does anyone know what happens in a reposition of a vehicle?

If the sale of the vehicle was not sufficient to pay it off (it never is) then you would owe what is called a "dificiency balance" to the lien holder. In essence, you are going to have to pay for a dead horse.

They will get a judgment against your for the amount of the deficiency balance and garnish your wages, hit your bank account if they can find it, etc.

You will be sued for the balance and the financing party will win and get a Summary Judgment. It is up to the party that sues and how aggressively they chose to pursue the balance as to what exactly will happen.

They can attach the Summary Judgment to any real estate in most states and put a freeze on any banking accounts an seize the balance at the time the account is frozen.

They can force forclosure on real estate.

They can pursue a garnishment of your wages and the percentage depends on state standards, which could be usually 20% up to 40% of you gross pay.

The Summary Judgment will remain on your credit report for 10 years, but in most states can be renewed every 10 years until satisfied in full...in other words, it will not go away unless you deal with it.

If you have a relative or friend you could borrow a good portion of the money from, now would be a good time to try to do so and offer it up as a settlement in full of the account where you and the creditor both sign an agreement that they agree to take what you have paid as payment in full. Do realize the different will be assesses as taxable income when you file for taxes as they will fille a 1099C.

This happened to me 10 years ago.People that say don't borrow what you can't pay back are not getting the whole picture.When a person gets the loan,chances are they can pay it back,but things happen in the interim.In my case I was in an accident and my insurance doubled,I was a single mother working hard to raise two boys on a single income.It became a choice literally of feeding my boys and keeping a roof over our heads or keeping the car.It was a sad day watching them take my car away.

The repo'ed my car and sold it at auction,then billed me because they got 3000.00 less than the cars value.I contacted my lawyer who advised me not to pay.Here is what he told me....he said that the repo goes against your credit record for 7 years,the same as if you had filed bankrupt.By not paying it doesn't look any worse than the actual repo and by paying it won't help my credit because of the repo.Basically he told me I was screwed for 7 years.He also told me to ignore any letters or phone calls that I receive in the mail.I followed his advice and I never went to court,or had any warrants against me.

I'm not suggesting that you follow this advice,because as I said,this was 10 years ago,but I do advise that you contact an attorney,and good luck to you.

I most states the government cannot garnish your wages unless in cases of child support,student loans,ect.,not repayment of bills.

Your husband is legally responsible as well.Better call an attorney☺

You will be ordered to pay the amount in court. Don't "ignore" the notice. Write an answer and file it as directed in the letter. They are requesting info on how you plan to take care of the debt.

You are going to owe on whatever balance they don't get. I am not sure if they will allow you to make payments since you weren't making your last ones.

Your credit score will also drop. It will be hard to prove yourself credit worthy in the future.

My advice Don't borrow what you can't pay back. Pay all your debts and bills on time.

Over a matter of time your credit score will improve.

Lawsuit, judgement against you for the full amount and costs, you get your credit screwed, liens against your property, garnishment of salary, tax returns and bank accounts depending on the state you live in.

nicely thats a difficult one to respond to. first difficulty is that in case you additionally could make it not happen do it! artwork with them the final you may until now the tow truck comes. you additionally can examine the guidelines on your state to work out what they are in a position to or can not do. Like in california they are in a position to not enter a locked backyard to repo something. they might say they are in a position to yet its bs and portion of the peacefull repo rules. different states produce different rules examine until now hand. Your credit is going to take a significant hit. in case you have different charges ie mastercard or residing house etc make confident they're paid and recent on time. human beings might inform you there's no way you may get a automobile after this and thats bs besides. it quite is going to take difficult artwork on your section to get your credit report so as until now any lender will think of approximately you. additionally in case you may attempt to sell it and pay the very own loan off in the adventure that your not the different way up on it. Now the rather undesirable section is many of the lenders will nonetheless pass when you even while they repo it. Say you owe 10k on a automobile thats worth 8k and that they repo it. the subsequent step is a carry for such a lot of days then it quite is going to goto public sale. on the wide-unfold public sale that automobile might sell for 4 to 5k and the lender isn't happy and nonetheless will bill you for the rest. I even have seen and heard them sueing human beings to get a jugement on them for the rest and getting portion of there paychecks. This easily relies upon on the lender and state rules. So like I suggested artwork with them the final you may, perhaps see in case you may refinace with them or something. The lender would not go with to repo it expenses them to lots funds and could attempt to artwork with you until ultimately they cant anymore.