repossed car.. what will happen next?
Date: Mon, 12/11/2006 - 11:53
my estranged hubby and i owe on a car that I drive but can no longer make pymnts if repossed what will happen?
Because of the defaults, the creditor has the rights to reposses
Because of the defaults, the creditor has the rights to repossess your vehicle and if you are not able to make a proposal during that period, they will auction it.
In most cases, creditors are not able to recover the full amount because of the depreciated value of the vehicle. In that case, they will continue collections for the outstanding balance. You are still responsible to pay that portion also. They may hire a collection agency in this case or even take you to the court because of your constant defaults. I highly recommend that you should do arrangements with the creditor before anything gets worse.
