car repossession

[ksjane]

What is the name of your state?What is the name of your state? KS

I realize there are legal answers for this question, however, I am wondering about peoples personal experiences. Has anyone had a car repossessed? What happens once it is repossessed? What if you cant get the car back and there is a balance owed? What happens to the co-signer? Thanks in advance, sorry for the vagueness and bombarding of questions....thanks again though.

 

[lostsoul23]

What is the name of your state?What is the name of your state? KS

I realize there are legal answers for this question, however, I am wondering about peoples personal experiences. Has anyone had a car repossessed? What happens once it is repossessed? What if you cant get the car back and there is a balance owed? What happens to the co-signer? Thanks in advance, sorry for the vagueness and bombarding of questions....thanks again though.

If you have a car repo'd, and there is a balance owed, typically what will happen is that the car will be sold, at auction. The difference between what the car sells for and what you owed then becomes your problem again, and it will include any fees that they incur to repo the car. If they can't get the money from you, they come after co signer.

 

[Ladynred]

AND - if the car IS repo'd, then ALL of the same documents sent to you regarding the repo and sale and deficiency must ALSO go to the co-signer.