I’m not on the line or anything but I recently bought a car. Decided to blow a fat wad last month and pay off half of it. The cars worth 29k and I owe just under 15k.
I forgot a payment on thanksgiving(thought I was on autopay) and got a super threatening phone call about possibilities if I didn’t pay by EOD Friday.
Obviously I paid it because it was my mistake and they even waived the late fee for me. But it got me thinking. Let’s say I said screw you(which I’m not because I value my credit that I worked and continue to work hard to rebuild) and didn’t pay. If they take my car back do I get the positive equity? I couldn’t find much with my lender given that it’s a tiny local credit union.
Purely for educational purposes here.
Edit:
So I’ve read my contract and it simply states that the asset of found in default would be forfeited. That seems criminal Timmy given that I’ve already put nearly $20,000 into US $30,000 vehicle.
In: 9
From my understanding, they don’t sell it unless you’ve missed quite a few payments. And the car isn’t yours yet because you haven’t paid it off. So the repo company essentially would just be taking it back to the owner (bank) for them to decide what to do with it. And because it isn’t yours, you wouldn’t get any money if they did sell it.
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