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 ...

 

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.