Just wondering if any one has ever had a new car repossesed from them and how bad everything was! I know it stays on your credit for 7 years and all that stuff, but how much of a difference did you have to pay from the auction amount and the loan amount?

 

you pay the money you owe.. like if you missed 3-300 payments... you pay 900.. thats to the loan company/bank... then theres a few more fees to actually get your car back.. and you never want an evo to be repoed cuz most repo guys have regular tow trucks as upposed to flatbeds... i got a friend who is a repo man and i occasionally go for rides w/ him to pick cars up... CRAZY/SICK/DANGEROUS job.. but a lot of fun.. one nite we repoed a brand new black sti.. and he had the regular tow truck... and he had to tow the car like half a mile down to a main road where someone else from his company had to come w/ a flatbed... and if I wasnt there.. he wouldve prolly towed it all the way back 40+ miles.. haha. but when he started moving i think above like 5mph you started to hear the drivtrain parts goin.. makein awful sounds... lol it nutz... i felt bad for the suby

 

^ wow thats crazy. can i come for a ride? haha

 

well what if you cant afford to get it back? I heard that they auction your car off and you have to pay the difference also, no matter if you want the car back or not!

 

Wether you can afford to pay the difference or not, it is going to ruin your credit. Might as well save your cash. The repo will still show on your file as well as all the late and deliquent payments up until then and have the same detrimental effect regardless.

 

^+1

Yeah, if you can't afford the car then sell it immediately and get something cheaper..

Go to a dealership and trade it in for something you can afford, get a $9,000 car, this will drop your payments in half..

be mature and decide whether or not you can afford it, this will save your money and credit,
7 years is a long time

 

Good luck getting it back. If you didn't pay the first time they won't want to give it back. They will auction the car and you will owe the bank the difference. Remember that difference maybe as much as 10,000. You will not have bad credit, you will have no credit. Because until you pay the outstanding amount you owe the bank no one will give you a penny of credit and they will pursue you for the money in court if you do not pay it.

 

i had this happen about 5 yrs back. i had my 92 Talon TSI repoed. after the auction i owed about 6k (remaining balance + steep fees!). this was 5 yrs ago and i am still feeling the effects in my credit. my wife actually took out a personal loan to pay off the balance and we are still rebuilding my credit, good thing her score is a 767! LOL

 

Ive never been repoed but im the repo guy in my area It was funny when i went for my loan the lady said if i dont pay it will get repod i said "obviously but i would probably be the one doing it so the paper work would get lost anyway" but ive never been late and been doing double payments get it payed off

 

so what do you do when you cant afford the payments and cant sell your car?

 

It looks like you have a few car you could part with. Might want to talk to the Bank, instead of asking here, you would be surprised what the Back can do with a little communication.

 

You have four cars. Looks like a lot of equity. Get a second job might also be a way to pay. IF you try to buy a car for the next seven to ten years on credit you will be 4-7% higher on loans and you will definitely be needing to come up with a 10-20% down payment. If you are going for a house expect the same. Job prospects will go down since large companies check your credit. It is harder to rent an apartment when they check your credit. Car insurance can also go up if your state allows it. Lots of negatives you need to unload things, do anything short of breaking the law.

 

Repo is the LAST thing you want!

If you cannot afford to keep the car, the best option is to sell the evo yourself. Even if you get less for it than you owe on it, that's still better than it getting repoed and sold at auction fo even less money than you could sell it for yourself and then you owing even more on the difference + you will also owe auction fees, repo fees, bank fees, etc. If you cannot come up with the whole loan balance after selling it, you will probably need to sell at least one of your other cars too to make it up.