Voluntary Auto Repossession

[Mcpcola]

What is the name of your state? Florida

Hello I am Having problems paying for an auto that i puchased in 2003 and have considered Voluntary Auto Repossession but i was wondering what happens after they sell the car will they sue me and garnish my wages difference? I was wondering if Florida had any protection for the consumer on these types of issues. BTW the loan company is WFS Financial they are out of state.

 

[djohnson]

Honestly your best bet is trying to sell it yourself. If you do a voluntary repo, they will sell it (cheap) add the fees to sell it and sue you for judgment for the balance.

 

[Mcpcola]

Here is the problem how do you sell a car you own more than its worth. with out a full payoff they will not release the Title?

 

[Benjohnson]

Bump...I would like to know this as well.

 

[djohnson]

Your the one that got upside down. You will have to pay the difference. It will be cheaper than letting it get repo'd I assure you.

 

[JETX]

Here is the problem how do you sell a car you own more than its worth. with out a full payoff they will not release the Title?

Pretty simple. You will have to come up with the difference out of your pocket, to make up the full payoff.
That amount you have to come up with will be far less than the amount you will owe if you let them repo.

Example, Payoff of $5000
Lets say you can only sell the car for $4000. You will have to come up with $1000 out of pocket.
No credit hit. No follow up hassles.

Repo: Car sells for $2000 (very generous). Lender adds $300 in repo fees. Auction fees are another $200. Net to lender: $1500.
You still owe $3500!!
Lender gets judgment, plus costs, plus attorney, plus interest until paid.
Huge credit hit. Pursued by Judgment Creditor for full SOL (in Florida: 7 years, renewable).