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Raleigh, Durham, Chapel Hill, Cary The Triangle Area
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Old 01-12-2011, 05:23 PM
 
9,680 posts, read 27,136,874 times
Reputation: 4163

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Quote:
Originally Posted by zthatzmanz28 View Post
Generally a repossessed vehicle is sold for dimes on the dollar. Do not be surprised if a car worth $20,000 sold for under $5,000 at auction. The creditor does not care what it sells for, they will come after the borrrower. And buyers at auctions are leary since repossessed cars can be severely damaged by previous owner befor repo or by repo company. It's gamble for the buyers at auction so they usually go very cheap.
A Chapter 7 gets rid of the mess.
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Old 01-13-2011, 11:57 AM
 
804 posts, read 2,001,830 times
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Quote:
Originally Posted by saturnfan View Post
A Chapter 7 gets rid of the mess.
people should be really consider the long-term credit implications for bankruptcy before filing such a thing, though.
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Old 01-13-2011, 10:48 PM
 
Location: Durham, NC
2,608 posts, read 3,135,754 times
Reputation: 3595
I sure feel for you You learned the hard way not to cosign for someone. You get none of the benefit of the loan but can be stuck with all the liability.

Somewhere, I saw stats on how many people default and burn the cosigner. It was fairly high.
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Old 01-13-2011, 10:57 PM
 
Location: Midtown Raleigh
1,074 posts, read 3,243,228 times
Reputation: 961
Find the guy and punch him in the face!
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