Repoman

[dakota112]

Took my car away one hour ago. Guy was nice. One less headache. Was 120 days late. Was leased with 2 months left on it, 12,000 miles over allowed, about 5 thou in dents and body damage, broken windshield, tires worn etc. They AHFC are not gonna be very happy about it but that is life. I'd of kept it if I could for a huge mark down. Im sure they'll auction it off. Its just stuff.

[AngelinaCat]

Hi Dakota; I am not sure what your question is. Nor am I sure how automobile leases work. But I will bet you that if that vehicle is sold at auction, you will be nailed for the difference between what the original lease/sale price is, and what the vehicle fetches at auction.

That happened to us. My husband ('Hub) foolishly co-signed for an acquaintance--[he knew better]. Long story short; acquaintance did not pay for a car we never owned. This was one of the reasons we went BK.

[MiSSMaGoo]

Hi Dakota; I am not sure what your question is. Nor am I sure how automobile leases work. But I will bet you that if that vehicle is sold at auction, you will be nailed for the difference between what the original lease/sale price is, and what the vehicle fetches at auction.

That happened to us. My husband ('Hub) foolishly co-signed for an acquaintance--[he knew better]. Long story short; acquaintance did not pay for a car we never owned. This was one of the reasons we went BK.

Yes they will send a deficiency amount statement after it's auctioned... Are you filing BK, Dakota? My leased repo was one of the reasons I had to push up my BK date up, they were fairly quick on getting the court paperwork going.

[lookingforward]

When ours was repo'd we owed 25k (INSANE) and they auctioned it off for
8k. They did file a claim for the difference.

If you're really interested in buying it back, call them and ask when the auction is. They are supposed to tell you, but they didn't tell us. We read
about it in the paper. Our paper lists everything that's foreclosed or repo'd and when the sheriff sale will be. Makes for interesting questions from your
friends.

[dakota112]

Its all part of the hopefully well laid plans in effect for my filing 1st week of Jan 2010. I am earning very little income now, new the car had to go back and was wondering why the heck it was taking them so long to get it. Its a month away from the lease ending, although it was a good car, it was to expensive to maintain and is off warranty now. They can have it. I am 90 days or so to filing, they can file whatever they want against me, I could care less. If they want me to go to court , I'll let my attorney know and I'll go. If this country has time for such matters, than God help us all. I now have no assets. My other leased civic has 18 months on it and hopefully I can keep it and one day buy it when the lease is up. Take care all.

[anmartin31]

Im confused, if they repo your car and you include it in your CH7 do they still come after you for the difference.

[nc73]

Im confused, if they repo your car and you include it in your CH7 do they still come after you for the difference.

not if it's discharged

[Stilltheone]

Im confused, if they repo your car and you include it in your CH7 do they still come after you for the difference.

not if it's discharged

They can come after you if you signed a reaffirmation agreement. We learned that after our discharge and after we signed our reaff.

At the time we filed, our Escalade was worth $24K (imagine that). Then $4.00 for a gallon of a gas hit and it dropped to $8K. Since we signed a reaffirmation agreement, we couldn't just walk away from it, otherwise we'd owe the difference....and since we owed 19K at the time, we weren't willing to be have to pay the 11K difference, so we kept it.

Now, the car is worth $13500 private party retail, worth about $10K trade in...and we owe $15400, so we're getting closer! LOL

[anmartin31]

Thanks I havent signed a reafirmation agreement, we are surrendering our car next week.

[TBLTZ]

Its all part of the hopefully well laid plans in effect for my filing 1st week of Jan 2010. I am earning very little income now, new the car had to go back and was wondering why the heck it was taking them so long to get it. Its a month away from the lease ending, although it was a good car, it was to expensive to maintain and is off warranty now. They can have it. I am 90 days or so to filing, they can file whatever they want against me, I could care less. If they want me to go to court , I'll let my attorney know and I'll go. If this country has time for such matters, than God help us all. I now have no assets. My other leased civic has 18 months on it and hopefully I can keep it and one day buy it when the lease is up. Take care all.

You know this repo can stay on your credit report as you didn't release the car in BK you just let them repo it. It looks worse then if you let it go in the bk.

[dakota112]

I'm way past the point of worrying or even thinking about a future credit report or credit score number. Credit got me in this mess and I will do my best to avoid ever needing it again. I will save and use cash in the future for what I need. This country is in harms way because of all this funny money and score nonsense. It is no way to live. Actually I learned almost all goods are only realluy worth 10 to 15% of their value when you go to liquidate them so we have all gotten shafted buying from stores all these years and this is where it has gotten us.