Questions about getting a car reposessed

We recently had to let a car get voluntarily repossessed, and the amount still owed for the vehicle is around 11 grand and is now sent to a collection agency. Has anyone ever dealt with this, and what can the collection Agency potentially do to us if we are unable to pay it or if we are not in contact soon enough.


They’ll sell it for what they can and hold you reliable for the rest… after that they will garnish wages


Please make some type of arrangements because they will garnish you

Look into it but I understand that once a collection agency takes over any monies owed that legally you are not obligated unless you contact them due to they paid the balance and you do not originally owe them, but again look into it.

The car is sold, then they will be in contact with you. It was about 1.5 month after repo before they sent a letter. I just pay $25 once a month. Just get back in contact with them to set up a payment plan. They wont expect a big payment, but they will like something.

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When they sell the car if they don’t get enough for the whole balance you’re responsible for what’s left. You can make payment arrangements with them I’m sure.

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Need to call the collection agency and work out a payment plan before they take you to court. Much easyer and better. They will work with you. They did us. My husband lost his job and when he got knew one our credit card had went to colection. I jist called them and explained to them that we where just getting back on our feet and that i would like to start making payments. Worked out a deal of only paying 50 a month but thats all we could aford. Now after three years able to pay 100 a month and almost have paid off.

They will offer you options soon like pay it off for like 3,000 or something

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Depends on your state…In CA if you owe 11k and they sold it for 5k at auction you are still responsible for 6k…they will try to collect on you and make arrangements…if that doesnt work they take you to court (usually ends up in garnishment) and keep in mind the debt is still accruing intrest! I worked in Repossesions for 5yrs.

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Make sure to keep any payment arrangements documented and on hand. If you apply for an apartment you may get denied for a repossession

Should have kept the car. If ur still having to pay for the arreas plus ur name is bad now.

If you pay it, you can get it taken off your credit report and ask for receipt of payment…keep records of Everytime you pay. Certain companies can sue but they can’t do anything else besides ruin your credit.

If you don’t pay they have twenty years to file a claim. I just had one after 14 years for $32,000.00, had to file bankruptcy.

If you do not make payment arrangements and keep them they will send your account to an attorney to file suit. In NYS they will file for a default judgement in Supreme Court. Once the judgement is filed it is enforceable for 20 years. That means they have all that time to find your employment and garnish your wages, in addition they can file property executions for your bank accounts, including IRA"s. However if they go 2 years without any attempt to collect the debt then they cannot sue or force you to pay or continue to try to collect. Legally it’s still a debt you owe but they cannot take action against you. Also you cannot pay a couple bucks a month and use that as a defense that you tried to pay. That is a myth!

Look into the laws of your state. They vary. Some states they can garnish your wages and some states they cant.

l went threw that and yes they want u to pay the difference and on me had to clam the whole amount of what the car cost when u first bought on taxes they considered it income since u didn’t make payments

As someone who buys debt and Sue’s consumers who refuse to pay…my suggestion is first and foremost make the collection agent provide you with proof…next figure out an affordable payment plan that is comfortable to you but also facilitates the needs of repayment without it taking years

Not paying will lead to court…and then you’re stuck with the defficiency balance plus court cost and legal fees