Refined question. If we let the lender do a legal repo on our car, is that the end of the story?

If we cannot afford our car payment and we let the finance co. legally repo. our car...are there any other consequences besides the FICO score hit?

Refined question. If we let the lender do a legal repo on our car, is that the end of the story?

Absolutely. The lender will sell the car at auction. You are responsible for the difference. So, if you owe $10,000 and they sold the car for $6,000 you still owe the lender $4,000.

Refined question. If we let the lender do a legal repo on our car, is that the end of the story?

they will sell the car at auction afor probably a lot less than is due to them, then add on a lot of fees and bill you for it - they will still come after you for the balance - I had a 17K car that I voluntary repo%26#039;d and it turned into a 22k debt with them - year old car they supposedly only got 4800 at auction = forced me into bankruptcy

Refined question. If we let the lender do a legal repo on our car, is that the end of the story?

That depends on what the finance company sells it for. If they sell it for less than what is owed on the loan, then you will still be responsible for the remaining balance to the finance company.

Refined question. If we let the lender do a legal repo on our car, is that the end of the story?

Yes, they will sell the vehicle at auction, if it doesn%26#039;t get enough to pay the price of your loan, you will be liable for the amount unpaid. Check with legal aid to see what your rights are.

Refined question. If we let the lender do a legal repo on our car, is that the end of the story?

Here it is in a nutshell your credit score will drop , they will asked you for the balance that they do not get at auction and yes they do sell them at auction usually a local one and then if everything else fails they will put a judgement on you for the balance of what you owe them and it will show up on your credit file for the next seven years.