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asked 3 years ago
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Laws and customs regarding repossession can vary according to the state and country. Thus, the options available at your disposal would vary accordingly. Your rights as a consumer will be governed by the contract you have signed with the dealer as well as by the state laws.
To take a look at your alternatives you would need to get in touch with the local state consumer protection agency in your area or call a private attorney.
An option you might consider, in order to avoid such a situation, would be to simply give back the car to the lender before it gets repossessed. Keep in mind the fact that not only might it mean a lot of effort but you will probably have to pay the tow if the person has to come to your place to repossess the car.
To take a look at your alternatives you would need to get in touch with the local state consumer protection agency in your area or call a private attorney.
An option you might consider, in order to avoid such a situation, would be to simply give back the car to the lender before it gets repossessed. Keep in mind the fact that not only might it mean a lot of effort but you will probably have to pay the tow if the person has to come to your place to repossess the car.
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It gets sold at auction. Then the finance company deducts the amount received at auction from the amount owed on the vehicle. Here's the bad news, legally you owe the difference even though you no longer have the car. I went through all this years ago. I never paid the difference they demanded, never answered their calls or letters, nothing. They still call once in a while and it's been 14 years! I don't care though, my credit's good now ;)
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Your credit is good even though you never paid the difference. I didn't know that you would only owe the difference? My credit has always been good but I was laid off from both my jobs within a month. This is the first time I could not find a job for so long. I am in the same situation right now, you have made me feel so much better about my situation. I have tried to talk to the bank but with no luck. I am currently going through the same thing. I do not want to go to court so I am just going to drop the car at the dealership where I bought it.
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