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    Thread: Has anyone ever had their car repo'd? What exactly happens...

    1. Member smi2710's Avatar
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      04-27-2010 02:52 PM #36
      having been down this road many years ago

      i called the bank told them to come and get it. So they did and they sold the car at auction for about 3k , i owed 10.5k on it. they hunted me down for years to get the difference back . it was reported as a "charge off" after a few years on the credit report. Then it was sold for pennies to another collection agency the cycle goes on and on. That was the last car loan i had for 7 years, till i bought a house then i got another one. How ever i started building credit about 2 years after the repo. If taking the hit from carmax just isn't in the cards for you. Then take the hit with credit it will go away. Is it the right thing to do no but if it makes sense go for it. Credit is overatted anyway

      well this is going to take some getting used too........

    2. Member SVTDanny's Avatar
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      04-27-2010 03:02 PM #37
      Call the bank.

      They don't want it repo'd any more than you do. They will work without as much as they can within their means to setup something for you that may be a little more affordable.

      Repo is a bad deal for everyone involved (Except the repo guy). Avoid it at all costs possible. As a last resort, go the CarMax route and put the remaining balance on a credit card or take a personal loan for it.


      Modified by djsheijkdfj at 12:04 PM 4-27-2010


    3. Member turkey_club's Avatar
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      04-27-2010 03:03 PM #38
      Quote, originally posted by Pool Runner »

      Thanks for all the advise, I think I might try the Carmax thing later this week when the weather gets better. Has anyone ever successfully sold their car to Carmax? Doesn't seem like they would be in the business to do this in this economy?

      Friend of mine (and parents obviously) did this freshman year when his CVH Focus died on him. They will always buy your car. Even if they dont give you alot for it.

      Quote Originally Posted by motoo344 View Post
      This thread title is misleading, the ls1 one belongs in everything.


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    4. Member EpicVW's Avatar
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      04-27-2010 03:05 PM #39
      Quote, originally posted by EightyNineGLH »
      He wasn't sued for the remainder, thats what collection agencies are for. Cheaper than sueing (sp). He was bugged by them for a bit, till the account was current.

      There are a lot of variables really. So every situation will be different.

      It costs money to sue someone. Will they sue for $3-4k? Easier to sell the debt to a collection agency and write it off. Will they sue and attach wages for $10-15k? More probable, but it all depends on the cost/return factor to them. Other factors they consider on whether to sue/attach wages are other things you own that they could seize/lien (houses, other cars, bank accounts, etc.)

      They will look at the entire picture. Obviously they can't squeeze juice from a dried out lemon, so if that's the case they may just leave it alone. But due to statue of limitations, they may be able to come after you years later.

      Short story: Avoid repo at all costs, not just for the credit hit. It's YEARS of hassles/costs to come.


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      04-27-2010 03:05 PM #40
      At the VERY least find someone to take over your payment. Best solution is to lower the price and just get rid of it. Look up leasebusters, even if it's not a lease that can help you out. Do whatever you can to avoid repossession. You will regret it the rest of your life.
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    6. Member adrew's Avatar
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      04-27-2010 03:11 PM #41
      OP — if you are looking for something that might show you some light at the end of the tunnel, check out this spreadsheet called the Snowball Debt Reduction Calculator™. You put in all your debts and how much you can put toward them each month and it shows you how to allocate your payments and how long it'll take to pay everything off.

      It has several approaches but focuses on paying off the smallest stuff first since that will give you a sense of accomplishment and keep you motivated instead of just giving up and feeling hopeless. The "snowball" name comes from applying what you were sending to the smaller debts to the larger ones as the smaller ones get paid off. You might pay a little more in interest over the long haul but staying more motivated in the short term is really helpful.

      Good luck.

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      04-27-2010 03:21 PM #42
      You don't have to go to Carmax. Bring it to as many dealers as possible. They'll all make offers. But you'd still be able to sell it for more private party.

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      04-27-2010 03:24 PM #43
      I work for a bank, avoid repo at all costs, call your lender, banks are usually willing to work it out the best they can, ask for a skip a pay. That will give you at least another 30 days to sell the car without having to make a payment. If it's a more long term issue call and ask about a modification or it's it's behind a repayment plan. Just out of curiosity who is the lender?

    9. Member punisher89's Avatar
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      04-27-2010 03:34 PM #44
      Quote, originally posted by Pool Runner »

      Frontier, but to be honest it is the one I would want to keep while I get back in shape over the long haul if you know what I mean, reliability, stout, warranty etc.... But I owe $18K on it and it should be worth at least that so who knows.

      just a heads up from a guy on the inside. Not sure what you owe on the Benz (don't sell it, resale on it sucks those cars are poison) but unless you got hosed on the Frontier or you didn't put anything down you should be in a good situation to sell it to CarMax. We need good quality retail cars now, I know inventory has been kinda low at my store because we've been selling the s**t out of stuff and we've been taking a lot of wholesale trades. The rule of thumb I tell most of my customers is find what we're selling you're exact car for and take about $4k off the price, that's about what you might expect on a retail car.

      Just so you know, as of this posting there are 2 08 Crew Cab Frontiers on the CarMax website, both are in the $22k range and have 30-some on them. I'm guessing if yours is a third vehicle you shouldn't have that many miles on it. Take about $4k off that and you should be good. The downside is you will have to come up with the difference (if any) in cash or certified funds. No personal checks, no credit or debit cards. That last bit might be different at your local Nissan dealer, the difference is they'll know you're desperate to sell and will hit you for it, CarMax won't because the guy you talk to isn't the guy appraising your car.


      Modified by punisher89 at 3:35 PM 4-27-2010

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    10. Member 1Point8TDan's Avatar
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      04-27-2010 03:49 PM #45
      I searched extensively for a 05/06 Frontier CC 4X4 and they can be had for $16,000 on the advertised price with a clean carfaq and under 60,000 miles.

      Sorry to hear. Good luck with it. Most Frontier don't budge on price.


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      04-27-2010 03:52 PM #46
      Definitely do what has been said, avoid the repo if at all possible.

      secondly, why don't you take it around to carmax or other dealers that are buying cars... It doesn't hurt to get a quote and may be easier just to settle the difference than let it get repossessed.

      I've sold three cars to carmax. It's an easy process and they usually have given me higher than what other dealers are offering, but not quite what you can get private party. It really is a simple transaction.


      Modified by Avicenna at 12:54 PM 4-27-2010

      You must not lose faith in humanity. Humanity is an ocean; if a few drops of the ocean are dirty, the ocean doesn’t become dirty

    12. 04-27-2010 04:19 PM #47
      Can you post specs / details about your truck? I'm in Norcal, not saying I can buy it but I'd always up for temptation.

    13. Member radroc's Avatar
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      06-13-2010 12:06 AM #48
      Quote Originally Posted by Avicenna View Post
      Definitely do what has been said, avoid the repo if at all possible.

      secondly, why don't you take it around to carmax or other dealers that are buying cars... It doesn't hurt to get a quote and may be easier just to settle the difference than let it get repossessed.

      I've sold three cars to carmax. It's an easy process and they usually have given me higher than what other dealers are offering, but not quite what you can get private party. It really is a simple transaction.


      Modified by Avicenna at 12:54 PM 4-27-2010

      What KBB price did you get from CM vs standard used car dealer?

      "Trade-in fair condition" vs. _________ price?

      Just trying to get an idea.

      Thanks!
      Last edited by radroc; 06-13-2010 at 01:54 AM.

    14. Member Mabe's Avatar
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      06-13-2010 12:47 AM #49
      So you have the frontier, R class and a 3/4ton for work. Is there any chance that trading in 2 or all 3 for 1 new(er) vehicle would work out?

    15. Member sakigt's Avatar
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      06-13-2010 10:49 AM #50
      Dont forget youll have to get a personal loan for the difference. Carmax wont buy the car for less than what is owed right there on the spot. Theyll need a free and clear title.

    16. 06-13-2010 02:41 PM #51
      Let me rephrase your question in a style that will allow you to fully understand what you are talking about with regards to your financial health. It's something like this:

      "I've been practicing safe sex for years, but lately I've been toying with flying to Haiti and having unprotected anal with a prostitute. Does anyone have experience with this? What can I expect it to do to my health?"

      Let's see what will happen:

      (1) Your truck will get resold at auction. You owe $18k. The truck is worth $14k perhaps. They will probably sell it for about half its market worth to a regular buyer like you or me, so that a dealer can make some money. So they get $7k for it. You will be credited NET of the $7k, minus expenses for towing, collection, auction, storage etc. So you will likely get $5k for your $14k truck. Now you owe them $9k (that is your loss), instead of $4k had you just sold it and taken a loss.

      (2) Any time you borrow money, the interest rate will be higher. A new car where you could have gotten a loan for 3% will not be 6% to 7%, maybe more. You will lose about 10% to 15% of the purchase price of any new vehicle owing to the higher rates you will pay. A house? Go ahead and add a few interest points and see what happens.

      (3) A guy will call you and tell you to pay the $9k immediately. Don't have it? He'll sue you, win, and garnish your wages. Now instead of controlling the terms of paying off $4k, you are going to have $9k ripped out of your paycheck. Can't cover your credit cards and miss a payment because you are suddenly losing nearly a grand a month? They will ALL spike to higher rates, and you will owe even more in interest.


      There is a cascading effect. If you can't pay off your truck, or suffer a $4k loss over time, you sure as hell can't afford to suffer a $9k loss in a short period of time.

      Don't be silly. Find a way to fix your problem. Or just take a vacation to Haiti and have some lovin.

    17. Member jetta2.8's Avatar
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      06-13-2010 02:47 PM #52
      Have you ever seen Pawn Stars on the History channel?

    18. Member 03GTI4Me's Avatar
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      06-13-2010 02:51 PM #53
      Quote Originally Posted by Pool Runner View Post
      Thanks for all the advise, I think I might try the Carmax thing later this week when the weather gets better. Has anyone ever successfully sold their car to Carmax? Doesn't seem like they would be in the business to do this in this economy?

      Just remember this about Carmax. Say you owe 18k on the truck and they offer you 15k for it. You are going to need to come up with that extra 3k on the spot so that they can pay off your loan and get the title in their name. If you don't have the 3k, they will not buy from you as they cannot get the title free & clear.

      I'm thinking that if you had an extra 3k or so sitting around, you might not be in this position. Keep this in mind.

    19. Banned 20aeman's Avatar
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      06-13-2010 03:02 PM #54
      What happens if you do an EXCELLENT job of hiding the car?

      Say park it maybe 3 miles away from the house and 3 miles away from work, throw a mountain bike in the bed and bike those 3 miles? If they attempt to repo but never get it, do they just sue?

    20. 06-13-2010 03:12 PM #55
      Why isn't a no-reserve ebay auction being suggested? Then email all the dealers in your area with a link to the auction and get what you can for it. Seems like the best way to get the most cash in the shortest amount of time

    21. Member rsclyrt's Avatar
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      06-13-2010 03:20 PM #56
      A friend of mine co-signed on a car for his cousin. She never made a single payment. The car was repossessed and actioned off for something like $6k (this was a brand new Neon, sold for WELL under it's value). He ended up having to file for bankruptcy.

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      06-13-2010 03:24 PM #57
      This. And maybe have a friend bid against them to jack up the price.

    23. Member VeeDoobee's Avatar
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      06-13-2010 03:55 PM #58
      Park it in a bad part of town and hope for the best.
      engine fire?
      e brake failure near a cliff?
      flood damage?

    24. 06-13-2010 03:58 PM #59
      Wonder if any of the last few posters realize that the thread was started almost 2 months ago?

    25. Member Hawk's Avatar
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      06-13-2010 04:08 PM #60
      Quote Originally Posted by OldsPowered View Post
      I worked with a woman who thought repossession was a normal part of car ownership.

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      06-13-2010 04:18 PM #61
      Quote Originally Posted by eastcoastbumps View Post
      You don't have to go to Carmax. Bring it to as many dealers as possible. They'll all make offers. But you'd still be able to sell it for more private party.
      I was going to post this.
      If the Nissan is in great shape- go talk to a Nissan dealer about it.
      They may offer more than CarMax if it is something they would like to have on the lot to sell.

      My brother did that with a 92 Civic hatchback- the Porsche dealer didn't want to offer much for the trade (on the Miata he was buying), but the Honda dealer down the street was willing to buy it for a vert fair price since they wanted it due to its great condition (like new).
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      06-14-2010 02:07 AM #62
      I dunno what happens exactly...

      But i'd be doing everything in my power from having to look at this lady comin' to pick it up.


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      06-14-2010 02:25 AM #63
      Quote Originally Posted by Pool Runner View Post
      Q. Do you still owe on the car after it get's repo'd?

      Q. Instead of them showing up at your home can you arrange to drop the car off at a location convenient for the bank?


      Q. How bad is a Repo on a car compared to a short-sale or Foreclosure on a home to your credit rating.

      To answer your questions:

      1) Depends on the value of the car at auction, what you owe and what fees they charge you. For example lets say you owe 18k, your car sells for auction for 10k and there were 2k in fees. You owe 10k. (18k +2k - 10k).

      2) they both suck for your credit rating. Depending on your financial situation, you may be able to file for BK, keep your car and your house and get rid of other debt. Speak to a bk attorney in your area.

      3) usually.
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    29. Member what's Avatar
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      06-14-2010 02:28 AM #64
      Quote Originally Posted by 20aeman View Post
      What happens if you do an EXCELLENT job of hiding the car?

      Say park it maybe 3 miles away from the house and 3 miles away from work, throw a mountain bike in the bed and bike those 3 miles? If they attempt to repo but never get it, do they just sue?
      Depending on the finance company eventually the case will be turned over to the DA as grand theft (as it should be). Not a good idea.
      how come a transvestite donkey witch is next to you and why is it wearing a dress?

      Say 'what' again. Say 'what' again, I dare you, I double dare you mother****er, say what one more goddamn time!

    30. 06-14-2010 12:05 PM #65
      In short... Say your loan amount is 18k, and the truck is worth 10k on the current market.

      Option 1)
      Repo man comes and picks up the car. Bank sells it for 10k. You still owe the bank 8k and you get a black eye on credit report. Risk of getting sued; lawyers are not cheap.

      Option 2)
      You sell/trade the truck in for 10k, and keep paying back your loan using the 10k. That will give you a couple months to secure your finances, and pay off the rest of the truck.

      Either way, the bank will get it's 18k. Best of luck though!

    31. Member scoTT la rock's Avatar
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      06-14-2010 12:20 PM #66
      A True Story About Repossession, By ScoTT La Rock:::

      I have a coworker that owned a new GMC truck.
      Like an idiot he was 4 months behind on the payments.
      They started calling and threatening repo.
      He thought he would be slick by hiding the car in NYC (we live in NJ).
      One nite, he was DJing at a club in NYC.
      The car company turned on the OnStar, and located the truck.
      At 4AM the truck was repo'ed.
      They then sold the truck at auction for 8000.
      He owed 28,000.
      Now the creditors call my place of business every single day, trying to get the 20,000 difference from him.
      The next step is lawsuit for him, and his credit is DONE.
      He had to pay cash for a crappy car to replace his nice new truck, because he can't get car financing with a repo on the report.
      I told him about 10 times to just go to the dealer BEFORE this happened, and work out some sort of payment arrangement.
      He was only behind a little over 1000 bucks, which I am sure he could have worked out somehow.
      But he did it the stupid way.
      The end.

    32. Member Egz's Avatar
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      06-14-2010 12:28 PM #67
      Quote Originally Posted by Servo888 View Post

      Option 2)
      You sell/trade the truck in for 10k, and keep paying back your loan using the 10k. That will give you a couple months to secure your finances, and pay off the rest of the truck.
      Problem with that is the bank usually holds the title, and won't release it until its paid in full. They won't let you sell the vehicle while still owing them 10k.
      Quote Originally Posted by cockerpunk
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    33. Member Pool Runner's Avatar
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      06-14-2010 12:39 PM #68
      Can't believe my old thread got dug up....

      Anyway actually thanks to the advise on here I ended up taking the truck to a Nissan dealer and they offered me $16K for it, the whole deal took 15-20 minutes max.

      I was asking $18 ish just to cover what I owed, which was still at KBB for the truck. Long and short I pony'd up two stacks from my saving account to make it go away. It was truly the easiest sale ever, no inspection or smog & DMV stuff to worry about, no meeting up with slime balls at gas stations or parking lots. They had me sign two pieces of paper and I handed over two stacks and the truck went away. Thanks TCL for saving my credit and helping me make this extra car payment, gas bill, and insurance vanish.

      Also I was surprised the dealer wanted it, they didn't even hassle me into trying to buy something on their lot. It was all really weird but awesome at the same time. I'm in Austin right now, and this Frontier was a 4x4, Long Bed, Crew with a factory sunroof in really good condition. I think less than 2% of Frontiers were optioned this way. Also here in central Texas it seems like 4x4 trucks are worth gold since most people drive a 2wd truck. All I know they were really exited to get it and I'm really excited it's gone.
      Last edited by Pool Runner; 06-14-2010 at 12:49 PM.

    34. Member McBanagon's Avatar
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      06-14-2010 12:51 PM #69
      I would do anything possible to avoid facing this.



      Edit-

      Someone beat me to it.
      Last edited by McBanagon; 06-14-2010 at 12:53 PM.

    35. 06-14-2010 01:02 PM #70
      Quote Originally Posted by Moodyblues View Post
      ...
      (3) A guy will call you and tell you to pay the $9k immediately. Don't have it? He'll sue you, win, and garnish your wages. Now instead of controlling the terms of paying off $4k, you are going to have $9k ripped out of your paycheck.
      ...
      Minor correction: He lives in Texas, so his paycheck is not going to get garnished.

      That said, do whatever you need to do to avoid the repo.

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