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what happens when credit repos vehicle

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Subject: what happens when credit repos vehicle
 
Posted on Fri Mar 19, 2010 1:22 pm  

Bought a trailer 5 years ago. i can no longer keep up with payments. notified bank and they are scheduled to pick up next week. besides this affecting my credit score, can they attack any other vehicles i own for the balance due? how about my business account/personel account? so far im sure the payments i made have paid for this trailer , and the principle has barely been touched. thanks for your replys, im getting mixed messages, and im confused!!
Aaron

Aaron

Joined: 08 Feb 2010
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Posts: 2632



48565 Magic Points

Subject: vehicle repossession
 
Posted on Mon Mar 22, 2010 5:21 am  

Hi,

Your creditor can repossess your vehicle without even going to the court, or serving you any notice, the moment you default on the payment. However, this depends on the contract made when the vehicle was bought and repossession rules of the state where you live in. If the creditor breaks any of the laws, he may lose his repossession rights and even may have to pay you for the damages made.

Thus, you need to check the repossession laws of your state. However, after selling the car, the bank may still come after you for the difference. So. it's better to sell the car yourself and then take a loan to pay for the difference.

Hope this helps.

Regards,

Aaron
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NightStar



Joined: 10 Mar 2010
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Posts: 142
Location: Illinois


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Posted on Mon Mar 22, 2010 5:43 am  

This is going to be better than a repo, the credit report will show instead surrender.

What is going to happen is the bank is going to sell the trailer, and they will sell it dirt cheap, what ever is left over on the original balance you owed them. They will come back after you for the balance.

I found this link a while back and it may be of help to you, it talks more about what happens when you have a repo.

http://www.independentdealer.com/finance/finance9.asp
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