Username or Email Address
Do you already have an account?
Forgot your password?
  • Log in or Sign up

    VWVortex


    The Car Lounge
    Page 2 of 3 FirstFirst 123 LastLast
    Results 26 to 50 of 75

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

    1. 04-27-2010 12:55 PM #26
      Also if you are going to do the repo route.. Take it to the dealership or bank and drop it off yourself.. Turn it in as a voluntary repo. It looks a lot better then them having to find it and take it.
      I personally have a repo cause I loaned my cousin my car. I was paid up another couple of months when it happened and I called the bank right away when I found out he totaled it.. And insurance didn't cover it.

    2. Social Media Iron Man(and Administrator) jebglx's Avatar
      Join Date
      Jul 13th, 2000
      Location
      VWvortex Fourtitude SpeedArena Swedespeed
      Posts
      40,879
      Vehicles
      2007 VW GTI 5DR
      04-27-2010 12:56 PM #27
      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?

      used cars are hot hot hot. my brother is in the business & they are selling more used cars than ever before. car auctions are getting ridiculous to find cars at a good enough price for them to make a decent profit.
      carmax will buy your car but don't expect getting beaucoup bucks for it. they'll do an appraisal which is good for x amount of days or miles so if you don't like the amount, shop it around. at least you have that fall back to carmax

    3. Member
      Join Date
      Aug 14th, 2004
      Location
      Raleigh, NC
      Posts
      942
      Vehicles
      1997 BMW M3, 2006 Honda S2000
      04-27-2010 12:58 PM #28
      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?

      From what I understand they are decent. You won't get the top price but it shouldn't be a terrible offer. You lost a bit for the convenience of a quick sale.

    4. Social Media Iron Man(and Administrator) jebglx's Avatar
      Join Date
      Jul 13th, 2000
      Location
      VWvortex Fourtitude SpeedArena Swedespeed
      Posts
      40,879
      Vehicles
      2007 VW GTI 5DR
      04-27-2010 12:59 PM #29
      Quote, originally posted by Cameron1152 »
      Also if you are going to do the repo route.. Take it to the dealership or bank and drop it off yourself.. Turn it in as a voluntary repo. It looks a lot better then them having to find it and take it.

      that is a common mistake. a repo is a repo be it voluntary or involuntary. it doesn't matter to the credit agencies; you will get dinged just as much

    5. 04-27-2010 01:38 PM #30
      Another option is to call the bank and see if they can re-finance the car loan. Work with them.
      Good luck.

    6. 04-27-2010 02:12 PM #31
      Quote, originally posted by EpicVW »
      Here's how it will go down.
      They will take it. They will make little to no effort to make it presentable for auction. It will be auctioned, for far less than what you owe. You will still be on the hook for the remainder. They will sue you for the remainder.

      Close. My brother's car got reposessed, and they raped it. took everything out of it that wasn't stock, and either kept or sold it. Put it up for auction at a dealers price, about 1/4 of what it's worth. Pay what you owe on it you get it back. You dont, some stealership buys it and marks it up.
      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.
      they were slick, backed the tow truck down the driveway with the lights off, scooped it and secured it at the end of the street. I know this because I hoped it would get repo'd and happened to be up when they came to get it.


      Modified by EightyNineGLH at 11:25 AM 4-27-2010

    7. Member Brandontrek1's Avatar
      Join Date
      Dec 9th, 2003
      Posts
      1,380
      Vehicles
      NC MX-5, Mazdaspeed3, E46 M3
      04-27-2010 02:23 PM #32
      take it to carmax
      "I measure in Smiles per Gallon"---dc/dc

    8. Member turkey_club's Avatar
      Join Date
      Apr 8th, 2009
      Location
      ATL to Crosstour Capital Region
      Posts
      1,612
      Vehicles
      Shouldnt Have 2.5
      04-27-2010 02:32 PM #33
      Ok im young and not really hip to your situation, but the first thing that came to my mind was (as stated) sell it to Carmax and just take a hit. And also refinancing ame to mind but that may be harder considering you are already in a situation.
      Quote Originally Posted by motoo344 View Post
      This thread title is misleading, the ls1 one belongs in everything.


      Garage Now Empty

    9. Member Fe2O3's Avatar
      Join Date
      Jan 13th, 2009
      Location
      Atlanta, GA
      Posts
      3,474
      Vehicles
      74 Beetle
      04-27-2010 02:33 PM #34
      Quote, originally posted by rudyr »
      Trashing your credit for an 18k car is not worth it. You'll pay 1000's more over time in higher insurance rates, interest rates...everything in life that's derived in part from a credit score.

      I was going to post this as well. Crummy credit will cost you in so many more ways now than just loan rates. Employers are using it more and more to screen candidates out of jobs. Add that to a crummy job market and just go ahead and bend over.
      I'd drop my price and borrow the difference to avoid repo.
      Quote Originally Posted by phryxis View Post
      sprayed it on, waited some time, and proceeded to go at it with a scraper, some pliers, and a lot of f-ing hard work.

    10. 04-27-2010 02:45 PM #35
      Did you get a pretty good rate on it? If so, you might (slim chance but better than nothing) be able to talk your lender into adding someone else to the contract and essentially selling it to that person for what you have left on the note. There's a chance they would write up a new contract for the new buyer at the same rate, but that's slim so there's a real good chance you'd have to stay on the loan with the new buyer which may end up in it getting repo'd. Since this is where you are now, and you know the options, just make sure to communicate with the new buyer what to do if they get in trouble. It's a riskier, but cheaper solution.

    11. Member smi2710's Avatar
      Join Date
      Sep 6th, 2001
      Location
      on the east coast
      Posts
      4,787
      Vehicles
      2002.5 GTI VR6 , 2010 jetta 2.5 5spd, 2004 CRF/BBR 108cc
      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........

    12. Banned SVTDanny's Avatar
      Join Date
      Aug 7th, 2005
      Location
      Winchester, VA
      Posts
      16,875
      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

    13. Member turkey_club's Avatar
      Join Date
      Apr 8th, 2009
      Location
      ATL to Crosstour Capital Region
      Posts
      1,612
      Vehicles
      Shouldnt Have 2.5
      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.


      Garage Now Empty

    14. Member EpicVW's Avatar
      Join Date
      Feb 10th, 2000
      Location
      Bay Area, CA
      Posts
      6,573
      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.

    15. Member stacman's Avatar
      Join Date
      Mar 25th, 2008
      Location
      Winnipeg, Canada
      Posts
      3,548
      Vehicles
      1972 Plymouth Scamp, 1990 Golf Country, 2007 Lexus ES350
      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.
      1972 Scamp
      1990 Golf Country
      2007 Lexus ES350

    16. Member adrew's Avatar
      Join Date
      Aug 14th, 2003
      Location
      Texas
      Posts
      13,692
      Vehicles
      '12 Yaris, '14 Mirage, 2.7 liters total
      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.
      http://www.vertex42.com/Calcul....html
      Improving the signal-to-noise ratio

    17. Member
      Join Date
      Jun 28th, 2002
      Location
      Shrewsbury, MA
      Posts
      2,352
      Vehicles
      M3, S2000, CBR600
      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.

    18. Banned zachste's Avatar
      Join Date
      Aug 27th, 2007
      Location
      513
      Posts
      2,393
      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?

    19. Member punisher89's Avatar
      Join Date
      Oct 11th, 2002
      Location
      NoLau
      Posts
      6,951
      Vehicles
      I hate my car
      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
      Your friendly neighborhood used car salesman.

    20. Member 1Point8TDan's Avatar
      Join Date
      Sep 4th, 2003
      Location
      Calgary, AB
      Posts
      8,389
      Vehicles
      D40 Frontier CC 4X4, 3BG Passat .:RS Variant
      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.

    21. Member Avicenna's Avatar
      Join Date
      Jul 22nd, 2001
      Location
      California
      Posts
      7,579
      Vehicles
      Z4 Coupe. VeraCruz
      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

    22. 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.

    23. Member radroc's Avatar
      Join Date
      Dec 2nd, 2006
      Location
      Slumming it in Burbank
      Posts
      4,410
      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.

    24. Member Mabe's Avatar
      Join Date
      Feb 27th, 2002
      Location
      Upstate NY
      Posts
      6,483
      Vehicles
      11 Silverado - 08 MDX Sport
      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?

    25. Member sakigt's Avatar
      Join Date
      Sep 29th, 2006
      Location
      South GA (FL)
      Posts
      2,860
      Vehicles
      2012 Mitsu Evo GSR (his), 2003 PT GT (mine), 2012 Odyssey (ours
      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.

    Page 2 of 3 FirstFirst 123 LastLast

    Posting Permissions

    • You may not post new threads
    • You may not post replies
    • You may not post attachments
    • You may not edit your posts
    •