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do i really have to pay for a car that was repossed.

  1. profile image44
    enretta dockeryposted 8 years ago

    do i really have to pay for a car that was repossed.

    my car was repossessed by the bank and re-sold, the bank sent my account to the credit bureau as being closed  as a charge off also as purchased by lender which is a collection agency.

  2. profile image0
    tmh6804posted 8 years ago

    What did the bank resell your car for?
    What amount was your car note for?
    How much did you pay down on your car note before it got repossessed?
    --That should help me answer you a bit better if you could tell me those things.

  3. AnywhereGardener profile image55
    AnywhereGardenerposted 8 years ago

    When the bank repossessed and then re-sold your car if the amount it sold for is not enough to cover the remaining balance on your loan plus the cost for repossession then you are responsible for that balance.

  4. David R Bradley profile image81
    David R Bradleyposted 8 years ago

    You'll be on the hook for the balance.  You'll want to see the report of sale from the auction it went to and ask the bank for a detailed invoice of all charges.  See if you can only deal with the original lender and not the collection agency.  If you have credit card debt that is getting away from you too, you might want to think about a Credit Counseling Service that does debt consolidation.