Has anyone here ever had their vehicle repoed or voluntarily surrendered it? Can you tell me what happens during this process? I do know it will stay on our credit report for 7-10 yrs. Any insight would be great!!
First of all, you are charged the extra towing and or surrendering fees of $600.00 to $1000.00. Then the car is auctioned off. You are responible for whatever money is left over on your loan. Some lenders will work with you to set a monthly payment on the amount on a much higher interest rate than what you had to begin with. No payments and a job mean they can go after you with wage garnishment to collect their money. Yes, it will remain on your credit for as long as seven years. If they have repoed the car and have not yet auctioned it off you can go to the lender and try to get them to work with you on the payments. Of course that should have been done early on. The last thing they want to do is take your vehicle. Hope this helps.
There are important differences from state to state. If you are in danger of having your car repossessed, contact a local attorney who offers free consultations, or a free legal services office. If you can't find any such assistance, look in the phone book for the number for your state attorney general. Someone in that office can go over the law with you.
As stated in the post above, ideally what you want to do is keep the repossession from occurring because you have more options that way.
Lizql & cowboyind ,
Thank you both very much for your input.I hope I have it somewhat worked out.