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Car repossession?
I bought a car August 12, 2014. I made payments($301/mth) as discussed until April 2015. A payment was never made in April. A payment was made in May and another was missed in June. In July, a partial payment of $180 was made and also in August for $200. The car was repossessed on the August due date. The past due amount and delinquency is still increasing on my credit report. Is this normal? The car hasnt been resold yet. Should I still be making the monthly payments?
2 Answers
- BiffLv 76 years ago
they will sell the car at auction for many $1000's below what you owen on it. then they send you a bill for YOUR outstanding loan balance minus the loan proceeds and will then add a few $1000 in repo fees. and you will have to pay that off with car to show for it. your credit will be ruined for a long time and don;t expect to be able to get any new loans for many years
