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Believe me, repossession is a nightmare you do NOT want to experience. Not only can it be embarrassing as you and your co-workers watch the tow truck haul your car away, but you will also no longer have a means of transportation.
If your present financial situation offers no means of making your payments at all, you might seriously consider turning in your car to your lender before they come after you. At least this way prevents you from the additional costs of towing and labor associated with a repossession.
When a lender takes possession of your vehicle they will sell it to settle the your loan with them. More times than not, the selling price will be lower than you actual owe. In this case, you are still responsible for the balance owed on your loan. If, in your opinion, the lender did not try to get an honest, reasonable price for your car, you should contact your attorney right away.
Should you ever have to face this delima, keep very good records of all activity involved with the repossession and sale of your vehicle. If your lender was indeed negligent in attaining a fair price, it is possible that a judge may dismiss the balance you still owe your lender.
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In The News
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