Latest Posts
Home > Ask The Get Out of Debt Experts > My Car Was Repoed and Nationwide Credit Says I Owe a Huge Balance. – Kathryn

My Car Was Repoed and Nationwide Credit Says I Owe a Huge Balance. – Kathryn

“Dear Steve,

i have a car loan under my name and sister. i was unable to pay it any longer so it was repoed. my sister has no job so her car was repoed also.. i am now getting letters from nationwide credit inc stating i have to pay them 7349.00 but can make a settlement .if i dont pay then it can lead to legal actions with out any furter notice. i work pay check to pay check and told them i can only pay 70 a month.

If i dont pay nationwide credit inc(current creditor capital one serviced inc) will they take me to court for suit and try to get money from me.

Kathryn”

Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click Here

The Answer

Dear Kathryn,

Well that sounds about right. If your sister was on your loan they can go after her as well. I would anticipate the odds are fairly good they may sue you and go for a wage garnishment. What state do you live in?

What amount are they saying you can settle for?

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

My Car Was Repoed and Nationwide Credit Says I Owe a Huge Balance.   Kathryn
Get Out of Debt Guy – Twitter, G+, Facebook

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

My Car Was Repoed and Nationwide Credit Says I Owe a Huge Balance. - Kathryn by

Share This and Spread the Word

About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Angelo

    Kathryn, post repo collection accounts are very easy to settle.  Shoot me an email and I’ll walk you through what to do.  [email protected] 

  • AM

    Hi Steve, I lost my job a year ago and have not managed to get another one yet .My car just got repossessed this weekend for being 3 months behind on payment. I talked to the bank and I have 10 days to pay off the loan which is about 15K or they auction it off. I know they usually auction off the cars for dirt cheap thus leaving me with a huge balance and a WRECKED credit for several years. Is it possible to get new financing to buy back the car or what options do I have now?

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.

Close

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.


  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.