Comments on: What happens if my car gets repossessed? http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/ How to get an Auto Loan with Bad Credit - Auto Credit Express Fri, 10 Oct 2008 23:14:18 +0000 http://wordpress.org/?v=2.6 By: Steve Cypher http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-218 Steve Cypher Fri, 03 Oct 2008 17:33:38 +0000 http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-218 Katie, Your Yahoo address indicates that you are from Canada and I am only familiar with US bankruptcies. If you are actually a US Citizen, this would be my answer: We're not lawyers and we don't give legal advice. That being said, you can "reaffirm" your debt on the car that is currently in good standing. This means that it is not part of the bankruptcy. If you continue to make your payments on time, the bank will have no reason to repossess it. As for your third car, no one here has ever heard of anyone having to sell a paid-off vehicle in order to settle bankruptcy debt. Katie,

Your Yahoo address indicates that you are from Canada and I am only familiar with US bankruptcies. If you are actually a US Citizen, this would be my answer:

We’re not lawyers and we don’t give legal advice. That being said, you can “reaffirm” your debt on the car that is currently in good standing. This means that it is not part of the bankruptcy. If you continue to make your payments on time, the bank will have no reason to repossess it. As for your third car, no one here has ever heard of anyone having to sell a paid-off vehicle in order to settle bankruptcy debt.

]]> By: Katie http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-195 Katie Tue, 23 Sep 2008 20:52:59 +0000 http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-195 If I have 2 car loans and 3 cars, one of loans are current and the other is not. The car that is paid in full is only worth like 600 bucks and we only use it for wheelin, but even if we sell it, it wont pay off our debt. If I was to file chapter 7 bankruptcy, would I be able to keep the car that is still in good standing? Even though I have a third car paid in full. Would i have to sell the 3rd car that doesnt have a loan in order to keep my car that is in good standing? I dont know what to do. If I have 2 car loans and 3 cars, one of loans are current and the other is not. The car that is paid in full is only worth like 600 bucks and we only use it for wheelin, but even if we sell it, it wont pay off our debt. If I was to file chapter 7 bankruptcy, would I be able to keep the car that is still in good standing? Even though I have a third car paid in full. Would i have to sell the 3rd car that doesnt have a loan in order to keep my car that is in good standing? I dont know what to do.

]]> By: Steve Cypher http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-188 Steve Cypher Mon, 22 Sep 2008 16:54:23 +0000 http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-188 ED, At this point in time, I would suggest that you contact a lawyer. ED,
At this point in time, I would suggest that you contact a lawyer.

]]> By: ED http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-179 ED Fri, 19 Sep 2008 17:43:07 +0000 http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-179 My car was repossed this morning but i dont understand y because i've made my payments every month not on time but i've made them adn now they arent telling me anything .... dont know what to do ? My car was repossed this morning but i dont understand y because i’ve made my payments every month not on time but i’ve made them adn now they arent telling me anything …. dont know what to do ?

]]> By: Steve Cypher http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-90 Steve Cypher Thu, 14 Aug 2008 21:47:38 +0000 http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-90 Donna, We normally recommend that you wait to refinance your car until you are at least halfway through the loan term. The more payments that you've made, the better situation you're in when it comes to equity in the car (loan to value). The better the loan to value, the lower your interest rate will be when you refinance. The trade-in is really the same scenario. You can always trade in your car, it just depends on how much the car is worth as a trade-in versus what you owe the bank. If you owe more than the trade-in value, you could be paying for two cars with your next car payment (the negative equity from the first car, plus your new car). If your current car is worth more than the trade-in value, you're in good shape, since you can use that equity towards a down payment on your new car. Donna,
We normally recommend that you wait to refinance your car until you are at least halfway through the loan term. The more payments that you’ve made, the better situation you’re in when it comes to equity in the car (loan to value). The better the loan to value, the lower your interest rate will be when you refinance.

The trade-in is really the same scenario. You can always trade in your car, it just depends on how much the car is worth as a trade-in versus what you owe the bank. If you owe more than the trade-in value, you could be paying for two cars with your next car payment (the negative equity from the first car, plus your new car). If your current car is worth more than the trade-in value, you’re in good shape, since you can use that equity towards a down payment on your new car.

]]> By: Donna Carmichael http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-80 Donna Carmichael Wed, 06 Aug 2008 18:52:38 +0000 http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-80 Can you refinance your car for a lower rate & payment after paying for a year? Also, can you trade your car in to get a less expensive car? Thanks. Can you refinance your car for a lower rate & payment after paying for a year?
Also, can you trade your car in to get a less expensive car? Thanks.

]]> By: Janet http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-78 Janet Fri, 01 Aug 2008 18:46:54 +0000 http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-78 I lease my car in 2006 and I cant afford it anymore, what will it do to my credit. I will be turning it in no matter what, Janet I lease my car in 2006 and I cant afford it anymore, what will it do to my credit. I will be turning it in no matter what, Janet

]]> By: soraya http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-77 soraya Wed, 30 Jul 2008 22:00:18 +0000 http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-77 My car was repossessed and right know if in the collection agency, they don't give any chance to pay in monthlypayments,and they put me in thelegal depsrtment, how can i do, I'm very scared and i dont want this go to the court, somebody can help me,please i need and advise,please answer at my email. Thanks My car was repossessed and right know if in the collection agency, they don’t give any chance to pay in monthlypayments,and they put me in thelegal depsrtment, how can i do, I’m very scared and i dont want this go to the court, somebody can help me,please i need and advise,please answer at my email. Thanks

]]> By: Steve Cypher http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-72 Steve Cypher Fri, 11 Jul 2008 14:11:29 +0000 http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-72 Elias, The first thing to do is to contact the bank and ask them what you need to do. In most cases, banks have a lot where you can bring your vehicle to turn it in. In many cases, you can turn it in at a dealership. For example, if the car was purchased through Ford Motor Credit, you could turn it in at any Ford or Lincoln-Mercury dealer. Elias,
The first thing to do is to contact the bank and ask them what you need to do. In most cases, banks have a lot where you can bring your vehicle to turn it in. In many cases, you can turn it in at a dealership. For example, if the car was purchased through Ford Motor Credit, you could turn it in at any Ford or Lincoln-Mercury dealer.

]]> By: JOHNNY http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-67 JOHNNY Mon, 07 Jul 2008 23:10:22 +0000 http://www.autocreditexpress.com/blog/2008/01/21/what-happens-if-my-car-gets-repossessed/#comment-67 I AM WONDERING SOMTHING I HAD TO LET A TRUCK GO BACK. JUST COULD NOT AFFORD IT, IF I DONT SELL FOR MUCH AT AUCTION AND I OWE MONEY TO THEM. WHAT CAN THEY DO? IF YOU CANT AFFORD THE TRUCK HOW DO YOU PAY BACK MONEY OWED? I AM WONDERING SOMTHING I HAD TO LET A TRUCK GO BACK. JUST COULD NOT AFFORD IT, IF I DONT SELL FOR MUCH AT AUCTION AND I OWE MONEY TO THEM. WHAT CAN THEY DO? IF YOU CANT AFFORD THE TRUCK HOW DO YOU PAY BACK MONEY OWED?

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