Question by Zzz L: My car was repossessed, will be sold at auction. Will GAP cover the difference I owed on the loan? Thanks.?
I couldn’t handle the payments and the car was repossessed last week. It will be sold at an auction. I am sure it will be sold for a price way under what I still owe on the loan. I have GAP insurance on the vehicle. Will GAP cover the difference I owe?
Best answer:
Answer by veesmom
No. GAP insurance covers the difference between what your insurance company pays and what you owe on the loan when a car is totaled. Sorry
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My father-in-law passed leaving the loan(debt) of a car. The car is solely in his name. She does not need or want the car, Is she responsible for the car? Plus the car is too expensive for her limited income. What should we do with the car?
We have inquired about turning the car as a trade in but the value is below the owed amt so she would be forced to cover the difference. Ford offered to auction the car and told my M-I-L that she would be responsible for the difference between the amount owed and the auction price. Our only other option would for the bank to repo the car upon non-payment – 23 payments remaining.
There is no estate and the is little to no equity in their house and the house is on the market to be sold. They had little savings, 2 pensions and now she will have his social security.
my car was repo’d last yr. & sold @ an auction. the finance company contacted me regarding payment options and I didn’t follow through. is it possible to get my acct. out of collections at this point?
I have a 2005 Chrysler 300. (I cringe as I write this because I got so screwed!) I bought it used for about $20K two years ago and found out my car is only worth $8K and I still owe $19K! My car note is $600/mo! Clearly my payments are only covering fees and/or interest so the balance is not really decreasing. Needless to say I can no longer keep up with the payment. I’ve been declined for refinancing as my credit is poor and I can’t get another car unless I put down at least $6K for down payment. I am thinking of saving up and buying a car at an auction and letting it get repoed. Or can I get a lawyer involved to try to get me out of this debt somehow? I’ve tried negotiating with my bank to get a lower payment but they say they can’t do anything. I want to be responsible and pay it but its just too much for me. What can I do???
FYI, I wouldn’t normally agree to such a high car note but I bought it when I was living with my mom and had more than enough to pay it but my living situation has changed since then and now I live on my own.
I financed my car with capital one about 3 years ago for a 5 year loan. About a month ago, my engine blew and it will cost more to repair than what the car is worth. I tried to negotiate a payoff with capital one, but they wouldn’t budge. They advised that I can request a repossession, and from there they would auction it off, and I would owe the remaining balance. If I request a repossession of the vehicle, and never miss a payment until it is auctioned off, will it ruin my credit? I plan on negotiating the remaining balance and paying it after it is auctioned off, but I don’t want it to ruin my credit.
Is this in any way legal? My spouse bought a car through a car dealership that helped him find a bank to provide the loan. A few months after buying the car we were unable to make payments and had to let the car go back. During the repossession process, we were informed he had a co-signer on the loan that we knew nothing about. He was unable to get the loan alone, so an owner of the dealership co-signed the loan without our knowledge. All of our original paper work has my spouse’s name only, and no mention of a co-signer. Now the co-signer has sold the car at auction and is suing us for the remainder of the loan after what it got at auction… Something about this just doesn’t seem right. If the person co-signed the loan without our knowledge, didn’t they alter legal documents? Isn’t the co-signer responsible for the debt as well?
It was done in a small town, where the salesman “trusted” us to repay the loan, so he asked the co-owner a personal favor (co-signing the loan), without our knowledge. When we found out about the co-signer upon repossession, they said when he wasn’t approved for the loan they “just decided” to ask the co-owner to sign… Apparently he does it rarely for people the salesmen personally ask him to do it for. But, we knew nothing of it and even our paperwork shows nothing with a co-signer.
I currently am going to have to default on a auto loan, I am 20, full time student, and I work full time. I used my car to get to doctors offices and to work and school. Without the car I will have someone take me to school because my education is important, I can walk to work when needed, and I will get transportation to my doctors. But I am unable to pay the ridiculous auto loan with capitalone, they have me at 21% interest, and as for the cosigner, they are going bankrupt. So My question after all that rambling is… what will happen when I default. The car is old 04 and has over 120,XXX miles. So I understand they will repo the car, I will be charges storages fees, maintenance, and auctioning. But what will happen to me? My credit will be killed and? I understand a judgement is possible…. what happens in the judgement? I owe about 6,5XX on the car, but again I am young, no assets, and no real worth. I am in PA so my wages can not be garnished!
Well i did attempt to work with them in regards to the payments, they just did not care at all. I then went and tried to refinance with another bank…. but IM young no bank would touch it :/. I figure a judgement would allow the courts to decide. After all I attempted to work with them, I tried to refinance, I took all possible avenues in regards to the matter. And they even went further in making it so I could not pay the car, by shutting me out online, not allowing me to pay online, and charging me a 15$ fee every time i needed to pay.
