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  1. #1
    Join Date
    Jan 2007
    Posts
    14

    Default Effect of voluntary repo

    just wondering im making car payments of about $648 per month. now if i were going to get my car voluntary repoed, ie i owe 39,000.00 they autioned it off for 28,000.00 would there be a way to lower my payments, or would this be through the credit agency?

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: repo info

    Lower what payments? If they auctioned off the car leaving a balance of $$11k, or whatever, you owe that in full, now. Don't forget any administrive fees they are legally able to add as well.

  3. #3
    Join Date
    Jan 2007
    Posts
    14

    Default Re: repo info

    my monthly payments that is

  4. #4
    Join Date
    Jan 2006
    Location
    Kentucky
    Posts
    70

    Default Re: repo info

    Nope. You owe them $39k. That's how much they want. They're going to take the $28k bird-in-hand from the auction, then come after you for the remaining $11k. Figure, it's easier to get 11 from you than 39, get it? The only way you can lower your payment is to refi at a WAY better rate, but that $11k differential is going to be a problem.

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