Question by wm2485: I cosigned a loan for ex, now looking at repossession…?
I cosigned on a loan for my ex to get a car. We split up two years ago, the original loan amount was $ 20,000. I just got a letter in the mail saying that if I don’t pay what’s owed, which is $ 900, by the end of the month the vehicle will be repossessed. The total amount owed is $ 14,000. In the past year, I myself have paid $ 1,500 in payments towards the car to keep my credit good. However, now I’ve been doing a bit of reading and it’s my understanding that if the car does get repossessed, it gets auctioned off and the blue book value for this car is only $ 6,000. So even if it was to sell for blue book at auction I’m still looking at the rest of the loan plus fees. I repeatedly try to get in contact with my ex.. she will not return any of my calls. I basically just want to know what my options are… Ideally, I want to be off the loan. I’m not on the title, just on the loan. I’m pretty sure there’s no way to just get off the loan without her refinancing or something, but she’s obviously not willing to cooperate. What are my options? The car was obtained in Maryland, and is currently in Maryland with my ex and I live in South Carolina. Thank you so much for any help!
Best answer:
Answer by Richard I have found myself in a similar situation. You seem to have a good understanding of how things work. The bad thing is that there really is no way, as long as she is not cooperating, to get out of this. But if you are on the loan you should be on the title. The only problem there is that if you are the secondary, it would be hard to sell the vehicle once its paid off because you would need consent from the primary. I would say to keep paying it, dont drive it if you can. Just store it, and pay it off on time. Then, once it is paid off you can try and get her to allow you to sell it and get some of your money back. These situations really are pretty much lose/lose.
Question by krisjrb4ever: Questions about a repo for a car?
I bought a car using wells fargo as my auto loan the car was repossed a year ago,on my credit report it says high balance $ 5,843 and then balance $ 8,000 the car was sold at auction in april of last year for $ 6,300,I called the creditor and he told me all kinds of things I didn’t understand.I guess my question is the high balance wouldn’t that cover all the cost if my car was sold for $ 6,300 I think they rounded to $ 8,000 due to interest
I have called wells fargo numerous times only to be told they cant provide info because it was handed to a collection agency(NCO)well I called them and got no further neither will send me paperwork on the auction price till the account is paid in full and yet I still am paying late charges and interest every month even though I haven’t had the car in a year,also they said I could not get the money back from the auction because I signed it in the contract which I dont see in mine so I am disputing and contacting an attorney.Also they said they mailed the letter on to the address when they held the auction to my mother the address they say on the contract which I have as our po box so needless to say we never got the letter they claimed to have mailed and they WILL NOT mail another
To better understand the payment::
I bought this car May 2006 for $ 13,099 amount financed plus the finance charges of 8,084.12 this was at 17.10% total of payments 21,183.12 paid no late fees till nov 2007that when it lapsed for 4 months till they took it in April(my payments were $ 294.21 a month)I just dont understand how I owe $ 8,072
Best answer:
Answer by smooch Contact Wells Fargo and ask for a complete accounting of the amounts you owe. Make arrangements (with them) to pay the deficiency. You might offer the maa settlement today and they might take it.
Question by menita: how i can find information about car auctions in florida?
i would like to buy a car but i don’t have a lot of money..somebody told me u can get a car for good price in these auctions ..could you please help me
Best answer:
Answer by mike c autoauctions.com , will pop up several llistings in fla.
Question by : How does auto retail store shopping for car at auctions?
Just wondering, do they check first and know what years and type of car they gonna bid on? Do they just showed up and look and see which car is profitable to sell on their lot?
How did they spend that much time inspection a whole every cars at auctions when they don’t know if it will works well by time they got car to their lot. How do they figure how much profit they will make verse what they bid on car for.
Best answer:
Answer by xx_satanic_mechanic_xx because we do this 60-70 hours a week. That is how we know what to buy, what to pay, and what it is worth.
Auctions will put out a list of cars a day in advance. Some closed auctions put out lists a week or so in advance – ie BMW credit selling their repos and lease returns.
We are professionals, not hobbyists. Years of experience, training, education and just common sense come into play. I can look at a car in an auction lane, know what its worth, what it needs, how much recon will cost, and what I can sell it for in about 60 seconds. Then, I know what to bid.
On the Auction Block presents its list of the top ten cars offered by RM Auctions before 2008. In this segment, Ferraris take their turn on the block with a LWB California Spyder and a jaw-dropping 412 S. For information on upcoming events, please visit www.rmauctions.com Video Rating: 5 / 5
Are you looking for information on repossessed car auctions. If you are, you will not be disappointed since I created this website to offer tips and resources for people who intend to buy a car at repossessed car auctions.
Before I continue, my name is Gary and I have been shopping for new cars at the auctions for the past 9 years. And I do that for my family members, relatives and friends because I love to.
