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Repossessed Vehicle

Submitted by on Wed, 08/10/2005 - 07:18
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I had a car repossessed and I had a co-signer on it. I was considering filing a chapter 7 bankruptcy but wasn't sure how this would effect my co-signer. I was told it would but in another case I was told as long as I make my attorney aware of it they could not bother my co-signer. Can someone tell me the correct information?


When my car was repo'd, it didn't effect my co-signer, however filing bankruptcy might be different.
By the way, when you are ready to seek out a new car, you can do what I did: I went on cheapcarfinder.com...you register and they give you a list of reposessed cars. You can purchase a car VERY cheap that way. You bid on a car (starting anywhere from $100-$1000 depending on the car make & model), and if you have the highest bid, the car is yours as is. Pretty neat!


Submitted by Lindsey on Wed, 08/10/2005 - 11:30

Lindsey

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You're very welcome, RYM!
They will even deliver the car to your house and you get a CarFax report!
It almost sounded TOO good...but they're right...very few people really know that you can buy repo'd cars very cheap. They get the cars for free basically from delinquency and then when they auction them off, they make free money...so they're not losing anything by auctioning a $20,000 car off for only $400. And you get a nice car for a bargain :-)


Submitted by Lindsey on Fri, 08/26/2005 - 10:23

Lindsey

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Lindsey,
I went on the site last night. I am currently having my husband look into it. I ended up financing a car again because i had a 95 civic that kept breaking down. I hate making the payment every month but I do it anyway since I dont need a 3rd repo on my credit. If you find any other types of site like that let me know! I see that you are very knowledgeable at a very young age! Kudos to you!!!


Submitted by Rhonda28 on Fri, 08/26/2005 - 17:33

Rhonda28

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