I had my van repossessed last week. This is a first for me and I have no idea what to expect and it scares me. It was an '04 (bought used 2 1/2 yrs ago) and just over $15,000 was owed; it was slowly but surely falling apart. I understand that it'll go for auction, but what if it only gets, say $5,000? Will I still owe $10,000 on a vehicle I no longer have? Things have been rough with my dh's business because of the economy and I haven't been able to nab a job. We didn't mean for this to happen. I hear that I won't go to jail but what do you do when you can't pay?
I know several people who have been repo'd but they only said that they didn't pay anything towards it, how, I have not a clue. Will I be sued? How long will my credit be ruined? What happens now? I've been worrying myself sick and my nerves are shot!
Can anyone provide advice? I mean, it will eventually be ok, right? Gosh, I hate this :(