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Ely
Ely, Counselor at Law
Category: Legal
Satisfied Customers: 100604
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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What are the repercussions of having a car repossessed What

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What are the repercussions of having a car repossessed? What rights do I have as a co-signer? Any suggestions please.
Hello,



My name is XXXXX XXXXX I am one of JustAnswer's attorneys. I'll be helping you resolve your matter today.



How far were you behind? Is your name also on the title?



Customer: replied 6 years ago.

Hi Eli,

 

2 months behind. Yes, my name is XXXXX XXXXX title. I co-signed for my son. He is unemployed, and I can't afford to make to car payments on top of all my other bills.

Do you WANT to get the car back, or are just wanting to know what will happen next?
Customer: replied 6 years ago.
I still have the car. Wanting to know what happens next? Or should I just turn the car over to the bank?
Oh, so they HAVEN'T repo'd it yet?
Customer: replied 6 years ago.

No, but the are being very aggresive and I don't and can't afford to pay for a car the I owe more than what it's worth. I was thinking of voluntarily turning it over to the bank? Don't know what other option i have?

I understand.Whether they reposes it or if you give it back, the action will be the same:They will auction it off, and then will go after you for the deficiency between the auction and what the contract was.

Best of luck in your matter. I'm here if you need any more clarification or follow up info.



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Customer: replied 6 years ago.
How does the deficiency work? How do they collect the balance of the sale or loan if I can't make the monthly payment?
If you don't pay and then they reposes, or if you just give it up and say "I'm not paying anymore, take it back," they will take it back.Then they auction it publicly. Then they take the money they made in the auction and compare it to the money they would have made off you on the contract. That's called a deficiency. Then they can sue you for the deficiency. Once they get judgment, depending on your state, they may put liens on other titles you own or even garnish a little money each month from your checks. They definitely will report it on your credit. So, it's not pleasant.

Best of luck in your matter. I'm here if you need any more clarification or follow up info.



I hope you found my answer helpful, and if so please click on the ORANGE ACCEPT button for my answer. This is the only way for me to get credit for my work. Understand that when you put in your payment info, you still have not paid until you press ACCEPT.



There is no fee for follow up questions should you wish to continue in this thread.



Remember, sometimes the law under which your situation falls does not give you the outcome or the choices you wanted - please understand that this is not the attorney's fault, but the way of circumstance.



There might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.



Leaving a bonus and positive feedback is not required, but doing so is certainly appreciated!



You can always request me for a future legal consultation through my profile at http://www.justanswer.com/profile.aspx?PF=7286322&FID=7 If you do this, make sure to being the question with “This Question is for Eli…”














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