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Statistically a car isn't repo'd until the debtor is 3 or more payments behind.
Average car payment being $300 = $1000, plus fees, late charges, probably around $1,500, then the $600 repair bill, you will need between $2,000 and $2,500 to get the car back and operable. Do you have that kind of money? If not, then you will have the repo on your credit report, as well as the late payments, and when they auction it off will most likely sell it for whatever it brings.!
If the car has already been repoed, they are going to have that on their credit report whether they pay up or not.
Also, as you said, they don't typically send the repo guy out until you're 3 months or more behind on payments, but they do report late payments after you're 30 days behind.
The OP is financed through Santander, which is a subprime lender, so they likely had bad credit to start with, it will only get worse with a repo on the books.
The car will be sold to the highest bidder, it is extremely unlikely the car will bring enough at auction to cover the payoff on the loan, especially with it needing engine work. Therefore, you're going to be on the hook for whatever balance is left. This is why they wait until you're 3 months behind, the lender absolutely does NOT want to repo the car if they don't have to. It never ends well for anybody.
Also depending on how long you have had the car, 3 years or longer I think, if you file ch 13 bankruptcy you can actually reduce the amount you owe on the car.
"Here's an example of a car loan that is not fully secured. You owe $5,000 on your car loan, but your car is now worth only $3,000. Only $3,000 of the loan is secured by the value of your car."
"So, in the example above, you could reduce your car loan to $3,000. You would pay this off in full by the end of the bankruptcy repayment plan period. The remaning $2,000 would be added to your other unsecured debts. You would probably pay only a portion of this through your plan."
I'm surprised that those of you who responded to the OP couldn't tell that you were being trolled. And if you doubt that the OP is a troll, here are a couple of his other posts over the past few days:
Quote:
Originally Posted by Ava_Foreteller
I'm 29 yrs.old. Do you think 29 yrs.old is too old not to have any skill experience and not making a living?
Quote:
Originally Posted by Ava_Foreteller
I need to move out but I can't because the only jobs I know are minimum wage jobs. I'm 18 yrs.old, and I have no skills in anything. I need to make enough money to pay for my car not and the debt in a lot of things, and move out and get an apartment. I need a job that makes at least $18-20/hr. I would desire to work for a company and in a office environment.
I'm surprised that those of you who responded to the OP couldn't tell that you were being trolled. And if you doubt that the OP is a troll, here are a couple of his other posts over the past few days:
I'm surprised that those of you who responded to the OP couldn't tell that you were being trolled. And if you doubt that the OP is a troll, here are a couple of his other posts over the past few days:
Quote:
Originally Posted by unit731
Apparently, some still don't get it.
Yep.
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