What happens after a voluntary repo?

Answer by  patti (29325)

You may be responsible for a shortfall on the amount owed, depending on your sale contract. The repossession will report as such to your credit and have a negative impact. You will be notified if you need to take further action.

Answer by  MSH (305)

you may still be liable for money owed, If you voluntarily let them repo your car, they have to sell it at an auction. You dont usually get full price, You will then be responsible for the difference between what you ower the creditor and what they recieved at the auction

Answer by  tamarawilhite (17883)

You will have to pay the difference between what you owe and what they sell the vehicle for. This will also hurt your credit score.

Answer by  flamiss22 (5081)

After the car is sold they will send you a bill if there is a balance left. Since they have the car you can tell them you want to get a payment plan. Make sure you send them something each month so they can't start collection efforts against you