Has anyone here ever had a car repossessed? I am just wondering if you just turn a vehicle into the company will they make you pay the difference on the loan?

Yes, unless you file bankruptcy you have to pay the difference between what you owe and what it sold at auction.

i had my rav4 repo'd. i didnt pay the difference. and was able to get another car a week later.

Thanks for the info. Now is this the law or just the way business is done where you are from?

depends who is collecting. some companies will collect, some will write it off as a bad debt.

It's not really the law, I mean you signed a contract to pay the loan, like Ryan said, some will try to collect the bad debt and some will just write it off, if it's through a bank they are prolly going to try and collect it.

Well I guess I gotta speak to the inside guy to get this info.



The company Salerno Dwayne in Summit NJ is really just killing me. I have had my Jeep over there a sevral times to have the engine checked and every time they tell me that its just my imagination. The car has no power, no pickup and it has a very tough time in cold weather. Its just a year old and has 7500 miles on it.

yeah jeeps are ****...my parents love them even though theyve had 3 die on them already...i dunno ... https://www.nopistons.com/forums/pub...1047683561.gif

Do you have a lemon law in NJ?

Dude sell it on your own. Even if you take a little bit of a loss it is still better than the worst case scenario. If they do auction it there could be a huge gap. You may get lucky or you may get butt raped. Advertise out of town and sell it to someone that can take it to a different Jeep dealership for service. Just in case you don't feel like reaming someone.

wouldn't selling it be kind of hard? don't know up there. but here if you have it on a loan, you don't have a title. and I don't know of anyone that would buy a car without a title.

arrange to have it "stolen"

take it to another dealership.



kevin.

whether they collect or not it will still turn up on your credit report

yup. take it to another place.



or trade it in

if its still under warrenty, the dealership would love to work on your car with something wrong or it being perfectly normal cause they get paid by the car maker to fix it. so im not sure where this is going. maybe take it to another source (small repair shop or something) and see what they have to say. or buy the manual and read up and diagnose the problem yourself

get it dynoed to see if it is lacking power

it's a magic trick, it just disappeared...

Dealer's and flat rate mechanic's alike DO NOT like to do warranty work. You don't get ****.



When I worked at the Chevy dealership I got stuck doing recalls one day, lost my ass.

I had my Toyota 4x4 Stolen er I mean repossesed in Nov. 2000.



I had just perchased another land surveying company for a large sum of money in July 2000 and was having a tought time getting it off the ground. I got a great break when a lwyer ordered a 17 ace shopping center survey he needed it post haste!!



I delivered it on time w/ a 20K invoice (any other surveyor would have charged 30K) He never paid I filed a lein etc... long story short never **** w/ lawyerss. I never got my 20K and ended up paying another layer 10K to never get my 20K.



Neeless to say I was in financial ruins.. MY toyota work truck got repo'd and my american express count got closed.





My Toyota truck had a book value of 8k. Ford motor credit the company that ordered my repo authorized it to be sold and it went for 3k. since my loan balance was 10k I started getting collections letters demanding I pay the remaining 7k.



I eneded up settleing w/ the collections company gor $3500. I reasoned w/ them that they sold my truck for 50% of its value so I would pay 50% of the remaining balance.



Just so you know, my credit was/is fucked and will be for a long time. Before you do this realise you will not be able to get reasonable financing for 5 years of more. This includes mortgages futuers car loans credit cards etc...



I got the last laugh as my company took off like a rocket ship I dont need financing. I have 2 new Toyota trucks paid cash. I bought a newer Mazda truck cash. I bought my Dodge truck cash I bought my Mini cooper cash. Every one of the 4 computers and the 75K in equipmenr my 4 crews use are all paid for.



I did take out a loan against my savings for my truck loan to try to start establishing my credit again but I am a big fan of no financing now. Plus my wife added me to her Amex account. I also have a Visa gold car dhtat survived my financial diress.



Dont let them repo your car. communicate w/ them and tell them your issues.. One thing I learned from allmy mess is to talk to your creditors they are actually on your side. If you get an ******* who wants to be a hard ass w/ you ask for a superior. Always be cool and explain you want to be amicable in your resolution of this debt. It will work out better that way.