:
I agree with the post above, check kbb for a realistic value, check CarMax, Vroom, and Carvana, and then run the numbers. It's truly difficult to be upside down in a vehicle that was purchase more than 2 years ago. As with everything, there are exceptions, but I agree it may be worth shopping the car to a dealership and see if they will purchase it from you/settle the loan.

I bought a car in March 2021 and sold it to Carmax in September 2021 for $4000 more than I paid for it. The market is so nuts right now that it would be hard to be upside down on anything right now.

Definitely shop it around to see if you can get out of the loan.

My Credit Journey

disdreamin · ‎02-14-2022

@SouthernCredit wrote:
I bought a car in March 2021 and sold it to Carmax in September 2021 for $4000 more than I paid for it. The market is so nuts right now that it would be hard to be upside down on anything right now.

I bought a 2021 in August and am considering trading it in for a 2022 since my slightly used vehicle is worth more than MSRP on the same model/trim 2022. It's truly unbelievable what used (older or nearly-new) cars are booking for.