Anyone have a car repossesed??

Isphius

Supra-less :(
May 30, 2006
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Hey, Ive got an 07 cobalt, and i cant afford or dont want to make the payments cause its not a very good car, just wondering what kinda money ill owe the bank if i let them repo it? i could save myself some money by dropping it off instead of them hiring a repo man. But another question, will the gap insurance or my insurance cover any of what i owe the bank?? thanks!
 

willfish

been here since 2003
Apr 23, 2005
648
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Pittsburgh, Pa.
um, i think you'll have to still make the payments if its repo'ed .. i think...


or the difference from what the bank sell it for.. i think,
better make your payments....not a good thing for ur credit if you get it repo'ed....

try selling it fast......

to answer you, no, never had a ride repo'ed



Will
 

dugums

Better, Faster, Stronger
Apr 10, 2007
699
0
16
Chicago, IL
Isphius said:
Hey, Ive got an 07 cobalt, and i cant afford or dont want to make the payments cause its not a very good car, just wondering what kinda money ill owe the bank if i let them repo it? i could save myself some money by dropping it off instead of them hiring a repo man. But another question, will the gap insurance or my insurance cover any of what i owe the bank?? thanks!

No, you insurance will not cover it. GAP insurance is to cover any gap between cash value and payoff in the event of a total loss -- so that won't cover it either. Your car will go to auction and you will be responsible for the difference between the selling price and the remainder of the contract. You will also have to pay transportation, repo fees, bank fees, etc.

Your profile says you have a DDP, SSQV, etc. etc. etc. It sounds like you need to prioritize your spending. Getting your car repo'd will cost you a HUGE amount of money for the rest of your life. You should sell some of your parts to make the payment and do your best to unload your car. If you really have NO options, contact your lender and let them guide you through the process -- Be polite. DO NOT SAY you don't want to pay because "it's not a very good car" -- you will get NO SYMPATHY.

The bottom line is when you borrowed the money, you gave the bank your word that you would pay them back. It is not their fault the car isn't up to your standards. After all, you selected the car, so it's not anyone's fault but your own.

I'm not saying this to be mean, but from what you wrote in your post, it sounds like you don't take personal responsibility very seriously.
 
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willfish

been here since 2003
Apr 23, 2005
648
0
16
50
Pittsburgh, Pa.
dugums said:
No, you insurance will not cover it. GAP insurance is to cover any gap between cash value and payoff in the event of a total loss -- so that won't cover it either. Your car will go to auction and you will be responsible for the difference between the selling price and the remainder of the contract. You will also have to pay transportation, repo fees, bank fees, etc.

Your profile says you have a DDP, SSQV, etc. etc. etc. It sounds like you need to prioritize your spending. Getting your car repo'd will cost you a HUGE amount of money for the rest of your life. You should sell some of your parts to make the payment and do your best to unload your car. If you really have NO options, contact your lender and let them guide you through the process -- Be polite. DO NOT SAY you don't want to pay because "it's not a very good car" -- you will get NO SYMPATHY.

The bottom line is when you borrowed the money, you gave the bank your word that you would pay them back. It is not their fault the car isn't up to your standards. After all, you selected the car, so it's not anyone's fault but your own.

I'm not saying this to be mean, but from what you wrote in your post, it sounds like you don't take personal responsibility very seriously.


true that...

Will
 

Ckanderson

Supramania Contributor
Apr 1, 1983
2,644
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The beach
Isphius said:
Hey, Ive got an 07 cobalt, and i cant afford or dont want to make the payments cause its not a very good car, just wondering what kinda money ill owe the bank if i let them repo it? i could save myself some money by dropping it off instead of them hiring a repo man. But another question, will the gap insurance or my insurance cover any of what i owe the bank?? thanks!


ok... this is how it works

You can do a volintary repo... better then a normal repo... sort of. if they repo it and it goes againts your credit, you wont owe shit. but it goes againt your credit. thats big time.

If you totaled your car and its not your fault, gap will pay it off.

now only if you could pull that off..................
 

dugums

Better, Faster, Stronger
Apr 10, 2007
699
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Chicago, IL
Ckanderson said:
If you totaled your car and its not your fault, gap will pay it off.

now only if you could pull that off..................

C'mon man, it already seems like he doesn't make the best decisions, why put that out there (even if it is a joke).

Also, a voluntary repo affects your credit in the same exact way as an involuntary repo. Typically the benefit is the bank will work out a way to lessen the fees, and at least it shows you did not make the bank chase after you.

You want to avoid repossession at all costs. It can prevent you from buying a car, a house, even getting a credit card for a long time. If you are able to accomplish one of those things it will be at a huge rate bump and cost you more money than coming to an agreement with your bank right now.

If you talk to them first, they can usually arrange a slow-pay for you. This will still affect your credit, but not even close to as much as a repo.
 
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Isphius

Supra-less :(
May 30, 2006
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HOLD ON! just so you think im not a dumb kid, i got rid of the supra and 90% of my other toys, including my good computer, RC cars, old hockey shit, etc. That was all a money pit(especially the supra!). What really happened was, I let my dad talk me into starting a buisness. Last time i do that. With the car situation, I got a manager job at dominos, so I got an 01 MR2 spyder (awesome car btw), i got it for 250 a month for 48 months/2000 down, and i traded it in on the cobalt(not such an awesome car) because i was living on my own, i needed a trunk and a backseat, plus the 100k warranty looked nice. The cobalt is also 250 a month but for 60 months, so same payment just longer. We havent made shit in the last 3 or 4 months, and now im broke and in debt. I used to have a pretty good job too. If the world was nice someone would just come by and smash the car into little bits. The gap insurance contract actually says i get 2500$ towards a new GM car if its totalled and not my fault, but im sure someone will figure it out and try to get me for some sort of insurance fraud. Especially since i missed 2 payments and soon a 3rd. But yeah i was thinking of just trading it in on another used car thats like 8000$, and then the payments would be much less and id be able to afford it. I actually did just apply for a pretty good job at lowes, making more than i did managing a dominos. my aunt hooked me up with it. and im going to sell my work van since its pretty useless now. Thanks for any more help!
 

dugums

Better, Faster, Stronger
Apr 10, 2007
699
0
16
Chicago, IL
Isphius said:
HOLD ON! just so you think im not a dumb kid, i got rid of the supra and 90% of my other toys, including my good computer, RC cars, old hockey shit, etc. That was all a money pit(especially the supra!). What really happened was, I let my dad talk me into starting a buisness. Last time i do that. With the car situation, I got a manager job at dominos, so I got an 01 MR2 spyder (awesome car btw), i got it for 250 a month for 48 months/2000 down, and i traded it in on the cobalt(not such an awesome car) because i was living on my own, i needed a trunk and a backseat, plus the 100k warranty looked nice. The cobalt is also 250 a month but for 60 months, so same payment just longer. We havent made shit in the last 3 or 4 months, and now im broke and in debt. I used to have a pretty good job too. If the world was nice someone would just come by and smash the car into little bits. The gap insurance contract actually says i get 2500$ towards a new GM car if its totalled and not my fault, but im sure someone will figure it out and try to get me for some sort of insurance fraud. Especially since i missed 2 payments and soon a 3rd. But yeah i was thinking of just trading it in on another used car thats like 8000$, and then the payments would be much less and id be able to afford it. I actually did just apply for a pretty good job at lowes, making more than i did managing a dominos. my aunt hooked me up with it. and im going to sell my work van since its pretty useless now. Thanks for any more help!

It's going to be hard to get somebody to finance you on an $8,000 used car because you're not up-to-date with your payments on the Cobalt. Part of securing a car loan is showing the ability to repay. Moreover, the used car you want to buy isn't going to save you as much as you think.

IF you can find somebody to finance you, it will be at a higher rate (because of the missed payments and the fact that it is a used car). Used cars also typically require bigger downpayments -- which you don't have. In the end, IF you can get it done, it is still going to land you in the $200+ per month payment range. If you can't scrounge $250 together after two months, who's going to give you this loan?
 

Supracentral

Active Member
Mar 30, 2005
10,542
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Isphius said:
HOLD ON! just so you think im not a dumb kid

Actually, no, at this point leaning towards thinking you are an unethical, immoral lowlife, your age not withstanding.

Perhaps your father should try impressing upon you some decency before pushing you into running a business?

Reading assignments:

Promissory Note
Integrity
Ethics
Duty
Honor

By learning, understanding and possibly even living by these terms you will achieve a great many things. But it will certainly tell you what to do when it comes to you original question...
 

foreverpsycotic

Back in the game!
Jul 16, 2006
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dude, just sell it off, its not worth it to do anything against your credit. BTW, gl with the painting buisness.
 

tte

Breaking In - in progress
Mar 30, 2005
940
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Northern California
I noticed in some other thread you said that you were broke and living on your own.

Have you considered moving back in with your parents until you can sort your finances out?

Cheers,
Roy
 

Isphius

Supra-less :(
May 30, 2006
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I don't have parents to live with. My dad is just about homeless(hes in the same boat as me with this business) and my mom ive not heard from...since i was born basically. My grandparents the last remaining choice live in the backwoods in NC and Im NOT going there because i hate it. Ive actually made up my mind on what to do. I'm going to keep the car, i mean i did sign the contract, and i got it for a reason. And to Theresa, the MR2 was not cutting it. Maybe if it had a trunk. It was just an expensive toy that I didn't need anymore.