What happens when your car get repoed, and the debt is more than the car is worth? Does the finance co seek to recover the remaining debt from you?
This hasn't/isn't happening to me, just curious. Thanks.
carstauranga001,
May 6, 2:42am
The person in debt owes the full amount. If the car sells for less the remainder will be still outstanding. If an arrangement to pay isn't made the debt will be listed with the debt collectors. Either way your credit rating will be stuffed.
westwyn,
May 6, 2:45am
Often the finance companies will seek a court judgement of the debtor, in an effort to force payment. At the end of the day, a debt is a debt, selling the asset to recover funds is only part of the process.
stusowry,
May 6, 3:12am
Thanks peps, I thought as much.
unideck,
Feb 11, 12:43am
To gain extra time, just dispute the debt forcing a mediation day - this will stop the finance company handing the debt over to the likes of Baycorp etc. Or you could just buy a cheap flight to Auzzy lol
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