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Household Finances

repo of car

18 years ago

Has anyone here ever had their vehicle repoed or voluntarily surrendered it? Can you tell me what happens during this process? I do know it will stay on our credit report for 7-10 yrs. Any insight would be great!!

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Comments (3)

lizql
18 years ago
First of all, you are charged the extra towing and or surrendering fees of $600.00 to $1000.00. Then the car is auctioned off. You are responible for whatever money is left over on your loan. Some lenders will work with you to set a monthly payment on the amount on a much higher interest rate than what you had to begin with. No payments and a job mean they can go after you with wage garnishment to collect their money. Yes, it will remain on your credit for as long as seven years. If they have repoed the car and have not yet auctioned it off you can go to the lender and try to get them to work with you on the payments. Of course that should have been done early on. The last thing they want to do is take your vehicle. Hope this helps.
cowboyind
18 years ago
There are important differences from state to state. If you are in danger of having your car repossessed, contact a local attorney who offers free consultations, or a free legal services office. If you can't find any such assistance, look in the phone book for the number for your state attorney general. Someone in that office can go over the law with you.

As stated in the post above, ideally what you want to do is keep the repossession from occurring because you have more options that way.
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I used to work in automobile finance, and I can assure you that this happens more often than you might think. First, contact the bank. Even if your ex wants to put the car in his name only, the bank will have to agree to release you from the lien. This rarely happens, because it's in the best interest for the bank to keep open as many avenues for collection as possible. In other words, if you're easy to locate and have an income, the bank will want to keep you on the loan so that they can garnish your wages if they ever have to repo the car. If you don't live in a community property state, try to get a stipulation on the divorce decree that says that your ex is solely responsible for the car. Even though the negative rating from the repo would probably still be attached to your credit, at least you could use the divorce decree if you apply for a home or auto loan within the next 7 years. (That's how long negative items stay on your credit.) Good luck!
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mteenytiny
Original Author
18 years ago
Lizql & cowboyind ,
Thank you both very much for your input.I hope I have it somewhat worked out.

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